Fund Manager Survey Share to Facebook Share to Twitter Share to LinkedIn Published 25 November 2024 Carnegie Nordic Fund Manager Survey Data and answers are anonymous I am a fund manager with a mandate to invest in All caps Small caps Large caps The approximate AUM in my mandate is (SEKbn): [numbers] 2.1 Sector with biggest potential coming 3-6 months: Capital Goods Commercial Services & Transportation Consumer Disc. & Staples Energy, Materials & Utilities Financials Health Care Technology, Software & Services Telecommunication Services Real Estate 2.2 Sector with biggest potential coming 3-6 months: Capital Goods Commercial Services & Transportation Consumer Disc. & Staples Energy, Materials & Utilities Financials Health Care Technology, Software & Services Telecommunication Services Real Estate 2.3 Sector with biggest potential coming 3-6 months: Capital Goods Commercial Services & Transportation Consumer Disc. & Staples Energy, Materials & Utilities Financials Health Care Technology, Software & Services Telecommunication Services Real Estate 3.1 Sector with least potential coming 3-6 months: Capital Goods Commercial Services & Transportation Consumer Disc. & Staples Energy, Materials & Utilities Financials Health Care Technology, Software & Services Telecommunication Services Real Estate 3.2 Sector with least potential coming 3-6 months: Capital Goods Commercial Services & Transportation Consumer Disc. & Staples Energy, Materials & Utilities Financials Health Care Technology, Software & Services Telecommunication Services Real Estate 3.3 Sector with least potential coming 3-6 months: Capital Goods Commercial Services & Transportation Consumer Disc. & Staples Energy, Materials & Utilities Financials Health Care Technology, Software & Services Telecommunication Services Real Estate 4.1 General stock market view 6-12 months: Negative (<0%) Neutral (0-10%) Positive (>10%) 4.2 General stock market view 6-12 months: Negative (<0%) Neutral (0-10%) Positive (>10%) 4.3 General stock market view 6-12 months: Negative (<0%) Neutral (0-10%) Positive (>10%) 5.1 Given the current interest rates and economic outlook, aggregated market valuation multiples are in my view Low Fair High 5.2 Given the current interest rates and economic outlook, aggregated market valuation multiples are in my view Low Fair High 5.3 Given the current interest rates and economic outlook, aggregated market valuation multiples are in my view Low Fair High 6.1 Given L-T expected interest rate environment and normalised economic cycle earnings, aggregated market valuation multiples are in my view Low Fair High 6.2 Given L-T expected interest rate environment and normalised economic cycle earnings, aggregated market valuation multiples are in my view Low Fair High 6.3 Given L-T expected interest rate environment and normalised economic cycle earnings, aggregated market valuation multiples are in my view Low Fair High 7.1 Small-cap market view 3-6 months: Likely to underperform relative the broader market Likely to perform in line with broader market Likely to outperform relative the broader market 7.2 Small-cap market view 3-6 months: Likely to underperform the broader market Likely to perform in line with broader market Likely to outperform the broader market 7.3 Small-cap market view 3-6 months: Likely to underperform relative the broader market Likely to perform in line with broader market Likely to outperform relative the broader market 8.1 My current portfolio composition: Minor repositining onging/expected ahead Satisfied with current composition and holdings Meaningful composition changes expected (relative to historical turnover/positioning) 8.2 My current portfolio composition: Minor repositining onging/expected ahead Satisfied with current composition and holdings Meaningful composition changes expected (relative to historical turnover/positioning) 8.3 My current portfolio composition: Minor repositining onging/expected ahead Satisfied with current composition and holdings Meaningful composition changes expected (relative to historical turnover/positioning) 9.1 My fund cash position is currently: Below historical averages Normal Above historical averages 9.2 My fund cash position is currently: Below historical averages Normal Above historical averages 9.3 My fund cash position is currently: Below historical averages Normal Above historical averages 10.1 In a 3-6 month perspective, I target my fund to have: A lower cash share An unchanged cash share A higher cash share 10.2 In a 3-6 month perspective, I target my fund to have: A lower cash share An unchanged cash share A higher cash share 10.3 In a 3-6 month perspective, I target my fund to have: A lower cash share An unchanged cash share A higher cash share 11.1 In the event of fund inflows or excess cash available, I will mainly: Scale up existing portfolio holdings Consider new investments, state sector below Other 11.2 In the event of fund inflows or excess cash available, I will mainly: Scale up existing portfolio holdings Consider new investments, state sector below Other 11.3 In the event of fund inflows or excess cash available, I will mainly: Scale up existing portfolio holdings Consider new investments, state sector below Other 12.1 Which of the below positioning do you consider offer the best risk/reward in a 3-6 month perspective? “Growth stocks (organic growth)” “Value stocks” “Cyclicals” “Defensive positioning” “Quality (organic growth)” “M&A & serial acquiring companies” “Turnarounds” Other 12.2 Which of the below positioning do you consider offer the best risk/reward in a 3-6 month perspective? “Growth stocks (organic growth)” “Value stocks” “Cyclicals” “Defensive positioning” “Quality (organic growth)” M&A & serial acquiring companies “Turnarounds” Other 12.3 Which of the below positioning do you consider offer the best risk/reward in a 3-6 month perspective? “Growth stocks (organic growth)” “Value stocks” “Cyclicals” “Defensive positioning” “Quality (organic growth)” M&A & serial acquiring companies “Turnarounds” Other 13.1 Which of the below positioning do you consider offer the worst risk/reward in a 3-6 month perspective? “Growth stocks (organic growth)” “Value stocks” “Cyclicals” “Defensive positioning” “Quality (organic growth)” M&A & serial acquiring companies “Turnarounds” Other 13.2 Which of the below positioning do you consider offer the worst risk/reward in a 3-6 month perspective? “Growth stocks (organic growth)” “Value stocks” “Cyclicals” “Defensive positioning” “Quality (organic growth)” M&A & serial acquiring companies “Turnarounds” Other 13.3 Which of the below positioning do you consider offer the worst risk/reward in a 3-6 month perspective? “Growth stocks (organic growth)” “Value stocks” “Cyclicals” “Defensive positioning” “Quality (organic growth)” M&A & serial acquiring companies “Turnarounds” Other 14.1 Which segment offers the best risk/reward in a 2–3-year perspective? “Growth stocks (organic growth)” “Value stocks” “Cyclicals” “Defensive positioning” “Quality (organic growth)” M&A & serial acquiring companies “Turnarounds” Other 14.2 Which segment offers the best risk/reward in a 2–3-year perspective? “Growth stocks (organic growth)” “Value stocks” “Cyclicals” “Defensive positioning” “Quality (organic growth)” M&A & serial acquiring companies “Turnarounds” Other 14.3 Which segment offers the best risk/reward in a 2–3-year perspective? “Growth stocks (organic growth)” “Value stocks” “Cyclicals” “Defensive positioning” “Quality (organic growth)” M&A & serial acquiring companies “Turnarounds” Other 15.1 Earnings: Median F12 month earnings (not estimates) are set to Decline (-5% or more) Remain largely unchanged (-5 to +5%) Grow (+5% or more) 15.2 Earnings: Median F12 month earnings (not estimates) are set to Decline (-5% or more) Remain largely unchanged (-5 to +5%) Grow (+5% or more) 15.3 Earnings: Median F12 month earnings (not estimates) are set to Decline (-5% or more) Remain largely unchanged (-5 to +5%) Grow (+5% or more) 16.1 Key stock market moving element coming 3-6 months Geopolitics Economic data & macro Interest rates & fiscal stimulus changes Other 16.2 Key stock market moving element coming 3-6 months Geopolitics Economic data & macro Interest rates & fiscal stimulus changes Other 16.3 Key stock market moving element coming 3-6 months Geopolitics Economic data & macro Interest rates & fiscal stimulus changes Other 17.1 Based on my experience, general view and from interaction with companies, I would argue that management commentary in cyclical businesses regarding the business outlook the coming 3-6 months is seemingly Too conservative Fair Too optimistic 17.2 Based on my experience, general view and from interaction with companies, I would argue that management commentary in cyclical businesses regarding the business outlook the coming 3-6 months is seemingly Too conservative Fair Too optimistic 17.3 Based on my experience, general view and from interaction with companies, I would argue that management commentary in cyclical businesses regarding the business outlook the coming 3-6 months is seemingly Too conservative Fair Too optimistic 18.1 My most recent portfolio position change was 18.2 My most recent portfolio position change was 18.3 My most recent portfolio position change was 19.1 Sustainability as an investment: Which are the most pronounced megatrends within sustainable investing that you are investing by or are incrementally looking to position for? Increasing defence spending Climate adaptation Clean energy General energy efficiency Biodiversity Food & water security Disruptive / affordable healthcare Clean water & sanitation Other 19.2 Sustainability as an investment: Which are the most pronounced megatrends within sustainable investing that you are investing by or are incrementally looking to position for? Increasing defence spending Climate adaptation Clean energy General energy efficiency Biodiversity Food & water security Disruptive / affordable healthcare Clean water & sanitation Other 19.3 Sustainability as an investment: Which are the most pronounced megatrends within sustainable investing that you are investing by or are incrementally looking to position for? Increasing defence spending Climate adaptation Clean energy General energy efficiency Biodiversity Food & water security Disruptive / affordable healthcare Clean water & sanitation Other CAPTCHA
