EUROPE - Fund managers in the UK play the most active role in corporate governance compared with other European markets, according to Morningstar's European Fund Trends survey.
Italy was named as the market in which fund managers play the least active role in corporate governance, as voted by the 45 fund management groups surveyed by the global investment research firm.
In other findings, Morningstar found 30% of fund management firms expect Europe (ex UK) to be the best performing market over the next 12 months while 26% predicted Japan. The survey also noted an increased interest in emerging Europe, with 19% of fund groups believing it would be the best performing market.
The US rated worst in relation to performance expectations, with 51% listing the market as the one likely to perform worst over the next year.
Most firms remained neutral on the question of whether value or growth would perform best over the next 12 months, although the survey found a tendency towards growth over value. Some 36% of firms predicted growth would outperform value, while 18% predicted value over growth. A further 47% were neutral.
Large cap is expected to outperform small cap in the coming year with 62% favouring the investment style compared to 13% for small cap and 24% neutral.
Equity funds are expected to dominate new fund launches in the next 12 months, as listed by 52% of companies. Some 86% of those surveyed said they are planning to launch new funds over the same period with 81% expecting the number of launched funds in Europe to be higher than the number of closed funds.
Government, developed market has been flagged as the fixed income instrument which will perform best in the next 12 months, ahead of corporate, high yield, corporate, investment grade and government, emerging market.
The fund management groups surveyed reached across Austria, Benelux, Denmark, France, Germany, Italy, Norway, Spain, Switzerland, Sweden and the UK and manage some e55bn in assets.
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