This is what co-portfolio manager of Fidelity special values and Fidelity special situations fund Jonathan Winton said during Square Mile’s roundtable on 24 January.

Winton said following the “five painful years” after the Brexit referendum in 2016 for UK equities, the asset class has been outperforming.

Personally, he thinks the UK offers investors a reason to get excited and that the UK market is still trading at a discount.

“The UK looks generally very attractive compared to the rest of the global market,” Winton added.

During the same roundtable, Square Mile strategic relationships director Jock Glover discussed investment trusts and the advantages of them.

Glover said: “Investment trusts should be considered by asset managers and investors especially as they hold illiquid assets.”

Troy Asset Management senior fund manager Charlotte Yonge added that investment trusts also offer steep discounts.

The Fidelity special values is an investment trust.

Earlier in January, Goldman Sachs head of the investment strategy group and chief investment officer of wealth management Sharmin Mossavar-Rahmani said that US equities are an “upward-trending asset class”.

She explained that over the past 15 years, US equities have overperformed.

US equities are the most expensive to invest in after Indian equities, but she feels Indian equities are overvalued.

Mossavar-Rahmani explained that in UK equities, technology only makes up 1% of the asset class, whereas in the US it makes up 20%.

However, Managing Partners Group (MPG) have taken a more negative stance and predicted the equity markets will experience a “choppy ride” in 2024 as the higher yield market takes hold.

The international asset-management company believes the US will make rate cuts of 1.5% and 2% during 2024.

It also predicts a 0.5% cut in the UK in Q1, as the Bank of England (BoE) has the scope to cut rates to 4% by the end of 2024.

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