Bernstein Disagrees With BofA Survey on Capitulation
- Equity outflows outside Europe only just beginning: Bernstein
- Say long-term bearish sentiment suggests upside over 12 months
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Stock markets are yet to see full capitulation, Sanford C. Bernstein strategists said, taking a contrary view to that of Bank of America Corp.’s fund manager survey that showed that investors have already thrown in the towel.
“We have not yet seen capitulation in outflows from equity funds,” strategists Mark Diver and Sarah McCarthy wrote in a note on Wednesday. “In fact outflows, excluding Europe, have only just begun.”