2026年6月亚太基金经理调查：科技硬件走高，印尼遇冷

Tech Hardware rises; Indonesia slips 16 June 2026 BofA June Asia Fund Manager SurveySpotlight: Energy security concerns have eased significantly, with respondents saying Equity StrategyAsia Pacific high/extreme concern falling to 18% in Jun (vs. 91% in Apr), while moderate concern hasbecome the majority view (68%). Reflecting this shift, growth and earnings expectations Expected Returns: expected 12-month returns for APAC equities moderated followinglast month’s improvement but remain broadly in line with historical norms. AI upside stillappearsunderappreciated, with only 9% of FMS investors believing the positive impact Kaspar Lam>>Research AnalystMerrill Lynch (Hong Kong)kaspar.lam@bofa.com Themes: Earnings are increasingly viewed as key driver for Japan equities, rising to 41%in Jun, while policy normalization has also gained traction (27%). Taiwan (41%) remainsthe clear beneficiary of the AI cycle, while the US saw increased interest, rising from Masashi Akutsu>>StrategistBofAS Japanmasashi.akutsu@bofa.com Winnie Wu>>Research AnalystMerrill Lynch (Hong Kong)winnie.wu@bofa.com Positioning: Indonesia has overtaken India as investors’least preferred market, whileNorth Asia remains the clear favorite. In APAC ex Japan, FMS investors are now moreoverweight Tech Hardware than Semiconductors, with Financial Services emerging as anew favored sector. June also saw rotation out of Materials and Consumer Discretionary(ex Retailing) into Financial Services and Telecom. In Japan, Tech Hardware (41%) has Amish Shah, CFA>>Research AnalystBofAS Indiashah.amish@bofa.com FMS: Fund Manager SurveyAPAC: Asia Pacific Exhibit1: Investors are split on de-risking the AI trade, with 41% remaining unhedged and another41% rotating into other sectors or underweightingHow are you currently hedging downside risk in the AI trade over the next 6-12 months? Notes to readersA total of198 panelists with $540bn AUM participated in the May survey.172 participants with $465bn AUMresponded to the Global FMS questionsand 99 participants with $270bn AUM Survey period:5 Jun–11 Jun 2026 How to join the FMS panel Investors/clients are encouraged tosign up to participate in the Survey.This can be done by contactingMichael Trading ideas and investment strategies discussed herein may give rise to significant risk and arenot suitable for all investors. Investors should have experience inrelevant markets and the financialresources to absorb any losses arising from applying these ideas or strategies.>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst Participants in the survey receive thefull set of results for the months in Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions. BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Macro Exhibit2:APAC ex-Japan growth expectationsturned positive in June,marking a continuedrecovery from April’s sharp downturnNet % expecting a stronger Global / APAC ex-Japan economy Exhibit3:Inflation expectations remain elevatedbut eased in June,though still sittingwellabove the long-term average Net % expecting higherinflation in Asia Pacific ex-Japan in the next 12 months Net % expecting better corporate profits in Asia Pacific ex-Japanin the next 12 months Exhibit5:Concern that APAC ex-Japan earnings estimates are too highcontinue to fade in June, nowat 14th percentile historically Net % deeming consensus EPS estimates for the coming year as high Source:BofA Asia Fund Manager Survey Exhibit6:Energy security concernshavenormalized: high/extreme concern dropped 73pts since Apr,while moderate concern became the majority view How concerned are you about energy security risks forAPACregion in current geopolitical environment? Exhibit8: Japan growth expectationsimproved further in June,surpassing the long-term averageNet % expecting a stronger Japanese economy over the next 12 months Expected Returns and Valuations Exhibit10:Investor optimismcooled after last month’s improvement but remains broadly in linewith historical norms FMSviews onexpected upside forAsia Pac ex-Japan equities over the next 12 months Exhibit13:AI upside still looks underappreciated. Only 9% of FMS investorssaythe positiveAIimpact on equities is more than fully priced inHow much of the positive AI impact on equities is already reflected in the price? Themes Exhibit14: Within China, AI/semis andbuybacks/dividendremain key investor prioritiesFMS views on TWO most favorite themes in China FMSviews onthe themes that hold the key for Japan equities in the near-to-medium term Exhibit17: Taiwan rema