[ JANUS HENDERSON ]
We are taking a very selective approach to the US in order to capitalise on a number of macro-level drivers that we think make the US an interesting market
Secular trends : An economy or market trend associated with some characteristic or phenomenon that is not cyclical or seasonal but exists over a relatively long period .
Emerging market proxies : Securities that derive performance from emerging markets . seven stock pickers , each with deep regional expertise , and guide the overall weighting and direction of the portfolio . Right now , we think the US economy is on a strong footing to outperform other markets in the short- to medium-term , but we think valuations are expensive . Given these expensive valuations , we are underweight US ( 27 %) relative to our benchmark ( 51 %) – the FTSE All-World Index . The Trust might be underweight US , but North America still makes up the largest geographical exposure in the portfolio , followed closely by the UK ( 25.4 %). Therefore , we are taking a very selective approach to the US in order to capitalise on a number of macro-level drivers that we think make the US an interesting market .
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