IA UK Equity Income
“ The future is never clear , and you pay a high price in the stock market for a cheery consensus . Uncertainty is the friend of the long-term buyer ”
Ian Lance Manager of the Temple Bar Investment Trust
In terms of where Lance , as well as co-manager Nick Purves , are currently finding the most value , he says many of the classic value sectors look cheap relative to their history . “ Areas such as energy , industrials , telecoms , materials and banks are not only cheap , but they are also providing the greatest earnings growth and upgrades .”
LF Gresham House UK Multi Cap Income fund , notes that while parts of the sector have experienced attractive share price gains this year , driven by supply-side constraints , these are not just driven by external factors . “ They also exhibit inherent cyclicality as seen in the volatile share price movements over recent months ,” he says . Gulston ’ s investment process
Issue 87 - September 2022 / 53 /