US stockmarkets are currently trading close to all-time highs. However, we believe there are still opportunities in the market for value-focused investors. Value as a style returned to favour in 2016, but this followed a sustained period of underperformance. The valuation gap between the cheapest part of the market and the most expensive remains extremely wide and should narrow, in our opinion. By adopting a selective, diversified
approach focused on finding cheap stocks with robust fundamentals, we believe the fund is well positioned to take advantage of the value opportunities currently present in the US market.