Underweigthed equities

According to the BofA Global Fund Manager Survey, fund managers are currently underweighting equities compared to bonds to the highest extent since the financial crisis. This is not surprising as bonds have become more attractive due to the rising yields compared to a stock market that still looks highly valued for the broader market, especially in the US. At ECP, we continue to have a tilt towards equities as the stocks of highly cash producing, undervalued companies are in our mind the superior asset class to invest in for long term investors.