Equity results bode well for year

Fund manager's comment

So far, 2003 has been a good year for global equities and UK equities returned a respectable, if not...

So far, 2003 has been a good year for global equities and UK equities returned a respectable, if not exciting, 12% by the end of October. In comparison with other global equity markets, the UK's return is quite modest, with Europe and Japan, for example, achieving sterling returns of about 17% and 26%, respectively. How has this come about? The UK's rally was surprisingly broad-based. From the low point of 12 March to the end of May, the FTSE All-Share rose more than 23%, wiping out the 15% loss it had sustained from the start of 2003. Even non-cyclical areas, such as household goods and...