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Fund Manager View: Long Japan and up the European yield curve

 

  • Richardson believes there is more to come for equities from further deflation of the yen and action from the Japanese government in terms of reform.
     
  • As a counterweight if this view doesn’t materialise, the fund is short the Japanese retail sector, which is trading on a 10-year P/E high relative to the index, even though another sales tax hike is scheduled for 2017.
     
  • The fund has a European yield curve steepener because Richardson believes the market’s long-term view on the European economy and inflation is far too pessimistic. 

Dylan Emery

Dylan Emery is the group editorial director of Last Word. He is one of the founders of the company and he created International Adviser, Portfolio Adviser and Expert Investor. His primary responsibilities...

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