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"There continue to be several significant headwinds from the US, China and Europe. Furthermore, we are concerned about the level of stock and sectoral dispersion caused by the wall of money chasing income-producing assets, whether equities or bonds. Given the level of global co-ordinated quantitative easing, however, and that the likelihood that monetary policy remains unchanged for the next two years, it is possible that this trade will continue for the next 12-18 months. Having said that, we believe it is prudent to take some profits in these areas, and seek value in less favoured areas. More generally, we expect flat markets over the next 12 months, with a trading range of 4-5% for developed markets. Our central scenario, that emerging markets are the drivers of growth over the longer term, remains intact."

David Coombs, Head of Multi-Manager Investments, Rathbones

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