Where did the smart money go in November?

The markets were ‘risk on’ in November, with economically sensitive areas such as continental Europe and Asia the top performers. While every sector was in positive territory for the month, conventional gilts and money market funds were at the bottom of the heap. This was reflected in fund flows, which saw investors begin to take increasing risk with their portfolios. Globally, EPFR reported that investors put more into US stock funds in the last week of November than they had in the past 12 months. Equity funds took $14.86bn, the second largest total since 2008 and dramatically rever...