Despite relentlessly turbulent market conditions, an overwhelming majority of institutional investors polled by a recent Merrill Lynch survey predicted global equities to outperform bonds next year, Reuters reports.

More than 75% of the fund managers who participated in the survey expressed confidence in equities. Fewer than 10% predicted fixed-income investments would emerge as the top performers, and 45% said bonds would lag all other asset classes.

Approximately 22% of the 300 fund managers polled by Merrill believed emerging markets would rank among the best-performing economies and 19% bet on European economies, the next highest ranked category. Only 14% bet the U.S. economy would emerge as the No. 1 market.

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