Uncertainty dominates mood of US fund managers

On a recent visit to the US, Meyer and his colleagues Simon Dorricott and Roberto Demartini spoke to 32 equity fund managers, managing 40 funds. "These managers are very experienced and none of them have experienced anything like this before. While initially, the credit crunch was 'slow-burning', now it has led to a sharp drop in confidence," explained Meyer. Small cap managers were found to be a little more positive than those managing large caps, but most have adopted defensive strategies and only a small minority consider that things have already 'bottomed out'. Dorricott also detecte...