Some amazing charts today from BofAML on just how on the nose Australian equity is, via the AFR:
A Bank of America-Merrill Lynch survey of 568 large long-only funds managing $US1.4 trillion shows that fund managers are the most underweight the Australian market when compared to other Asia-Pacific markets, excluding Japan.
And that distaste for our sharemarket has only increased over the past three months, the BAML report shows, as global investors have increased their underweight stance on our bourse.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
