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GLOBAL MARKET SENTIMENTSURVEY 2013January 2013
CFA Institute 2
AVOIDING THE FISCAL CLIFF
CFA Institute
RESPONDENT PROFILE
USA 3042CANADA 839UK 309SWITZERLAND 205HONG KONG 192CHINA 175GERMANY 174AUSTRALIA 135INDIA 115SOUTH AFRICA 107SINGAPORE 98JAPAN 72BRAZIL 64FRANCE 64KOREA 55ITALY 53RUSSIA 53UAE 50AUSTRIA 46NETHERLANDS 45TAIWAN 42SPAIN 38
TOP COUNTRIES
60%AMER
24%EMEA
16%APAC
3
CFA Institute 4Global Market Sentiment Survey 2013
“Not Sure” option not displayed
GLOBAL AMER APAC EMEA GLOBAL AMER APAC EMEA GLOBAL AMER APAC EMEAExpand Stay roughly the same Contract
40%39%
32%
50%
38% 38%
41%
35%
20%22%
24%
14%
34%36%
25%
38%
34% 35%
30%
34%
29%27%
42%
27%
2013 2012
IN 2013, DO YOU EXPECT THE GLOBAL ECONOMY TO:
CFA Institute 5Global Market Sentiment Survey 2013
Europ
ean s
over
eign d
ebt c
risis
Wea
k eco
nomic
cond
itions
Politic
al ins
tabilit
y
System
ic dis
rupti
ons
Exces
s reg
ulatio
n
Wea
k reg
ulatio
nOthe
r
37%
31%
12%10%
5%
1%4%
38%
30%
14%
9%
4%
1%
4%
36% 35%
9%11%
5%
1%3%
35%33%
10% 10%
6%
1%4%
Global AMER APAC EMEA
"No opinion” option excluded from results.
WHAT DO YOU SEE AS THE BIGGEST RISK TO GLOBAL CAPITAL MARKETS IN 2013?
CFA Institute 6Global Market Sentiment Survey 2013
“Not Sure” option not displayed
GLOBAL AMER APAC EMEA GLOBAL AMER APAC EMEA GLOBAL AMER APAC EMEAExpand Stay roughly the same Contract
45%
49%46%
33%
38% 37%36%
42%
16%
13%
16%
24%
42%
46% 47%
24%
40% 41%
31%
44%
17%
12%
21%
30%
2013 2012
IN 2013, DO YOU EXPECT YOUR LOCAL ECONOMY TO:
CFA Institute 7Global Market Sentiment Survey 2013
Equities Precious metals Commodities Bonds Cash
41%
25%
15%
10% 9%
50%
22%
16%
8%
4%
2012 2013
*Chart displaying proportion of members ranking the asset class as likely to have the highest expected return.
RANK THE FOLLOWING ASSET CLASSES IN ORDER OF EXPECTED TOTAL RETURN IN THE GLOBAL MARKETS IN 2013*
CFA Institute 8Global Market Sentiment Survey 2013
United
Stat
esChin
aBraz
il
Canad
aInd
iaOthe
r
German
y
Mexico
Russia
Hong K
ong
Austra
liaSpa
in
Singap
ore
South
Korea
Japa
nIta
ly
South
Africa
Switzerl
and
United
King
dom
Chile
Qatar
Saudi
Arabia
Kuwait
32%
17%
10%
4% 4% 5%3% 3% 3% 3% 2% 2% 2% 2% 1% 1% 1% 1% 1% 1% 1% 1% 0%
Global
WHICH THREE EQUITY MARKETS DO YOU THINK WILL PROVIDE THE BEST INVESTMENT OPPORTUNITY IN 2013? 1 (best opportunity)*
CFA Institute 9Global Market Sentiment Survey 2013
WHICH OF THE FOLLOWING INVESTMENT VEHICLES DO YOU THINK YOU WILL USE THE MOST IN 2013?
Individual stocks and
bonds
ETFs Mutual funds Index funds Private equity funds
Hedge funds Structured products
Other
38%
24%
16%
9%
4% 3% 3% 3%
36%
26%
18%
9%
3% 3%2%
3%
43%
18%
10% 9%
5% 5% 5%3%
41%
21%
15%
7%
5%3% 4% 4%
Global AMER APAC EMEA
CFA Institute 10Global Market Sentiment Survey 2013
Increase Decrease Stay about the same
14%
35%
51%
17%
33%
49%
2012 2013
"Not Sure” option excluded.
IN 2013, DO YOU EXPECT EMPLOYMENT OPPORTUNITIES FOR INVESTMENT PROFESSIONALS IN YOUR LOCAL MARKET TO INCREASE, DECREASE, OR STAY ABOUT THE SAME?
CFA Institute 11Global Market Sentiment Survey 2013
Lack
of et
hical
cultu
re w
ithin
finan
cial fi
rms
Poor g
over
nmen
t reg
ulatio
n and
enfor
cemen
t
Marke
t disr
uptio
ns (f
ailed
IPOs,
flash
cras
h etc.
)
I don
’t thin
k the
re is
lack
of tr
ust in
the f
inanc
e ind
ustry
.Othe
r
56%
16% 16%
2%9%
53%
19%15%
2%
12%
59%
16% 19%
2% 4%
63%
10%18%
1%8%
Global AMER APAC EMEA
“No opinion” option excluded from results.
WHICH FACTOR DO YOU THINK HAS CONTRIBUTED THE MOST TO THE CURRENT LACK OF TRUST IN THE FINANCE INDUSTRY?
CFA Institute 12Global Market Sentiment Survey 2013
24%21% 19%
16% 16%
4%
22%
9%
38%
13% 14%
3%
31%
9%
23%
14%18%
4%
2013 2012 2011
WHICH ONE OF THE FOLLOWING REGULATORY OR INDUSTRY ACTIONS IS MOST NEEDED IN THE COMING YEAR (2013) TO HELP IMPROVE INVESTOR TRUST AND MARKET INTEGRITY?
CFA Institute 13Global Market Sentiment Survey 2013
Mis-se
lling b
y fina
ncial
advis
ers
Marke
t frau
d
Integ
rity of
finan
cial re
portin
g
Marke
t trad
ing pr
actic
es
Disclos
ure/u
se of
finan
cial d
eriva
tives
Inves
tmen
t man
agem
ent s
ervic
es/st
ructu
re
29%
19%
15%14%
12% 11%13%
22%
16%18%
16% 15%
26%
20%
15%13%
16%
10%
2013 2012 2011
*Chart displaying proportion of members ranking most serious ethical issues facing local markets.
PLEASE RANK THE FOLLOWING ETHICAL ISSUES FACING YOUR LOCAL MARKET IN THE COMING YEAR IN ORDER OF THE MOST SERIOUS (1) TO THE LEAST SERIOUS (6)*
CFA Institute 14Global Market Sentiment Survey 2013
ABOUT THIS SURVEY
The CFA Institute Global Market Sentiment Survey was created to seek input from CFA Institute members and gather feedback on market sentiment, performance, and market integrity issues in 2013, and to further our mission of promoting ethical and trustworthy investment markets.
METHODOLOGY
An online survey was conducted from 30 October to 13 November 2012. All CFA Institute members globally (over 115,000) were invited to participate in the survey; 6,783 responded, for an overall response rate of 6% and a margin of error of ±1.2%. In addition to analysis and reporting at the global, regional, and advanced vs. developing economies level, 22 countries are also included in this report. To view survey questionnaire please click here.
CFA Institute 15Global Market Sentiment Survey 2013
ABOUT CFA INSTITUTE
CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow. CFA Institute has more than 110,000 members in 138 countries and territories, including over 103,000 CFA charterholders, and 138 member societies. For more information, visit www.cfainstitute.org.
QUESTIONS?Media inquiries:J.D. McCartneyDirector, Public Relations, The Americasjd.mccartney@cfainstitute.org
Survey inquiries:Melissa LooneyDirector, Market Intelligencemelissa.looney@cfainstitute.org
To view and download full report, please visit http://www.cfainstitute.org/about/research/surveys/Pages/global_market_sentiment_survey_2013.aspx