Canadian investment advisors expect to see returns from Canadian equities in the third quarter of this year, according to Toronto-based Horizons ETFs Management (Canada) Inc.’s 2014 Advisor Sentiment Survey, which was released on Wednesday.

The survey found that 61% of advisors are bullish on the S&P/TSX 60 Index compared to the 47% of advisors who felt the same way in the second quarter of 2014. Even more advisors are interested in the performance of the S&P/TSX Capped Energy Index with 70% of surveyed advisors expecting to see returns from the index in Q3.

“Canadian advisors are seeing a lot more value in domestic asset classes than their U.S. counterparts,” said Howard Atkinson, president of Horizons ETFs in a statement. “With the bull run we’ve had in the U.S. since December, advisors believe that U.S. equities are overvalued, whereas the Canadian market is ripe for growth and returns.”

The Q3 Survey asked Canadian investment advisors to share their outlook on 15 distinct asset classes and express their sentiment — bullish, bearish or neutral — on the anticipated returns for these asset classes in the upcoming calendar quarter (Q3).

The survey also found that advisors are showing a little more interest in precious metals. According to the poll, 46% of advisors are bullish on gold bullion for Q3, up from the 43% that felt the same in Q2. As well, nearly 50% of advisors expect positive returns from the S&P/TSX Global Gold Index – an increase from 42%. Bullish expectations for silver bullion have also risen to 42% from 38% quarter over quarter.