The hunt for value in the European markets continues

Value in European equities, on either the long or short side, remains difficult to find in an increasingly volatile market. The extreme and unpredictable intra-day movements seen in the market have left Roger Guy, manager of the AlphaGen Capella fund, with high cash weightings throughout much of the year.

He has had low gross and net exposures to the market throughout the year because he felt strongly that he was not being paid to take the risk of being in the market in the current climate. With