Can clothing retailers outperform?

ON UK GROWTH

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The stock market's rise of the past year, fuelled by monetary stimulus and central bank policy initiatives, has occurred despite on-going challenging macroeconomic conditions.

Equity valuations are therefore no longer as cheap as they were a year ago. However, within the market as a whole, there is still a subset of stocks that I believe look attractively valued. 2013 to date has largely witnessed an improved stock market performance by some of those stocks and sectors which lagged the rise of 2012. Whilst 2012 saw the ‘risk-on’ sectors outperform those perceived as more defensive, we believe 2013 has seen investors favouring stocks where they have confidence in their abilities to produce both growth and yield. We have seen a gradual recognition that some of t...

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