Hong Kong retail and MPF investors had demonstrated a zest for equities at the end of last year but have now begun placing new allotments into cash and fixed income, reflecting growing concerns over the global economy, says Mark Konyn, CEO at Allianz Global Investors formerly known as Allianz Dresdner Asset Management.
He says a global growth slowdown will be reflected in relatively weak performance in balanced funds this year. Whereas Allianz's flagship global balanced fund with a Hong Kong bias returned 15% last year, it has lost 1% return year to date, and Konyn expects it won't return more than 5% throughout 2005. Similarly he expects heightened volatility to...
