BofA_Asia Fund Manager Survey In outperformers we trust_20240116

AccessibleversionAsiaFundManagerSurveyInoutperformerswetrustTenthingsfundmanagersaretellingus16January20241)Thenewyearisherebutglobalnarrativesremainlargelythesame–anoff-the-lowsPredictiveAnalyticsyetbelow-trendgrowthoutlookfortheworldeconomy,withnet40%oftheGlobalFMSAsiapanelistsseeingaweakereconomyinthenext12months.Suchistheconvictionontheslowdownthat43%admittobeingtakenabackifgrowthin2024trumpsthatin2023.RiteshSamadhiya,CFA>>EquityStrategist2)TherelativeoptimismintheAsiaFMSisalsofading,withnet14%expectingtheMerrillLynch(HongKong)regionaleconomytostrengtheninthenext12months,downfrom39%inAugust,as+85235087907hopesofagrowthrevivalinChinadiedown.Japan,ontheotherhand,standsout.ritesh.samadhiya@bofa.comAritraBaksi,CFA>>3)Fromamarketperspective,theAsiaFMSexpectsarun-of-the-millyear,withaEquityStrategistconcentrationofvotes(47%)inthemid-to-highsingledigitband.Overall,80%ofMerrillLynch(HongKong)investorslookforariseinAsiaPacificex-Japanequitiesinthenext12months,onthe+85235087914basisofimprovingprofitsandsupportivepolicyagainstabackdropoffairvaluations.aritra.baksi@bofa.comMasashiAkutsu>>4)ReturnexpectationsinJapanareevenbolder,withmorethanaquarteranticipatingStrategistdouble-digitreturnsinthenext12months.Itis,byfar,thefavoritemarketintheregion,BofASJapanascitedbynet59%ofinvestors,withatilttowardssemisandbanks.+8136...