Jack Barrat

Inflation and interest rates are continuing to dominate the conversation in asset markets. Much of the attention for the last year has been on the speed of the slowdown in inflation and what that might mean for central bank policy and the longer-term cost of capital. An area we believe the market is less focused on is the cumulative change in the price level since the end of 2019 and the impact that will have on corporate earnings.

At times the past 10 years has been a lively period to be a UK value investor. If nothing else, it has been instructive. As we consider our decade of managing the Man GLG Undervalued Assets Fund, we have identified four standout lessons from the past decade of running money in an unloved asset class. Shares move more than fundamentals The past 10 years have not been short of crises.