R&M's Sergeant: 'There are a huge number of anomalies for value managers to exploit this year'

Despite 2021 being "another frustrating year for value managers", Sergeant believes it also set up "one of the greatest relative investment opportunities" of his almost three-decade career. 'Too much debt in system' is likely to make recent value/growth rotation transitory "2021 should have been a value and recovery year," he said. "But the market still had many things to worry about (such as the spread of new Covid variants) and bond markets decided that real yields should be as negative as possible, despite strong economic growth and reflation. "Last year therefore became another...