Developed markets equities are overvalued, say a net 52% of U.K. respondents to a survey by the CFA Society.
The proportion who view developed markets equities as overvalued increased 10 percentage points since the previous survey in the fourth quarter of 2014.
Government bonds, however, remained the most overvalued asset class, according to a net 81% of investors. That increased from 75% in the fourth quarter.
Further, the proportion of respondents viewing corporate bonds as overvalued was a net 76% — the highest level since the CFA Society of the U.K.’s valuations index was introduced three years ago.
Emerging markets equities is the only asset class that is perceived as undervalued, according to a net 43% of responses.
The CFA’s U.K. valuations index polled its membership of 11,000 investment professionals, receiving 272 responses from investors and analysts, on their views on the markets. The survey was conducted between Feb. 17 and March 9.
