Psigma's Becket calls time on European equity market rally

Psigma's Tom Becket has taken profits in Europe after valuations became "unjustifiable".

Becket, chief investment officer at Psigma Investment Management, said European equities are now looking fully valued, and he has cut back a number of positions. Having held 8% in Europe spread across the Rothschild European Synergy and Neptune European Opportunities funds, he has now sold the Rothschild portfolio. "The large allocation we had to Europe was unjustifiable after the strong market performance of the last year, given that European assets are very much a consensus trade, and the threat of secular stagnation has reappeared, " he said. His remaining exposure is now focuse...