Muted performance ahead for US equities... But which sectors will shine?

More muted performance may be on the cards for US equities, but financials and healthcare can still out-perform, explains Martin Currie's Tom Walker.

The S&P 500 was up over 20% in 2014 (in sterling terms) and has gained nearly 75% over the past three. Since the US shook itself free of recession in 2009, the market has risen over 110%. But, as markets adjust to a world without the Federal Reserve's quantitative easing, the question remains whether US equities can continue to perform in 2015 and beyond. I am comfortable in saying ‘yes'. But I do not expect a continuation of the stellar returns that investors have enjoyed in recent years. Instead, I think there will be a much more muted performance from the US market overall. There w...