2014 LEGG MASON GLOBAL INVESTMENT SURVEY
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1 Trending Conversations 2014 LEGG MASON GLOBAL INVESTMENT SURVEY INDEPENDENT EXPERTISE. SINGULAR FOCUS. Past performance is no guarantee of future results. All investments involve risk, including possible loss of principal. This material is not for public distribution outside the United States of America. Please refer to the disclosure information on the final page. IN THE US INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
2 TRENDING NOW: KEY THEMES SHORT-TERM CONFIDENCE, LONG-TERM CONCERN World investors exhibit guarded optimism about the present but express doubt about the future environment. FOCUS ON WEALTH-BUILDING Growing wealth is a top focus of global investors, evidenced by broad interest in holding more equities and non-traditional investments NEXT-GENERATION ADVICE: PLAN AHEAD Planning is a virtue, both for investors now and in the advice they want to give the next generation. INCOME STILL A CHALLENGE Satisfaction with income investments remains modest and the gap between actual and hoped-for return on income investments widened for world investors. ALTERNATIVES: ON A LEARNING CURVE Interest in alternatives and non-traditional strategies outpaces allocations; lack of understanding remains an obstacle. INVESTING ABROAD: THE REALITY OF HOME BIAS Willingness to invest abroad varies greatly by market, but those who don t do so say they are unlikely to consider it. HIGH MARKS FOR FINANCIAL ADVISORS World investors with advisors are largely positive in their assessment of their value, and two-thirds of those who don t have an advisor are interested in working with one. 2
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4 WHAT WORLD INVESTORS ARE SAYING When investors worldwide talk about money, what dominates the conversation? Where do they see opportunity, and where do they see peril? How different are they from country to country? To learn more, Legg Mason surveyed affluent investors in 20 major financial markets in the Americas, Europe, Asia and Australia about current investments and future opportunities, focusing on those in the prime of their financial lives (age 40-75). We certainly saw variation from market to market based on local economic conditions and cultural norms, particularly in attitudes about the future and the willingness to invest abroad. Yet the portrait of the global investor that emerged is consistent in revealing a pragmatic approach to investing in a world that has yet to fully absorb the legacy of the 2008 financial crisis. Conservative at heart, but leaning toward risk Global investors overall remain conservative in their risk tolerance; Chinese investors stood out as most likely to identify their tolerance as somewhat or very aggressive (38%), with Belgian and Brazilian investors the least likely (17%) followed closely by the French (18%). Overall, asset allocations reflect a conservative bias Overall risk tolerance for investing (%) 1 Very conservative 10 Somewhat conservative 55 Somewhat aggressive 34 Very aggressive 2 Average allocation (% of portfolio) Cash or cash equivalents 27 Equities 25 Fixed income 20 Investment real estate 17 Non-traditional investments* 7 Other 5 * Defined in survey as Investments focused on non-traditional asset classes, including private equity, hedge funds, currencies and commodities and which may use tactics such as hedging, shorting and derivatives. 1 Does not sum to 100% because of rounding. 4
5 Yet global investors appear to be embracing risk assets in the form of equities and non-traditional investments in their plans and perceptions of opportunity for the immediate future. Equities led the list of asset classes that investors planned to hold more of in the next 12 months, with domestic stocks most likely to be identified as one of the top 3 investment opportunities for that period. % plan to increase allocation in next 12 months to... Equities Cash or cash equivalents Fixed Income Investment real estate Non-traditional investments Top 3 best investment opportunities over next 12 months (%) Domestic stocks Real estate Cash Gold or other precious metals Domestic bonds International stocks Non-traditional investments International bonds MOST LIKELY TO SEE DOMESTIC STOCKS AS A TOP 3 OPPORTUNITY (%) US MOST LIKELY TO SEE DOMESTIC BONDS AS A TOP 3 OPPORTUNITY (%) 44 China 33 MOST LIKELY TO SEE NON-TRADITIONAL INVESTMENTS AS A TOP 3 OPPORTUNITY (%) LEAST LIKELY TO SEE DOMESTIC STOCKS AS A TOP 3 OPPORTUNITY (%) LEAST LIKELY TO SEE DOMESTIC BONDS AS A TOP 3 OPPORTUNITY (%) LEAST LIKELY TO SEE NON-TRADITIONAL INVESTMENTS AS A TOP 3 OPPORTUNITY (%) Italy Taiwan Switzerland Germany 5
6 1 SHORT-TERM CONFIDENCE, LONG-TERM CONCERN Confidence in ability to achieve my financial goals (%) Very confident 22 Somewhat confident 54 Not at all/not very confident 25 Overall, world investors express guarded optimism about their immediate prospects (rated on average 6.8 on a scale of 1 to 10). They also expressed a fairly high level of confidence in their ability to achieve their financial goals (75% very/somewhat confident) and to make successful decisions in today s environment (70%). But that said, the proportion who were very confident in either outcome was low (22% and 12% respectively). 6.8 Most optimistic OPTIMISM ABOUT INVESTMENTS IN NEXT YEAR: (NEXT YEAR: AVG) (ON A SCALE OF 1 TO 10, WITH 10 AS MOST OPTIMISTIC) US China 7.0 Least optimistic 5.5 France 5.7 Taiwan 5.7 Confidence in ability to make successful financial decisions in today s market environment (%) Very confident 12 Somewhat confident 58 Not at all/not very confident 30 But looking farther into the future, investor expectations were less positive. Nearly half (46%) believe the environment for investing will be more difficult for the next generation. Italian and French investors were among the most likely to take a pessimistic view (80% and 78% respectively), reflecting current economic challenges. Among the largest economies, 70% of US investors felt things would be more difficult later and only 6% that they would be easier. In contrast, only 34% of Chinese investors predicted things would be more difficult, and 41% that they would be easier, by far the highest in any market surveyed. Type of investment environment future generation will face (%) More difficult 46 About the same 25 Easier 29 GERMANY ITALY 88 % SAID THEY ARE SOMEWHAT OR VERY CONFIDENT IN ABILITY TO MANAGE THEIR INVESTMENTS THE HIGHEST OF ALL MARKETS SURVEYED 31 % OF PORTFOLIOS ALLOCATED TO FIXED INCOME THE HIGHEST OF EUROPEAN MARKETS SURVEYED 6
7 2 FOCUS ON WEALTH ACCUMULATION 3 NEXT-GENERATION ADVICE: PLAN AHEAD Wealth accumulation was the top ranked goal among those surveyed. Asked to identify their three primary goals of investing, almost three-quarters (74%) selected grow my wealth outpacing more defensive goals such as providing for my own retirement (62%), protect my wealth (59%), and maintain my current lifestyle later in life (57%). Primary goals of investing (%) Grow my wealth 74 Providing for my own retirement 62 Protect my wealth 59 Maintain my current lifestyle later in life 57 The tilt toward equities evident in attitudes about allocation in the next 12 months may in part reflect perceptions about their ability to outpace inflation, which was ranked as the top issue that could derail progress (49%). Concerns that could derail investment progress (%) Inflation 49 Making the wrong investment decisions 37 Low economic growth in my country 33 Increasing market volatility 32 Make a plan and stand by it was the most popular advice (62%) for future generations among world investors not surprising given that developed a financial plan ranked #1 as the decision that had the most positive impact on investors success over the past two years (48%). Overall, their advice leaned toward caution: twice as many respondents picked be cautious about risks as don t be afraid to take risks, which ranked dead last. Investment advice for future generations (%) Make a plan and stand by it over time 62 Make sure you understand what you invest in 61 Start investing early in life 55 Avoid short-term decisions based on emotion 54 Be cautious about taking risk 44 Don t make the mistakes that I have made 32 Employ a professional financial advisor 31 Don t be afraid to take risks 23 Decision with most positive impact on investing success in past 2 years (%) Developed a financial plan 48 Invested in products other than just stocks and bonds 42 Took cash off the sidelines and invested it 40 Changed my spending habits so I could save/invest more 36 UNITED KINGDOM CHINA 56 % SAY DOMESTIC STOCKS OFFER THE BEST OPPORTUNITIES IN NEXT 12 MONTHS THE HIGHEST OF EUROPEAN MARKETS SURVEYED 38 % LABELED THEIR INVESTMENT RISK TOLERANCE AGGRESSIVE THE HIGHEST OF ANY MARKET SURVEYED 7
8 4 INCOME STILL A CHALLENGE 5 ALTERNATIVES: ON A LEARNING CURVE Income is still on investors radar: roughly the same percentage of world investors ranked income as important or extremely important (71%) as they did in Legg Mason s Income Survey last year (69%). Satisfaction with income producing investments remains modest: only 9% are very satisfied, although 59% are somewhat satisfied. Priority of income generating investments (%) Extremely important 22 Important 49 Somewhat important 23 Not important 6 However, the income gap between actual and hoped-for return on income investments widened for world investors between this year s and last year s surveys moving from 280 basis points 2 last year to 330 basis points this year. Some markets did do better; the US income gap actually shrank vs. last year. For the most part, the gap was driven by investor expectations about return on income investments; expectations varied far more than the actual returns reported by investors. Global income expectations gap: Smallest gap: United Kingdom Largest gap: Chile 330 basis points 150 basis points 520 basis points Alternative/non-traditional investments 3 command great interest, with nearly half (48%) saying they were very or extremely interested in learning more about them. Those who are interested say they would be willing to invest up to 29% of their portfolio in these assets. Interest in learning about non-traditional investments (%) Extremely interested 15 Very interested 33 Somewhat interested 32 Not at all/not very interested 20 However, on a global basis, non-traditional strategies represent only 7% of portfolio allocations, and only a quarter say they plan to increase the proportion of these assets in their portfolio over the next 12 months. There is clearly an opportunity for financial firms and professionals to provide more education about these strategies: a lack of understanding was the most cited concern about nontraditional investments (53%). Concerns about non-traditional investments (%) Lack of understanding of the product 53 Volatility 50 Lack of transparency 49 Higher fees 37 Lack of liquidity 30 Tax consequences 24 FRANCE JAPAN 70 % WOULD ADVISE FUTURE GENERATIONS TO START INVESTING EARLY IN LIFE 5.5 RATING FOR OPTIMISM ABOUT NEXT 12 MONTHS THE LOWEST OF ANY MARKET SURVEYED 2 A basis point is equivalent as 1/100th of 1%. 330 basis points represents a difference of 3.3 percentage points. 3 Defined in survey as investments focused on non-traditional asset classes, including private equity, hedge funds, currencies and commodities and which may use tactics such as hedging, shorting and derivatives. On a scale of 1-10, with 10 as most optimistic. 8
9 6 INVESTING ABROAD: THE REALITY OF HOME BIAS 7 HIGH MARKS FOR FAs Home bias is a long-entrenched phenomenon among global investors; there is a well-established tendency for human beings to lean toward the familiar rather than the exotic, even when the familiar is not entirely satisfying. And indeed, while 79% of investors surveyed do hold some investments abroad and 3/4 say international opportunities are more of a focus than they were 5 years ago, on average only 17% of their investments are held outside their home country. Among those who do not invest internationally, few appear ready to change: only 22% say they are likely to consider it. Focus on international opportunities compared to 5 years ago (Base: Invest internationally) Much more of a focus 28 Somewhat more of a focus 47 No change compared to five years ago 20 Somewhat less of a focus 4 Much less of a focus 1 Many factors impact the willingness of investors to send money abroad. In smaller countries or those with less developed financial infrastructures, a paucity of opportunities at home may nudge investors toward going abroad. Top reasons to invest abroad: Potential for higher returns (62%) and diversification (55%) Top reasons not to do so: Global uncertainty (59%) and lack of familiarity with opportunities (45%) Those who invest internationally see the following countries as presenting the best investment opportunities over the next 12 months, with the US and China topping the list. Markets representing best investing opportunities over next 12 months (Base: invest internationally or would consider doing so) United States 52 China 50 Emerging markets 45 Europe (Excluding UK) 35 Brazil 25 India United Kingdom 19 Russia 19 Latin America (Excluding ) 12 Financial advisors in general earned high marks from clients, and a significant proportion of those who do not use one would like to do so. Investors who use an advisor also showed higher levels of confidence in their ability to retire and meet their goals than those who did not. The top cited benefits of using an advisor speak to the desire for wealth accumulation: #1, the opportunity for better performance (45%) and access to opportunities investors could not get on their own (42%). % who strongly agree that their financial advisor (Base: use an advisor) Is available and responsive 48 Is knowledgeable about investing and current market trends 45 Takes the time to understand my financial situation and goals 44 Provides advice tailored to my specific investment needs 40 Instills confidence that he/she will help me to achieve financial success 40 Has my best interests at heart 40 Top benefits received from financial advisor (Base: Use an advisor) Opportunity for better investment performance 45 Access to investment opportunities I would not get on my own 42 Help me understand the various investments in my portfolio 40 Avoid costly mistakes I might make on my own 39 Create a formal financial plan to achieve my goals 34 Overall, 55% of US respondents use an FA, vs. 38% globally. But the interest is there among non-us investors: 66% who don t have an FA say they are extremely or very interested in working with one, vs. 26% for US investors. Interest in working with a financial advisor (Base: do not use an advisor) Extremely/very interested 66 Not very/not at all interested 34 9
10 WORLD TOUR Market-by-market highlights US 55 % use a financial advisor second only to Hong Kong (56%) UK 56 % say domestic stocks offer the best opportunities in next 12 months the highest of European markets surveyed Italy 31 % of portfolios allocated to fixed income the highest of all European markets surveyed Switzerland 49 % are concerned about currency risk when investing internationally the highest of European markets surveyed Sweden 24 % shifted investments from emerging markets to developed markets in past year the highest of European markets surveyed Germany 88 % said they are somewhat or very confident in ability to manage their investments the highest of all markets surveyed Spain 53 % see an increasing tax burden as a key issue that could derail progress the highest in European markets surveyed Belgium 23 % of investments are outside home country the 2nd highest in European markets surveyed (tie with Sweden) France 70 % would advise future generations to start investing early in life China 38 % labeled their investment risk tolerance aggressive the highest of any market surveyed Hong Kong 92 % hold investments outside of home country the highest of Asian markets surveyed 5.5 rating for optimism about next 12 months the lowest of any market surveyed Singapore 61 % see global uncertainty as a major barrier to investing internationally South Korea 32 % the portfolio allocation that those interested in non-traditional investments would be willing to invest in these assets in next year Taiwan 79 % said providing for my own retirement was a primary goal of investing the highest in Asian markets surveyed Australia 61 % were not interested in learning about non-traditional investments the highest of any market surveyed Brazil 60 % chose inflation as something they fear could derail their progress the highest of all markets surveyed Chile 10 % of assets held outside home country the lowest of all markets surveyed 52 % said gold/precious metals offer best opportunity in next 12 months the highest of all markets surveyed 53 % selected don t make the same mistakes I have made as advice for future generations the highest of all markets surveyed On a 1-10 scale, with 10 as most optimistic 10
11 SURVEY METHODOLOGY A quantitative online survey methodology was used to conduct the survey, with a total of 4,320 investors across 20 markets completing the survey questionnaire. Market Sample size United States Total: 500 Europe (UK, France, Spain, Italy, Germany, Switzerland, Belgium, Sweden) Asia (China, Hong Kong, Singapore,, Taiwan, South Korea) Latin America (Brazil, Chile,, ) Total: 1,602 ( per market) Total: 1,212 ( per market) Total: 805 ( per market) Australia Total: 201 Respondents had to meet the following screening criteria: Sole or joint decision-maker for household investment decisions $200,000+ investable assets (includes investment real estate but not primary residence/vacation property) Age Field work for the survey was conducted between December 10, 2013 and January 10, In each market, samples included roughly equal numbers of respondents for the $200K-$999K group and $1MM+ group; the data was then weighted to be representative of the $200K-$999K and $1MM+ household total investable assets populations. Additional sampling and weighting factors were applied to the US, UK, Singapore and Australia data to align age distribution of respondents with that of relevant populations. Global investor figures are composites based on weighted average of countryspecific findings, weighted by relative incidence of qualified investors in each country. The research was conducted by Northstar Research Partners, an independent global marketing research firm with offices in New York, Toronto and London ( Northstar conducts research across a wide range of industry sectors and is a recognized leader in financial services marketing research. IMPORTANT INFORMATION All investments involve risk, including loss of principal. Neither diversification nor asset allocation can assure a profit or protect against market loss. Equity securities are subject to price fluctuation and possible loss of principal. Fixed-income securities involve interest rate, credit, inflation and reinvestment risks; and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Commodities contain heightened risk that include market, political, regulatory, and natural conditions and may not be suitable for all investors. Most alternative investment assets are held by institutional investors or accredited, high-net-worth individuals because of their complex nature, limited regulations and relative lack of liquidity. Alternative investments include hedge funds, managed futures, real estate, commodities and derivatives contracts. Foreign securities are subject to the additional risks of fluctuations in foreign exchange rates, changes in political and economic conditions, foreign taxation, and differences in auditing and financial standards. These risks are magnified in the case of investment in emerging markets. 11
12 APPENDIX: DATA BY MARKET Global US UK France Spain Italy Germany Switzerland Belgium Sweden Brazil Chile Hong Kong Singapore Taiwan China South Korea Australia Allocation decisions Average allocation of assets (% of portfolio) Cash or cash equivalents Equities Fixed Income Investment real estate Non-traditional investments Other % plan to increase allocation in next 12 months to... Equities Cash or cash equivalents Fixed Income Investment real estate Non-traditional investments % plan to keep same allocation in next 12 months to Non-traditional investments Investment real estate Fixed Income Cash or cash equivalents Equities % plan to decrease allocation in next 12 months to... Equities Investment real estate Cash or cash equivalents Non-traditional investments Fixed Income Top 3 best investment opportunities over next 12 months (%) Domestic stocks Real estate Cash Gold or other precious metals Domestic bonds International stocks Non-traditional investments International bonds Defined in survey as investments focused on non-traditional asset classes, including private equity, hedge funds, currencies and commodities, which may use tactics such as hedging, shorting and derivatives. 12
13 Global US UK France Spain Italy Germany Switzerland Belgium Sweden Brazil Chile Hong Kong Singapore Taiwan China South Korea Australia Sentiment/confidence Optimism about investments in next year (avg. on scale of 0-10, with 10 as most optimistic) Average Confidence in having enough money to live lifestyle desired in retirement Very confident Somewhat confident Not at all/not very confident Confidence in ability to make successful financial decisions in today's market environment Very confident Somewhat confident Not at all/not very confident Confidence in ability to achieve my financial goals Very confident Somewhat confident Not at all/not very confident Confidence in ability to retire at the desired age Very confident Somewhat confident Not at all/not very confident Confidence in my ability to manage my investments Very confident Somewhat confident Not at all/not very confident Confidence in understanding of the complexity of investing/financial markets Very confident Somewhat confident Not at all/not very confident Overall risk tolerance for investing Very conservative Somewhat conservative Somewhat aggressive Very aggressive Advice to future generations Type of investment environment future generation will face More difficult About the same Easier Investment advice for future generations Make a plan and stand by it over time Make sure you understand what you invest in Start investing early in life Avoid short-term decisions based on emotion Be cautious about taking risk Don't make the mistakes that I have made Employ a professional financial advisor Don't be afraid to take risks
14 Global US UK France Spain Italy Germany Switzerland Belgium Sweden Brazil Chile Hong Kong Singapore Taiwan China South Korea Australia Non traditional investments Interest in learning about non-traditional investments Extremely interested Very interested Somewhat interested Not at all/not very interested % of investment portfolio willing to Invest in non-traditional investments (Base: Interested in non-traditional Investments) Average Benefits of non-traditional investments Provide additional diversification of my portfolio Opportunities to outperform market averages Help protect against downturns in the equity market Access to investment strategies that I can't access on my own Concerns about non-traditional investments Lack of understanding of the product Volatility Lack of transparency Higher fees Lack of liquidity Tax consequences % who do not understand term at all/very well (Base: US/Europe only) Unconstrained investments Alternative investments Long-short investments Total return Yield Progress against goals Primary goals of investing Grow my wealth Providing for my own retirement Protect my wealth Maintain my current lifestyle later in life Protect my wealth for my children Provide for a family member's need Generate income for living expenses Provide for my family after I am gone Saving for a major purchase Progress toward goals going very/extremely well Protecting my wealth Maintaining my current lifestyle later in life Providing for my own retirement Generating income for living expenses Growing my wealth Providing for my family after I am gone Protecting my wealth for my children Providing for a family member's need Saving for a major purchase Defined in survey as investments focused on non-traditional asset classes, including private equity, hedge funds, currencies and commodities, which may use tactics such as hedging, shorting and derivatives. 14
15 Global US UK France Spain Italy Germany Switzerland Belgium Sweden Brazil Chile Hong Kong Singapore Taiwan China South Korea Australia Progress against goals (Continued) Progress toward goals going somewhat/not at all well (%) Saving for a major purchase Growing my wealth Providing for my family after I am gone Providing for a family member's need Generating income for living expenses Protecting my wealth for my children Providing for my own retirement Maintaining my current lifestyle later in life Protecting my wealth Concerns that could derail investment progress (%) Inflation Making the wrong investment decisions Low economic growth in my country Increasing market volatility An increasing tax burden Low global growth Low interest rates/yields Geopolitical unrest Economic weakness in Europe Reduced economic stimulus in the US Rising interest rates/yields Not concerned Potential obstacle to living desired lifestyle in retirement (%) (Base: Less than very confident) Having a catastrophic event that uses up my retirement funds Government not following up on obligations Low interest rate environment Not saving enough for my retirement Living longer than my retirement funds last Decisions with most positive impact on investing success in past 2 years (%) Developed a financial plan Invested in products other than just stocks and bonds Took cash off the sidelines and invested it Changed my spending habits so I could save/invest more Increased the role of my existing advisor Took a more global approach to investing Took on more risk to achieve better returns Began working with an advisor
16 Global US UK France Spain Italy Germany Switzerland Belgium Sweden Brazil Chile Hong Kong Singapore Taiwan China South Korea Australia Use of financial advisor Work with Financial advisor (%) Yes % interested in working with a financial advisor (Base: Do not use an advisor) Extremely/very interested Not very/not at all interested % who strongly agree that their financial advisor (Base: Use an advisor) Is available and responsive Is knowledgeable about investing and current market trends Takes the time to understand my financial situation and goals Provides advice tailored to my specific investment needs Instills confidence that he/she will help me to achieve financial success Has my best interests at heart Is transparent about fees and charges Brings me investing opportunities I would not find on my own Asks the right questions Educates me about financial matters Takes a global approach to investing Top three benefits received from financial advisor (%) (Base: Use an advisor) Opportunity for better investment performance Access to investment opportunities I would not get on my own Help me understand the various investments in my portfolio Avoid costly mistakes I might make on my own Create a formal financial plan to achieve my goals Someone to discuss investment ideas with Someone to manage my entire portfolio Peace of mind Top three things financial advisors could do more of (%) (Base: Use an advisor) Better investment performance Look for innovative/new solutions Lower fees Better customer service More proactive approach More financial planning support More customization Nothing, I am satisfied with what my advisor is doing
17 Global US UK France Spain Italy Germany Switzerland Belgium Sweden Brazil Chile Hong Kong Singapore Taiwan China South Korea Australia International investing % of investors who invest internationally Average % of investments held outside of home country Average % of income producing assets held outside home country Average Focus on international opportunities compared to 5 years ago (%) (Base: Invest internationally) Much more of a focus Somewhat more of a focus No change compared to five years ago Somewhat less of a focus Much less of a focus ** 1 ** 3 1 ** 1 6 Benefits sought by investing internationally (%) (Base: Invest internationally) Potential for higher returns than in home market Diversify risk across different markets Greater range of investment choices Easier to buy and sell assets Greater liquidity % who cite as major barriers to investing internationally Global uncertainty Not familiar with opportunities Currency risk Not enough transparency Too much risk Likelihood to consider investing outside of home country (%) (Base: Don't invest internationally) Definitely would ** ** ** 2 - Probably would Probably would not Definitely would not Likelihood to consider investing for income outside home country (%) (Base: Don't invest for income internationally) Definitely would ** ** ** ** Probably would Probably would not Definitely would not Likelihood to consider international equities (Base: Would consider investing internationally) Definitely would ** ** ** 8 10 Probably would ** ** Probably would not Definitely would not ** ** ** ** 31 ** ** 7 - Likelihood of investing internationally in fixed income (%) (Base: would consider investing internationally) Definitely would ** ** ** ** ** ** ** ** ** Probably would Probably would not Definitely would not ** ** ** ** 13 ** ** 15 ** ** Insufficient sample size 17
18 Global US UK France Spain Italy Germany Switzerland Belgium Sweden Brazil Chile Hong Kong Singapore Taiwan China South Korea Australia International investing (Continued) Countries representing best investing opportunities over next 12 months (%) (Base: invests internationally or would consider doing so) United States China Emerging Markets Europe (Excluding UK) Brazil India United Kingdom Russia Latin America (Excluding ) Investment opportunities by asset class: United States (%) (Base: selected country as opportunity) Good opportunities in bonds only Good opportunities in stocks only Good opportunities in both bonds and stocks Neither ** Investment opportunities by asset class: United Kingdom (%) (Base: selected country as opportunity) Good opportunities in bonds only ** Good opportunities in stocks only Good opportunities in both bonds and stocks Neither ** ** ** 8 9 Investment opportunities by asset class: Europe (ex-uk) (%) (Base: selected country as opportunity) Good opportunities in bonds only Good opportunities in stocks only Good opportunities in both bonds and stocks Neither ** ** Investment opportunities by asset class: (%) (Base: selected country as opportunity) Good opportunities in bonds only Good opportunities in stocks only Good opportunities in both bonds and stocks Neither Investment opportunities by asset class: Brazil (%) (Base: selected country as opportunity) Good opportunities in bonds only Good opportunities in stocks only Good opportunities in both bonds and stocks Neither ** Investment opportunities by asset class: Russia (%) (Base: selected country as opportunity) Good opportunities in bonds only ** ** Good opportunities in stocks only Good opportunities in both bonds and stocks Neither ** ** ** 4 ** ** 9 19 Investment opportunities by asset class: India (%) (Base: selected country as opportunity) Good opportunities in bonds only Good opportunities in stocks only Good opportunities in both bonds and stocks Neither ** Investment opportunities by asset class: China (%) (Base: selected country as opportunity) Good opportunities in bonds only Good opportunities in stocks only Good opportunities in both bonds and stocks Neither ** Insufficient sample size 18
19 Global US UK France Spain Italy Germany Switzerland Belgium Sweden Brazil Chile Hong Kong Singapore Taiwan China South Korea Australia International investing (Continued) Investment opportunities by asset class: Latin American (ex-) (%) (Base: selected region as opportunity) Good opportunities in bonds only ** ** Good opportunities in stocks only ** Good opportunities in both bonds and stocks Neither Shifted investment assets from emerging markets to developed markets in past rear (%) (Base: Europe/Asia investors only) Yes 33 ** ** ** ** ** ** No 67 ** ** ** ** ** ** Reasons for shifting assets (%) (Base: shifted assets to developed markets) Seek a higher return 33 ** ** ** ** ** ** Better diversify portfolio 32 ** ** ** ** ** ** Improving economic conditions in developed countries 20 ** ** ** ** ** ** Seek greater income 16 ** ** ** ** ** ** Other ** ** ** ** ** ** ** 3 ** 3 ** ** ** ** ** ** ** 1 ** ** ** Income investing Priority of income generating investments (%) Extremely important Important Somewhat important Not important Asset classes used to meet income needs (%) Guaranteed income products Equity income funds Income producing real estate High yield bonds Investment grade bonds Specialized investment vehicles None of the above Satisfaction with income producing investments (%) Very satisfied Somewhat satisfied Somewhat dissatisfied Very dissatisfied % return sought on income producing investments Global average % return earned on income-producing investments Global average Income expectations gap (percentage point difference) Respondent profile Gender (%) Male Female Average age Total investable assets $USD (000) $200K-999K NET $1M+ NET Average Total Investable Assets ($USD) Average Annual HHI $USD (000) Responsibility for financial matters (%) Sole decision-maker Shared responsibility in household/family ** Insufficient sample size 19
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