The latter half of 2013 saw some of the most bearish market participants capitulate and confess they were turning more bullish, unable to resist the pull of soaring equity markets.
Ordinary investors, too, have been tempted by the vast and unprecedented stimulus programmes unleashed by governments worldwide, flooding the financial system with cheap liquidity and underpinning risk assets. The IMA’s UK fund industry statistics covering 2013 show the extent to which investors have fallen back in love with equities. The figures revealed net retail sales of equity funds tripled between 2012 and 2013 to hit £11.4bn, the highest net retail sales the asset class has seen since 2000. In contrast, sales of fixed income funds plummeted – net outflows of £17m relegated the ...
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