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The market for income funds is more and more crowded, which speaks to both the underlying attraction of the asset class and the willingness of fund houses to play to that demand.

Our UK outlook has been steadily downgraded over the last 12 months.

Video series continues

Brexit proving a headwind

The healthcare sector has been under a black cloud since the US Presidential Election last year, driven by concerns over drug pricing.

So far this year, we have seen Japan's equity market rising on the back of a supportive global backdrop, a relatively stable currency and healthy corporate earnings growth.

China has improved in last 18 months

At first glance, European smaller companies look expensive. They trade on a two-year forward earnings-per-share multiple of 15.8x, against their 15-year average of 13x.

Threat of policy mistake

Dividend yield and growth seem primed for a renaissance