The pharmaceutical and biotechnology sector has performed well in recent years, primarily by virtue of attractive fundamentals.
Stock by stock performance has, of course, been mixed, but in general, the sector has shrugged off concerns about patent cliffs, generic competition, and a lack of new drugs coming through clinical pipelines,...
Bond investors spent most of last year transitioning towards a more fundamentally driven approach to selecting assets.
There is something strange going on in Europe according to some commentators - the market has rallied aggressively post the trade war-induced sell-off in the fourth quarter of 2018.
We expect to see continued market volatility and macroeconomic uncertainty in the UK throughout 2019, not least due to Brexit.
US stocks had a turbulent last quarter in 2018 and have been somewhat volatile since the start of this year.
While we are stock-pickers, we do not ignore the business cycle; analysing it helps us determine when to allocate capital to certain companies.