Following a 12-month period of strong returns, the UK equity market has largely moved sideways over the past six months, despite corporate earnings growth remaining robust and valuations - at this point 15x forecast earnings - not being as steep as they have been in the recent past.
Indeed, when comparing the valuation of UK equities to that of the US, they look relatively attractive. The UK market trades on a ~10% premium versus historical averages, compared to the US market which...
To aid regulatory reporting
Has run Cautious Managed fund since 2011
Expected in next few weeks