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UK Equity Income Bulletin

The rotation from financials and cyclicals to defensives has reached an extreme last seen following the collapse of Lehmans

  • James Lowen
  • Clive Beagles
02 May 2022
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View PDF   Download PDF  
  • The UK equity market has had a powerful rotation away from financials and cyclicals and into defensives, hitting extremes seen following 9/11 and Lehmans.
     
  • Valuations in the Fund are at very distressed levels, with a number of holdings trading at under 6x P/E and yields of 5—6%.
     
  • No new stocks were added in April, reflecting the need for patience given the ultra-low valuations now embedded into the Fund.

UK equities blog

Disclaimer

For professional investors only. This is a marketing communication. Information on the rights of investors can be found here. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investments include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation.

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