Over the past week, Goldman has had "a wide-ranging set of phone conversations and Zoom video meetings with clients across the investor spectrum", the bank's David Kostin writes, in a note dated Friday. The Zoom reference is an apparent nod to the notion that things are still far from normal.
The first thing the bank learned from these discussions with mutual funds, pension funds, insurance companies, sovereign wealth funds, family offices, and hedge funds hailing from around the world is that "the rally is unloved".
Long-only managers are obviously "pleased", Kostin says, but with nearly two-thirds of mutual funds trailing benchmarks over the course of the surge, long/short funds managing just an 8% return over the period, and macro funds barely treading water (returning just 1% since late March), there's palpable frustration in some corners.
"CIOs expressed varying degrees of concern about how swiftly the market rebounded from its low, the current level of valuation, and the forward return potential", Goldman writes. If you've been paying attention to the financial media, you've heard some of those concerns voiced by the likes of Scott Minerd, for example.
Amid the bounce,
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