Steer's guide to navigating the 'fickle macro'

ON UK GROWTH

"If you don't take care of the macro, then it will take care of you," the saying goes.

The trouble is the macro is even more fickle and febrile than ever; and, in terms of selecting stocks, an indiscriminate guide. Our strategy stands: we want to own companies that derive a majority of their earnings from outside the UK/EU, and which boast dominant market positions, good pricing power and structural growth. In rallies such as June’s, though, overseas earners generally underperform the domestic companies.  In June there was no negative newsflow affecting our key holdings in industrials, oil services and chemicals sectors; but they did not rise in line with the rest of th...