Macro developments continue to dominate

ON THE US

Brown Advisory's Logie Fitzwilliams believes stock picking still has a role in a region dominated by macro headwinds.

We find it hard to identify whether value will outperform growth or large-caps outperform small-caps over the next few years. Despite certain valuation pockets where selected areas of the market have had a nice run, our Growth fund continues to find many superior American growth companies trading below fair value for nothing more than what we believe are short-term considerations. An example of this is National Instruments – a technology company that sells into industrial and manufacturing companies. An important driver of its business is their lower-cost solutions versus their compet...