Equities

'It is not about active or passive'

Trade war impact

Asia Stars fund out in January 2019

Held position since 2000

Unloved for a generation, Japan's equity markets are coming back into favour - and for good reason.

The consumer markets of China, India and Indonesia have grown at year-on-year rates of 5.9% to 9.5%.

Europe is full of secular growth trends including digitalisation, faster growth in emerging markets, consumer loyalty to premium brands and increased health awareness.

US becoming insular

Over the past quarter, infrastructure globally has endured some highs and lows, with the US, in particular, surging ahead and buoyed by strong economic growth while Europe has faced a series of challenges.

This has been the longest bull market on record. This late in the business cycle, we believe it is worth focusing in particular on the merits of investing in US defence stocks.