Which areas of the market will see increased flows?

Markets have enjoyed a strong start to 2019, with the MSCI World index up over 16% in the first half.

We have seen continued outperformance of 'quality' growth stocks at the expense of value stocks. Consequently, those strong momentum winners of late have seen their dividend yields drop to multi-year lows and now feel like very crowded trades.  On the other hand, many value stocks where balance sheets are robust and costs reduced since the Global Financial Crisis remain friendless despite offering attractive dividend yields. In fact, the performance differential between value and growth stocks is currently more extreme than it was at the height of the TMT bubble in 2000.  It is ...