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POLL-Reuters Asset allocation tablet (Japan) Oct 2012

TOKYO, Oct 31 (Reuters) - Japanese fund managers pushed their allocation for euro zone bonds to the highest level in 10 months as yields stabilised, but pulled their overall exposure to bonds down from last month's record high as risk appetite picked up, a Reuters poll showed. The following table reflects model portfolios based on a survey of 10 Japan-based institutional investors. For a similar poll of British fund managers and strategists, double-click on. A poll of U.S. institutional investors can be found by double-clicking on. (Inquiries: Please call Michio Kohno +81 3 6441-1874) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

1. What is the current asset allocation in percentage terms of your global balanced portfolio?

EQUITIES BONDS CASH PROPERTY ALT Oct 41.2 52.2 3.9 1.4 1.3 Sept 39.2 53.3 4.7 1.6 1.1 Aug 41.2 51.6 4.8 1.4 1.0 July 42.1 51.1 4.3 1.4 1.0 June 43.7 49.5 4.6 1.3 0.9

May 44.6 48.2 4.3 1.2 1.7

Apr 44.0 48.3 4.6 1.3 1.9

Mar 44.4 47.3 4.3 1.3 2.8

Feb 44.9 48.6 3.6 1.2 1.7

Jan 43.2 50.2 3.7 1.2 1.

Dec 45.6 47.0 3.6 1.2 2.5

Nov 44.7 48.7 3.6 1.7 1.3

Oct 46.8 46.3 2.7 1.5 2.7

2. What is the current allocation in percentage terms of your global equity portfolio in the following geographic areas?

(Yen-based, unhedged, allocation in percent) Benchmark: Morgan

Stanley Capital International (MSCI)

US/ EURO EMRG AFRICA/ CAN UK ZONE EUROPE JAPAN ASIA LATAM MIDEAST OTHERS Oct 31.9 5.6 11.7 1.6 33.9 11.5 1.8 1.6 0.4 Sept 32.4 5.4 10.5 2.6 34.7 10.9 1.6 1.4 0.5 Aug 30.4 5.4 10.5 2.6 36.7 10.9 1.6 1.4 0.5 July 32.2 5.5 10.1 1.6 38.1 9.9 1.6 0.4 0.6 June 30.5 4.6 11.8 1.3 41.4 8.3 1.3 0.3 0.5 May 33.3 4.6 10.8 1.6 37.1 10.8 1.1 0.3 0.4 Apr 36.3 6.4 9.9 1.8 30.8 12.6 1.3 0.3 0.5 Mar 32.7 6.3 15.7 1.3 33.3 8.5 1.3 0.3 0.5 Feb 32.4 6.1 13.0 1.3 35.1 10.0 1.3 0.3 0.4

Jan 35.6 5.6 12.0 0.6 33.9 9.7 2.0 0.3 0.4

Dec 40.5 6.5 11.8 2.4 28.4 8.9 1.3 0.3 0.0

Nov 39.7 7.1 13.6 1.6 27.9 8.4 1.3 0.3 0.0

Oct 38.9 5.1 14.6 2.5 28.6 7.7 1.4 0.4 0.7

3. What is the current allocation in percentage terms of your global bond portfolio in the following geographic areas? (yen-based, unhedged, allocation in percent) Benchmark: Salomon Smith Barney global bond index

US/ EURO EMRG AFRICA/ CAN UK ZONE EUROPE JAPAN ASIA LATAM MIDEAST OTHERS Oct 25.3 7.8 22.2 0.5 38.2 5.0 0.7 0.3 0.0 Sept 24.1 5.0 19.4 1.0 45.4 4.5 0.5 0.2 0.0 Aug 25.8 5.0 17.4 1.0 45.6 4.7 0.5 0.2 0.0 July 26.3 5.4 16.5 1.0 44.8 5.0 0.5 0.2 0.3 June 24.6 4.0 15.9 1.0 50.1 3.6 0.4 0.1 0.3 May 24.4 3.4 19.3 1.1 48.3 2.6 0.4 0.1 0.3 Apr 26.4 5.9 18.7 1.1 43.9 3.2 0.4 0.1 0.2 Mar 25.8 8.5 17.8 2.6 40.1 4.5 0.4 0.1 0.2

Feb 26.4 4.9 17.6 2.5 43.8 3.9 0.5 0.3 0.2

Jan 26.0 4.2 19.2 1.3 40.9 6.3 0.5 0.3 1.4

Dec 29.8 5.1 22.3 1.6 36.2 4.2 0.6 0.3 0.0

Nov 31.4 6.5 20.9 1.6 33.6 4.5 1.3 0.3 0.0

Oct 27.6 6.8 19.2 1.1 39.9 4.2 0.9 0.3 0.0

4. On a scale of -3 to +3, is your portfolio underweight, overweight or neutral in the following asset classes?

EQUITIES BONDS CASH PROPERTY ALTERNATIVES Oct 0.0 -0.3 +0.3 +0.2 +0.2 Sept -0.1 -0.1 +0.3 +0.3 0.0 Aug -0.1 0.0 +0.2 +0.2 0.0 July 0.0 +0.2 +0.2 0.0 -0.2 June -0.3 -0.1 +0.4 0.0 -0.1 May -0.3 -0.3 +0.3 +0.1 +0.1 Apr -0.1 -0.3 +0.2 +0.1 +0.1 Mar +0.2 -0.5 0.0 +0.1 +0.3 Feb +0.3 -0.2 -0.1 0.0 +0.1 Jan -0.3 0.0 +0.3 +0.1 +0.1 Dec -0.1 +0.2 0.0 0.0 +0.1 Nov -0.5 +0.5 +0.1 0.0 0.0 Oct -0.5 +0.4 +0.1 0.0 +0.4

5. STOCK SECTOR WEIGHTING (Figures in parentheses show number of respondents) MOST UNDERWEIGHT - Utilities (2), I.T. (2), Energy (1) MOST OVERWEIGHT - Industrials (2), Consumer Staples (1), Utilities (1)

6. GLOBAL BOND WEIGHTING MOST UNDERWEIGHT - Eurozone (1), Emerging Europe (1), JGBs(1), U.S. Treasuries (1) MOST OVERWEIGHT - U.S. Treasuries (1), JGBs (2), Latin America (1)

7. What percentage of your bond portfolio is in these?

Government Investment High Other Securities Grade Corp Yield credit Oct 81.2 14.5 2.9 1.4 Sept 67.0 28.7 2.1 2.1 Aug 66.3 28.8 2.4 2.4 July 79.3 16.0 2.0 2.6 June 82.6 13.9 1.5 2.1

May 84.2 11.9 1.7 2.2 Apr 83.0 13.4 1.3 2.4 Mar 83.6 12.1 2.5 1.8 Feb 85.5 11.3 1.7 1.6 Jan 85.0 11.2 2.2 1.6 Dec 74.4 22.0 1.9 1.8 Nov 88.1 9.5 0.6 1.8 Oct 88.1 9.5 0.6 1.8

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To see other polls in this series, click on:

Reuters British-based asset allocation survey - Reuters U.S.-based asset allocation survey - Reuters Japan-based asset allocation survey - Reuters Continental Europe-based asset allocation survey

(Reporting by Sophie Knight; Editing by Eric Meijer)