Where did the smart money go in August?

August was one of those rare months that saw both safe haven and 'risk-on' assets do well. Geopolitical tensions drove cautious investors into government bonds but there were enough investors sufficiently upbeat about the global economic recovery to support stock markets and areas such as high yield. There seems to be a growing awareness that this benign, low volatility environment cannot endure but, in the meantime, investors are going to take advantage.  Globally, the vogue was firmly for equities. According to data from EPFR Global, investors poured $5bn into stock funds and $1b...