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“Fundamentally, little has changed. European policymakers continue to procrastinate over structural reforms; the housing market in the US is improving, albeit at a slower pace, but the consumer remains under pressure both here and across the Atlantic. Our thesis holds that this environment should create more stock dispersion and a better environment for stock-pickers. We continue to see positive global growth, albeit sub-trend, and with a small up-tick in inflation. At this juncture, equity volatility remains low; however, we expect this to rise, which could lead to violent sector rotations. In brief, we favour US equities, based on its industrial renaissance, and Asian markets, on the grounds of the longer-term structural drivers. We have increased exposure to equities at the expense of fixed income, based on valuation. Markets are climbing a wall of worry, meaning equities could have some upside from here.”

David Coombs, Head of Multi-Manager Investments, Rathbones

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