Feature

Part of the June equity market rally was driven by growing investor expectation of a July rate cut in the US, which we believe is overdone.

Picture the scene. Concerned about the strength of the US dollar, President Donald Trump meets with world leaders to seal a deal to further US interests.

A bull market in US equities that has run for more than a decade, and generally low volatility over the years, may give investors the impression the ride will never end.

There can be no doubt the protracted Brexit debacle in the UK is casting a long shadow over its investment markets.

Bond bears thought their time had come in 2018.

In May, risks of a trade shock sharply rose following US President Donald Trump's increasingly aggressive rhetoric towards China.

Emerging markets have generally performed well over the last three years; the MSCI Emerging Markets index has returned over 30% during the period and we believe the asset class still has significant potential to grow.

Europe's run of poor manufacturing and trade data continued in June.

There are several signs the US equity market is bifurcating, with pockets of overvaluation and undervaluation becoming extreme.

The stockmarket has been challenging for value investors over the last few years and this May was particularly difficult.