Manduca believes mid and small caps no longer cheap

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UBS UK small cap manager Frank Manduca sees better value in the FTSE than the rest of the market. M...

UBS UK small cap manager Frank Manduca sees better value in the FTSE than the rest of the market. Manduca calculates FTSE stocks are 30% below their peak while mid and small caps, which have been benefiting from the strong UK economy over the last five years, are no longer cheap. Despite its belief in the value available in the FTSE however, UBS intends to maintain an overweight position in small caps during 2005, as it is confident better stock selection opportunities remain in this part of the market. Among the valuation anomalies within large caps are Royal Bank, which UBS estimates h...