Gam US head believes market has already hit rock bottom

Manager of Gam Star US All Cap Equity claims US is not in grip of bear market and is predicting no further major deterioration from these levels

The US equity market has already hit rock bottom and the economy will not deteriorate further, according to Gam manager Jeff Coons. He said: "There is no reason for the US equity market to go any lower than it did at the end of March. The economy will be slow and difficult from now on but it is not deteriorating." Coons works for US firm Manning & Napier Advisors, which runs the $247m Gam Star US All Cap Equity vehicle on an outsourced basis. His team does not believe there is currently a bear market in the US following the crisis in the housing market and banking sector. "We do not...