Where are the undervalued stocks as US markets hit record highs?

ONE TO WATCH

As the US stock market has continued to soar to new heights, the managers of Nordea's North American All Cap fund have shifted the portfolio's focus in search of better value.

The fund launched in May 2012 with just $2m (£1.24m) in the pot and has since grown to $1.3bn, although it remains relatively unknown in the UK retail fund space. The fund, which is managed by Eagle Asset Management, is not in the IMA North America sector, but over the year to 15 November it has beaten the sector average of 33% with a gain of 42.7%, according to FE. Despite its large size, Eagle AM’s Ed Cowart and John Pandtle run the fund as a high conviction concentrated portfolio of just 39 stocks. “We are not afraid to take a 2.5%-3% position in a company if we feel strongly ab...