10 November 2016

Trump's double surprise.

It is quite clear that in the days leading up to the U.S. Presidential election, both markets and surveys got it wrong. Traditional polling once again failed to spot the depth of support for radical political change. This was after all the U.S., which has delivered the strongest post-crisis economic performance of any developed nation. 

Read more...
Sector report cover
28/04/2017
Equity strategy and market outlook - April 2017

In this month’s strategy piece, Alastair George finds that equity valuations are above average across the UK and Europe, and exceptionally high in the US. The combination of high valuations and price momentum accelerating to the upside, but concentrated within a narrow range of digital stocks, is starting to feel like the ‘financial instability’ the US Fed has been keen to avoid. He remains cautious and believes developed market equity valuations appear to price in a sustained period of strong economic growth, which is at odds with expectations in the bond market. However, an overvalued market does not exclude the possibility of attractive stock-specific or event-driven situations – which, in turn, are relevant to the debate that currently favours passive over active management.

Download the report