Asia Fund Manager Survey: Fed headwinds vs. AI tailwinds

研报英文原文证据摘录

Asia Fund Manager Survey: Fed headwinds vs. AI tailwinds

Accessible version

Asia Fund Manager Survey

Fed headwinds vs. AI tailwinds

BofA July Asia Fund Manager Survey 14 July 2026

Spotlight: Our US Economics team now expects the Fed to hike by 75bp this year (see Equity Strategy

note), starting in Sep. FMS investor views on the implications for Asia are mixed: nearly Asia Pacific

half would maintain their Asia equity exposure following Fed hikes, a similar proportion

would reduce allocations. Looking ahead to the next phase of the AI cycle, Japan (28%)

and the US (28%) have overtaken Taiwan (11%) as the biggest beneficiaries. Investor

optimism toward Asia ex-Japan equities improved further, reaching 89th percentile.

Macro: APAC ex-Japan growth expectations have rebounded to pre-Middle East conflict

levels. China and Japan growth expectations remain sharply divergent, with Japan growth Kaspar Lam >>

sentiment staying robust while sentiment toward China remains subdued. On Japanese Research Analyst Merrill Lynch (Hong Kong)

monetary policy, 60% of investors surveyed expect the next BoJ rate hike in 4Q26 (Oct kaspar.lam@bofa.com

or Dec), broadly consistent with our Japan economist’s base case for an Oct’26 hike (see Winnie Wu >>

note). ResearchMerrill LynchAnalyst(Hong Kong)

winnie.wu@bofa.com

Valuations: 60% of investors surveyed believe the positive impact of AI on equities is Masashi Akutsu >>

only partially or mostly not priced in, suggesting continued scope for AI-driven upside. Strategist

BofAS Japan

Themes: Earnings continue to be the dominant driver of Japan equities, cited by 64% of masashi.akutsu@bofa.com

investors surveyed vs. 41% in Jun (Exhibit 13). Power & Energy (28%, up from 9% in Jun) Amish Shah, CFA >> Research Analyst