Smaller investors were increasingly active in this year’s Brokers Poll, a likely reflection of the difficult equity conditions that have led larger equity investors to become more cautious this year.
More investors in the lower brackets of assets under management (AUM) participated this year than in any previous poll. They also made up an increasing amount of the overall response rate.
In 2011, firms with $501 million to US$2 billion in assets under management (AUM) had the highest participation rate, accounting for nearly 20% of all participants. They were followed by those with US$50 million to US$200 million at 18%. Firms in other AUM brackets ranged between 11% and 15%, indicating a fairly even distribution.
This year, smaller investors featured more prominently. Companies with AUMs under US$50 million and US$50 million-US$200 million accounted 20.4% and 20.7%, respectively. The US$501 million-US$2 billion category dropped from 19.88% to 18.38%.
The drop in larger fund participation in part recognizes the fact that respondents with larger AUMs have displayed greater caution this year when it comes to equity investments.
It’s worth noting that the number of investors in this year's Brokers Poll was 35% higher than last year. The rise in responses was particularly strong among smaller investors, which helps account for the relative decline of larger accounts as a percentage.
Additionally, Asiamoney weighs votes from larger firms heavier than those from smaller investors in its methodology, to reflect their increased importance to the brokers servicing them.