More than 60% of the firms used by manager-of-managers Northern Trust Global Advisors said the S&P 500 was undervalued at the end of last month, with some of the best opportunities seen in health care, technology and energy.
In its previous survey at the end of June, 46% of the managers said the S&P 500 was undervalued, according to a news release from NTGA.
The latest survey of about 75 managers also showed 54% expect global inflation to decrease, a reversal from the earlier survey, where 85% forecast an increase in inflation. Amid the latest market turmoil, however, 86% of respondents predicted corporate earnings will decrease over the next three months, with global growth continuing to decelerate.
