Nicolas Walewski, manager of the Alken European Opportunities fund, analyses the prospects for Europe's auto sector, which has been one of the poorest performers in Europe this year.
European equities are today offering investors one of the most powerful value opportunities in history. There is an extremely rare two standard deviation valuation differential between cyclical and growth stocks - which was last witnessed in the 1930s. In addition, the valuation discrepancy between US and European stocks is also at an all-time high, again two standard deviations away from the norm. One of the most compelling investment areas in Europe currently is in the auto sector. The automotive sector has been one of the poorest performers in Europe this year and investor sceptici...
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