Top managers continue to exercise a lot of patience as they look for buying opportunities in a U.S. equity market that has risen close to 40% since the start of 2013.
A group of top managers remains cautious and commits more capital to traditional defensive sectors, while taking advantage of a rising (and potentially overvalued) market to book some gains.
Our top managers continue to focus on higher-quality businesses rather than seeking out bargains in a market that (in many of their minds) has become fully valued.
The pickings continue to get slimmer for a proven group of top fund managers as the market continues to trade around its all-time high.
Our top managers remain cautious, focusing more on relative valuation and increasing their willingness to book gains in the face of a rising (but potentially overvalued) market.
Our top managers continue to put money into wide-moat firms.
The ongoing rally in the equity markets continues to limit the buying and selling activity of our top managers.
Our top managers continue to find attractive buying opportunities in wide-moat firms.
More volatile equity markets impact the buying and selling activity of our top managers.
Our managers are still finding attractive opportunities in a more richly valued market.