JOHCM's Leyland: UK Stocks Aren't Really That Cheap

Ben Leyland at JO Hambro Capital Management thinks claims that UK plc is cheap are misleading and that some stocks are lowly valued for fundamental reasons

David Brenchley 27 March, 2019 | 2:48PM

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Claims that UK stocks are really cheap are “misleading”, according to JO Hambro Capital Management’s Ben Leyland who thinks the domestic market is only cheap "optically", not fundamentally.

Leyland, manager of the JOHCM Global Opportunities fund, accepts there are some cheap stocks in the UK large-cap universe. However, he notes that there are reasons other than Brexit for this. “We haven’t really found much opportunity in that fabled internationals versus domestics-type trade,” he says.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
British American Tobacco PLC3,225.34 GBX1.19
Ferguson PLC6,460.00 GBX0.94
Imperial Brands PLC1,530.00 GBX1.53
Johnson Matthey PLC2,138.00 GBX1.14
National Grid PLC894.80 GBX0.31
Philip Morris International Inc72.13 USD2.38
Rio Tinto PLC4,227.50 GBX1.15
Sage Group (The) PLC700.80 GBX0.75
Umicore SA40.57 EUR-0.51
Unilever PLC4,112.00 GBX-0.24

About Author

David Brenchley

David Brenchley  is a Reporter for Morningstar.co.uk

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