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
British American Tobacco PLC2,666.00 GBX0.93Rating
Ferguson PLC10,405.00 GBX0.73Rating
Imperial Brands PLC1,537.00 GBX1.15Rating
Johnson Matthey PLC2,651.00 GBX0.95Rating
National Grid PLC957.40 GBX0.07Rating
Philip Morris International Inc100.96 USD-0.03Rating
Rio Tinto PLC4,707.00 GBX-0.15Rating
Sage Group (The) PLC749.60 GBX1.63Rating
Umicore SA48.69 EUR2.33
Unilever PLC4,013.00 GBX0.63Rating

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David Brenchley

David Brenchley  is a Reporter for

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