Speaking on the side lines of the PA Fund Awards, Hughes, said the firm continues to see opportunities within the US as a result of new US President Donald Trump’s policies, especially looking down the market cap scale. He also sees potential upside surprises in Japan and Europe, but clouding this outlook are the risks posed by the bond markets.
“Bonds are the big risk. There is huge volatility coming: fiscal policy is changing, yields are moving out, we have interest rate rises in the US and potentially surprise interest rate rises in the UK towards the back end of the year,” he said.
