UK Equity Income Bulletin

The rotation from financials and cyclicals to defensives has reached an extreme last seen following the collapse of Lehmans

  • James Lowen
  • Clive Beagles
02 May 2022
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  • The UK equity market has had a powerful rotation away from financials and cyclicals and into defensives, hitting extremes seen following 9/11 and Lehmans.
  • Valuations in the Fund are at very distressed levels, with a number of holdings trading at under 6x P/E and yields of 5—6%.
  • No new stocks were added in April, reflecting the need for patience given the ultra-low valuations now embedded into the Fund.

UK equities blog


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