How to read the table –
Dark blue (very cheap) = current relative valuation < -1.5 standard deviations from historical average.
Light blue (cheap) = current relative valuation between < -1.5 and <-0.75 standard deviations from historical average.
No colour (neutral or N/A) = current relative valuation between > -0.75 and <+0.75 standard deviations from historical average.
Peach (expensive) = current relative valuation between > +0.75 and <+1.5 standard deviations from historical average
Red (very expensive) = current relative valuation between > +1.5 standard deviations from historical average
Source: UBS research.
We can see where the value is around the globe at present from a sectoral perspective – oil & gas and metals & mining stand out as being ‘very cheap’. From an equity markets allocation basis the following markets are the most attractive too – Japan, Italy & Spain.
Where are we positioned in our new Titan Global Macro fund that will be opened upto the public on 1 July? No prizes for guessing – selected metals and mining picks, building back into a long Japan position and sitting ready for entry into Spain and the Italian markets.
We have also launched 2 dedicated long/short sectoral funds – Precious Metals and Natural Resources in which we have been building our positions, all uniquely withing a spread bettin wrapper and so offering potential completely tax free returns.
Click the image below to register your interest for the launch which is just 2 wks away now.