United States

Rallied last year

Comments from Legg Mason subsidiary ClearBridge

Impact of Fed policy

Criticised pricing policies

Politics distracting from strong economy

Threat of trade wars

Lack of faith in US President

Taking global approach to small cap

Sterling rebound

The US is in the midst of regime change. We are still waiting to see how much of his 100-day plan US President Donald Trump will - or can - put into effect, but fiscal stimulus and spending plans on the scale proposed could be transformative.