Expert Investor - Fund Selector Asset Class Report October 2017 FSACR_Oct17_BOOK.v2 | Page 2

WELCOME
Welcome to the latest edition of the Asset Class Report.
As investors, we continue to face a number of complex
and evolving challenges. Some are long recognised
(e.g. the threat of central bank rate hikes), some more
recent (e.g. the threat of infl ation), and some simply
unprecedented (e.g. the end of quantitative easing).
Yet, the latest results show that macroeconomic
sentiment continues to be signifi cantly positive among
those fund selectors surveyed. And if you take the S&P
500 index, we are now in the second longest, and one
of the strongest, bull markets in history.
Against this backdrop, I think it’s interesting to note
that the data suggest fund selector and fund manager
sentiment are largely aligned with each other at this
point in the cycle, with some clear trends established.
Maintaining conviction and being able to identify
diff erentiated and durable sources of return – while
avoiding inappropriate concentrations of risk – will
therefore be critical to stand out from the crowd.
I hope you enjoy the report.
Robert Higginbotham
Head of Global Investment Services,
T. Rowe Price
For further information on T. Rowe Price,
please visit www.troweprice.com
T. Rowe Price takes no responsibility for the opinions and content herein, including but not limited to its accuracy, timeliness and/or completeness.
Accordingly, T. Rowe Price will not be liable or responsible for any and all liabilities arising directly or indirectly from the use and/or reliance of this report.