Global stock prices look steep, Trimark manager says

Michael Hatcher finds value in select out-of-favour U.S. names.

Sonita Horvitch 26 October, 2016 | 5:00PM

Michael Hatcher, head of global equities and director of research at Trimark Investments, says that after a disappointing performance in 2015, developed-market stocks put in a better showing in the first nine months of 2016.

Furthermore, he says, emerging-market equities staged a comeback in the nine months to the end of September, after their poor returns for 2015.

A value manager, Hatcher cautions that he has been finding it challenging this year to find stocks that meet his criteria. Focusing on the MSCI ACWI Investable Market Index, this all-country world index, says Hatcher, produced a total return in U.S. dollars of 7.5% in the first nine months of 2016 and 12.9% in the 12 months to the end of September versus a negative 1.7% for 2015. (This benchmark index tracks stocks in 23 developed markets and 23 emerging markets and covers almost 100% of global equity opportunities.)

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Becton, Dickinson and Co236.40 USD0.06
British American Tobacco PLC ADR33.38 USD-1.48
Diageo PLC ADR135.53 USD-1.00
Northern Trust Corp85.77 USD0.01
Stericycle Inc65.06 USD-2.92
W.W. Grainger Inc373.44 USD-0.64
Wells Fargo & Co22.70 USD-0.48

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Sonita Horvitch

Sonita Horvitch  

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