Where is the value in the world?

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.



Swen Lorenz: