Geldanlage: Investoren sehen Anleiherenditen als größtes Risiko

Frankfurt – Recent data published on Tuesday reveals that global investors have become more cautious following a rise in government bond yields. According to a Bank of America (BofA) survey released on Tuesday, risk appetite among international portfolio managers dropped to its lowest level in three months in September. This recent surge in government bond yields has been identified as the largest potential "tail risk" in markets, characterized by low probability of occurrence but potential for significant damage. Tail risks are risks that have a minimal chance of happening but could cause substantial harm.

BofA conducts monthly surveys of international portfolio managers, asking about their views on risk. The report notes that the "overconfidence" seen in the summer appears to be fading. Manager cash reserves stood at 3.9% in September, up from 3.5% the previous month. While cash levels remain low, this represents the largest increase since March when the Iran war began to strain global financial markets. The percentage of managers who now prefer equities has also slightly declined.

By analyzing data on cash reserves, equity weighting, and growth expectations, BofA creates a sentiment index, indicating that investors have once again become more cautious after a very optimistic August. The survey was conducted from September 4th to 10th among portfolio managers with a total managed assets of $470 billion, as per BofA's report.