Sixty-two percent of money managers surveyed by Northern Trust Global Advisors said the market was undervalued by 10% or more, up from 53% in the prior quarterly survey, according to an NTGA survey released today.
Among the more than 80 managers on Northerns external manager platform that responded to the survey last month, 49% said they were less risk averse than they were three months ago, compared to 23% in the fourth-quarter 2008 survey
In a telephone interview, Janet Yang, investment product manager at NTGA, said 80% of responses came within two or three days of the S&P 500 hitting its recent low of 676.53 on March 9. The remaining 20% over the following week showed a similar pattern, she said.
The survey also showed 8% of managers saying their cash holdings were above normal levels, down from 16% for the prior survey.