Top fund manager David Winters says that for the first time in years, investors are letting go of Great Recession-triggered fears.

“We’re beginning to see a change in sentiment,” Winters tells Advisor.ca. “There are big opportunities [abroad], and the [first] brave few will be the ones to make money.”

Winters says an improving U.S. real estate market and the passing of the fiscal cliff drama are helping make investors feel better, though he says a shift back to stocks will take time.

Winters, who is bearish on bonds, likes equities going forward. Their returns “may not be as spectacular as they were in the past, [but] even if [clients] can earn high, single-digit returns over time, that’s very compelling,” he says. “The real money over time will be made in global equities, with a focus outside of North America or the Eurozone.”