Interest rate-sensitive sectors the bedrock of 2009 outperformance

After a period of seemingly clear themes, the market had one of its sporadic rotations in July, prom...

After a period of seemingly clear themes, the market had one of its sporadic rotations in July, prompting the understandable question of whether something had changed. With portfolios that had benefited significantly from their high conviction bearish views, this question was particularly pertinent to us. Supporting the view that nothing has changed, the consumer picture remains bleak: job security is falling; house prices are falling; growth is slowing; and credit conditions are still tight. The oil price has fallen slightly but petrol is still far more expensive than it was a year ago a...