Investors too focused on macro concerns - Sergeant

River & Mercantile's Hugh Sergeant believes investors are too focused on macro concerns and are missing out on top companies available at all-time low valuations.

Sergeant, who runs the £328m UK High Alpha and £82m Long Term Recovery funds, says ongoing market pessimism is providing longer term investors with the opportunity to buy good companies at valuations which are often half what they should be. Sergeant has added Yahoo to Long Term Recovery at just $4 dollars a share, which he says is less than eight times earnings. He also believes Barclays offers great value at 310p a share and has upped his weighting in both funds as part of a 3% increase in banks to 16%. He says such undervalued stocks have left Long Term Recovery on a "virtually ...