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Within their global equity allocations, managers were buying emerging markets (read: China) and eurozone equities and selling US equities, which is consistent with what I have observed in my relative return analysis.
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Hidden beneath these obvious headlines is a far more cautious asset allocation positioning that are inconsistent with the macro outlook implied by the risk-on nature of the recent equity stampede. A schism is appearing between the how the asset allocators view the market and how equity managers view the market.
The full post can be found here.