JOHCM's Beagles: Reasons for investors to be positive as markets stabilise

More than a month on from the EU referendum and the sky has not fallen in. Helped by the Conservative party's usual brutal efficiency that ensured the political vacuum was quickly filled, financial markets have stabilised.

But the prevailing question now surrounds the extent of the immediate economic damage inflicted by the Brexit vote, if indeed there has been any. The initial Q2 GDP print of 0.6% at least suggests there was no slowdown ahead of the referendum.   In terms of forward-looking analysis, there has been a rather singular focus on the recent snap PMI number. This represented the biggest fall in the 20-year history of the purchasing managers' survey, yet this data point conflicts with what we have been hearing from many companies in our portfolio. They are largely reporting that business l...