UK small caps set to benefit from M&A action

ON ASSET ALLOCATION

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Premier's David Hambidge says despite taking a hammering in 2008, UK smaller companies are set to outperform.

Within the equity space, our preference remains for developed rather than developing markets and we have maintained our faith in Japanese stocks which remain cheap on virtually all measures, including price to book and, on a longer term, cyclically adjusted P/E basis. In the UK, our portfolio is biased towards funds with a significant exposure to large-cap defensives, including a number from the UK equity income sector, which has started to outperform recently following a time in the doldrums. In spite of their spectacular returns over the past couple of years, we still like the look ...

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