European investor days earlier this month did little to increase fund managers’ appetite for DMP, which is now down 38% in 2024. The net result was further downgrades, with Europe improving but downgrades due to Asia & FX making it all feel too hard. Whether subscribers are looking for yield, growth or value, we see better alternatives than DMP, although it will probably bounce 10-15% at some stage in the next 12-months, but from where is the question, a “punt” not worth taking in our opinion.
- We see no reason to “bottom pick” with DMP as it continues to plumb fresh multi-year lows.
MM is neutral to bearish towards DMP
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