A new survey of 159 pro investors shows experts are looking to buy stocks again. Here's what 9 of them had to say about where they're putting money to work.

Reuters

• Procensus surveyed 159 institutional investors in late March, 40% of which said they'd started buying stocks where they see value. More than 70% see a quick market recovery ahead.
• "I think we are witnessing a once in a life time opportunity to invest in many kind of asset classes but specially equity and subordinated debt," one participant from a long-only fund said.
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As the international spread of the novel coronavirus continues battering economies and taking down financial markets, many investors have selectively started buying stocks, exclusive survey data show.

Of the 159 institutional investors surveyed on their next move between March 23 and 25 by Procensus - a London-based firm that operates a forum for investors to share opinions about markets and investments - 40% said they had already started buying stocks where they "see value."

Just over 20% of investors said they were waiting to see whether the virus crisis morphed into a "financial crisis before buying," and another 20% responded that they were waiting for the rate of new coronavirus infections in the US to slow before starting to buy.

Roughly 10% said they weren't sure what to do next, while fewer than 5% said they were selling due to redemptions from their funds. Most of the survey's participants were US-based, and long-only investors comprised some three-quarters of respondents.

"I think we are witnessing a once in a life time opportunity to invest in many kind of asset classes," particularly equity and subordinated debt, one participant from a long-only fund in Europe said.

Procensus

In recent weeks, economists and analysts have shifted their forecasts around when, not if, an economic recession will take hold as many businesses have been forced to shutter temporarily and millions file for unemployment. Forecasters including economists at Bank of America and the International Monetary Fund say a recession has already started.

Goldman Sachs economists earlier this week said they expect gross domestic product in the US to contract by 34% during the second quarter, compared with their previous expectation of a 24% decline, Business Insider reported.

In Procensus' survey, 70% of participants said they expect a "deep and short" recession, with relatively quick recovery time. The firm said respondents largely expected equity markets to recover by the end of June.

Since its closing high in late February, the S&P 500 has plunged 25% through Thursday.

Here are how some respondents said they were thinking about the markets and investments as of March 25. Procensus has listed participants' commentary anonymously. The emphasis is ours.

• From a hedge fund in North America with more than $100 billion in assets under management: "Supply chains will be examined, with more redundancies in certain industries likely to be mandated. These costs will be shared and will lead to inflationary tendencies, but opportunities for investment will arise as a result. On the flip side, technology usage is increasing dramatically as a result of the outbreak and will lead to investments in various areas including healthcare, education, and enhancements to workforce productivity."
• A long-only fund in North America said it sees investment opportunities in biotechnology and life sciences.
• "Digitization will see significant acceleration, as will the cashless society. Another nail in the con of traditional retailing," one long-only fund in Europe said.
• "Equities will likely remain unloved as the broader earnings growth outlook will be subdued (for most sectors)," one Europe-based hedge fund said.
• "Companies with high quality businesses including wide moats and relevant products with strong balance sheets should come out on top eventually," one long-only fund in North America said.
• Another one long-only fund in North America said it's expecting "long-term negative impacts on airlines and hotels."
• Consumer and heavily levered names will likely underperform over the next 18 months, a long-only North American fund with over $100 billion in assets under management said.
• One fund said opportunities will arise from a shift in consumer trends related to social distancing and how business is conducted, for instance names that would benefit from more people working from home.

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