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Disclosure – Non-substantive Research
This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. With this commentary, Kepler Partners LLP does not intend to influence your investment firm's behaviour.
US equities have turned in an extraordinary outperformance of other developed market equities over the last ten years but the last year or two in particular has seen a yawning gap in valuations between US and European markets. Valuations are one thing, but as the world faces an era of less globalisation, shorter supply lines and greater attention paid to energy security, does Europe have what it takes to perform well in a changing world?
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