Feature

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.

Bouncing back from the market correction of last year, the first half of 2019 has been positive for global equities.

The current bull market in US equities began in March 2009. The decade that followed has seen US equities rally by 300%. The early years were dominated by concerns about fiscal and monetary policy on the one hand, and the sub-par growth on the other....

In times of uncertainty and geopolitical tensions, corporate bonds with an investment grade rating are commonly considered as the new safe havens. 

At one end of the spectrum, investors are crowding into popular stocks in sectors such as consumer staples, business services and engineering, pushing their valuations to ever higher levels.

Maintaining one's conviction, and indeed discipline, is an important trait for any investment manager/team. Being prepared to change equally so.

Markets have enjoyed a strong start to 2019, with the MSCI World index up over 16% in the first half.