Value outlook 2023

9 min read 26 Jan 23

  • Value outperformed the broader market in 2022 – with valuation spreads still wide, we believe value has further to go.
  • The fund captured the value tailwind and delivered its best ever annual return relative to its benchmark.
  • We see a wide range of opportunities across the market, particularly in the energy and consumer discretionary sectors.
  • Despite some challenges in Europe, we think we can construct a diversified portfolio that combines attractive valuation
    characteristics with decent fundamentals.

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The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.

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