Feature

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.

In the first half of 2019, the uncertainty surrounding Federal Reserve policy and US-China trade negotiations affected the outlook for all asset classes including global small-cap stocks.

Region's equities are providing route to emerging market growth

Widespread signs of global growth slowdown

Perhaps surprisingly, Europe was the second best-performing regional stockmarket in the world in the first half of 2019.