UK economy a matter of contrary interpretation for hedge managers
Is the UK in rude health or poor health? Managers are constructing varying portfolios depending on their view
Managers in the UK long/short sector are split on what message the economic health of the UK is giving, and how they should construct their portfolio as a result.
Hubert van den Bergh, portfolio manager at Park Town Asset Management, says the UK equities market is over-valued, with a 60% correlation to the S&P, which is trading at a premium to the long-running average.
With fundamentals strong, interest rates rising, low dividend yields and personal debt and bankruptcies high, he says the market
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