Treating the UK as a capital cycle captures the current backdrop for UK equity investors more clearly than other lenses.
A trip to the US over the summer to speak with allocators highlighted strong interest in EM equities. But it also flagged important questions about investing in this dynamic and recently underexplored part of the stock market.
Developed-market bond yields have risen together, but for very different reasons. The contrast between the UK and US shows why investors need to look beneath the headline move.