M&G's Rhodes on finding his best ideas in cyclical stocks

Offer meaningful upside

Equities have been resilient this year as corporate earnings have continued to deliver, most notably in the US, but many investors remain transfixed by a long list of uncertainties.

Escalating concerns about a trade war, political instability in various parts of the world and the implications of a stronger dollar have all contributed to a higher level of volatility compared to the unusually low levels in 2017. Volatility is not synonymous with risk, however, and it is our strong belief that swings in market sentiment can present excellent opportunities for long-term investors. The importance of being selective in today's climate where valuation disparities remain striking cannot be overstated.  Investec AM's Stopford: Why I'm running the most defensive portfol...