By Scott Ronalds

U.S. stocks have been the sweethearts of the global equity markets over the past five years. Yet, they’ve gotten increasingly expensive in the eyes of our global equity manager, Edinburgh Partners Limited. EPL has reduced the portfolio’s exposure to the U.S. considerably, as they’re finding better value in Asia and Europe.

Craig Armour, an Investment Partner at EPL, expands on the Global Fund’s positioning in a recent conversation with Tom Bradley. Areas that they drill into include the fund’s holdings in Japan, European healthcare companies and Asian banks. Craig also explains why the manager has been reducing the fund’s exposure to cyclical companies (i.e. those that are highly correlated to economic growth), the nature of its investments in the emerging markets, and what he perceives to be the biggest risk in global markets today.

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