Core Insights - The State Street Institutional Investor Risk Appetite Indicator has retreated from its yearly high and is currently in a neutral range, indicating that institutional investors have not started to hedge but have increased their equity allocation to an 18-year high [1][2] - Despite geopolitical uncertainties and mixed economic data, global equity markets performed strongly in October, with the MSCI World Index hitting historical highs nine times, driven by robust earnings reports and a favorable economic environment [1][2] - Institutional investors are showing a preference for large-cap, quality, and growth stocks, particularly the "seven giants," while avoiding value stocks, which are at their lowest allocation since 2000 [2] Equity Market Trends - Institutional investors have shifted their focus from cyclical stocks to defensive stocks, particularly in the healthcare sector, reflecting a cautious approach in relative trading and internal portfolio allocation [2] - There is strong support for key technology sectors, with institutional investors buying into tech-heavy Asian markets like South Korea and Taiwan, while selling off Japanese equities due to concerns over proposed reforms and inflation pressures [2] Foreign Exchange Market Dynamics - In October, investors transitioned from significantly reducing their dollar holdings to tentative buying of the dollar, which is traditionally viewed as a safe-haven currency [3] - Notably, U.S. investors bought dollars during the government shutdown, leading to a sell-off of emerging market currencies and a reduction in forex arbitrage flows [3] - Foreign investors have only slightly increased their hedging against U.S. equities, and a potential decrease in hedging costs may further drive this trend [3]
道富机构投资者风险偏好指标回至处中性区间 机构投资者反增股票配置比例
Zhi Tong Cai Jing·2025-11-11 08:35