Investor sentiment towards the generally high risk/high reward Asia-Pacific region (excluding Japan) is improving as risk appetite improves, equities gain favour and cash becomes less popular.

Nine out of 10 fund managers polled in HSBC’s quarterly Fund Managers Survey hold a positive view on Asia-Pacific ex Japan equities in the third quarter of 2009, well up from only 45% in the previous quarter.

New Zealand investment managers are sniffing for equity bargains both here and offshore but have turned their noses at government bonds, a new survey suggests.

The Russell Investments quarterly survey of investment mangers, completed late in June, found nearly 70% of managers were bullish about equities – and none were bearish. The rest were “neutral”.

Investors who have taken a hammering on US equities – or who have had their local portfolios hit by the knock-on effects of that country’s stockmarket woes – can take some comfort in the conclusion of a Stateside reporting season that went more smoothly than expected.

In the last three weeks, 422 S&P500 companies have announced their results for the third quarter.

Goldman Henry Capital Management analyst Alan Goldman said 59% of these have beaten market estimates, 10% are in-line and 31% delivered results below expectations.