Jack Byerley

We are cautiously optimistic about the outlook for markets moving into the summer. While we expect there could some further policy induced volatility, economies are mostly in decent shape and are broadly being supported by central banks. We are still wary about valuations in some parts of the market, but there are plenty of other areas to look at. We remain underweight US equities and overweight UK and Emerging Market assets. Europe is slightly trickier on a tactical basis, it seems to have turned a corner on the fiscal side but could end up in the firing line again from a trade perspective and the political situation in France will be in focus at some point.

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