Thurleigh IM: The challenge of investing in a world with no risk-free assets

In an environment where bonds have sold off and equities look expensive, providing a return above inflation is tough, Edward Allen of Thurleigh Investment Managers tells Anna Fedorova.

Where have you seen the most compelling investment opportunities in recent months? We have been building up our equity allocation having reduced bonds, and have been particularly focused on Europe. We have invested in the Jupiter European and Allianz Continental European funds, because both of them offer access to multi-national European firms that are based in Europe, but are not connected to GDP growth. These companies are trading at a significant discount, although that discount has closed a little now and the funds we own are shifting their focus slightly. Are you bullish on an...