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T
he economic year ended
much as it began, with
strengthening growth in the US
and continued weakness in
Europe, Japan and now China.
The US recovery meant that
quantitative easing (QE) was
finally withdrawn and markets
are now anticipating a rise in
interest rates, possibly as early
as this summer. In the UK, the
labour market and economy
seems to be on a firmer footing.
Meanwhile, Japan increased
its QE market support
programme, while Europe
raised expectations that it
would also take more decisive
action as growth stuttered.
Falling oil and other commodity
prices unsettled markets and
sparked further fears about the
risk of deflation, although the
long-term effect may be to
stimulate economic growth.
Russia was hit particularly hard,
with the ruble suffering a
sudden collapse. In fixed
income, the outlook for
corporate bonds remains
challenging while the price of
UK government gilts is high.
IN THIS SECTION
22 Viewpoint
James Hamel, Artisan Partners
24 Unit Trust Portfolios
26 Fund manager commentaries
22
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THE INVESTOR
FUND MANAGER VIEWPOINT: JAMES HAMEL, ARTISAN PARTNERS
