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J.P.Morgan European Investor Client Survey Shows Little Change In Long Positioning

BONDS
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J.P.Morgan’s latest European bond investor client survey reveals that “multi-currency European real money investors in EGBs maintained their long duration exposure (moving from +0.13 to +0.14 years). This level remains above the average observed since the beginning of ‘23 (+0.10 years).”

  • “Single-currency European real money investors in EGBs also maintained their long duration exposure (moving from +0.28 to +0.30 years). This level remains below the average observed since early ‘21 (+0.32 years).”
  • “Investors modestly increased their overweight exposure to the periphery (from 15% to 18% net long). This level remains below the average observed since the beginning of ‘20 (23% net long).”
  • “European multi-currency investors maintained their duration exposure in USD (at +0.11 years).”
  • “In the UK, single-currency investors in GBP maintained their long duration exposure at +0.38 years. This level remains above the average observed since the beginning of ‘23 (+0.29 years).”
  • Note that all duration deviations are relative to the relevant benchmark and are given in years.
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J.P.Morgan’s latest European bond investor client survey reveals that “multi-currency European real money investors in EGBs maintained their long duration exposure (moving from +0.13 to +0.14 years). This level remains above the average observed since the beginning of ‘23 (+0.10 years).”

  • “Single-currency European real money investors in EGBs also maintained their long duration exposure (moving from +0.28 to +0.30 years). This level remains below the average observed since early ‘21 (+0.32 years).”
  • “Investors modestly increased their overweight exposure to the periphery (from 15% to 18% net long). This level remains below the average observed since the beginning of ‘20 (23% net long).”
  • “European multi-currency investors maintained their duration exposure in USD (at +0.11 years).”
  • “In the UK, single-currency investors in GBP maintained their long duration exposure at +0.38 years. This level remains above the average observed since the beginning of ‘23 (+0.29 years).”
  • Note that all duration deviations are relative to the relevant benchmark and are given in years.