In-Depth: European Equities Sentiment and Style Preferences
Here we take an in-depth look at just one asset class. We are examining European equities, not only showing the aggregated attitudes across the continent but also the country breakdown.
Studying the three-year trend presented here, European equities has been a consistently popular asset class. In fact in the past three years, there have been more people looking to increase their weighting toward the asset class than the buyers and holders combined in all except for two quarters. Those two quarters were Q2 and Q3 2014, a period during which the Eurozone crisis was gripping the markets.
In the following two quarters, the number of buyers leapt up and it has remained more or less the same since.
The bar chart underneath shows the latest quarter’s data with a country breakdown. Belgium has a record high of almost 80% of fund selectors wanting to load up followed by Sweden, Norway, Italy, Germany and France, which occupy the rest of the top European spots for buyers.
Denmark, Finland and the Netherlands have the lowest number of buyers but even these show just under 40% of respondents looking to buy more.
We look at how style preferences differ from country to country by asking fund selectors whether, when it comes to European equities, they favour large-cap or small-cap; and whether they favour growth or value strategies.
On average and across Europe, large-cap beats small-cap by 45% to 33% while value out numbers growth by two to one.
But this masks the diversity of opinion out there. For example, large-cap is overwhelmingly the favourite style in Portugal and Luxembourg where as small-cap edges ahead in Germany, Belgium and Sweden. In other countries such as Switzerland and Finland, opinion is split and there is no clear cap preference.
The growth vs value picture is clearer, with value dominating, especially in Finland, Norway, Germany and Portugal.
Even though it is not as popular, there is still demand for growth strategies, especially in Luxembourg, France and Spain.
Source: Expert Investor, 'Fund Selector Asset Class Report' May 2016, sponsored by T. Rowe Price
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