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It’s been a volatile start to 2022, with the conflict in Ukraine creating huge disruption in oil markets, and adding to ongoing pressures seen in markets, but the UK is about much more than just commodities (and banks)

Chief Economist Keith Wade and Head of Equities Rory Bateman deliver their verdicts on the Budget.

With valuations at multi-year lows and the UK out of favour with global investors, what’s the right approach for a UK equity income manager? Chris Murphy, manager of the Aviva Investors UK Equity Income Fund, says there are some rich pickings amid the volatility.

• Investors in the UK and overseas are adopting extreme positioning in their hunt for defensive growth
• The elastic has become very stretched and a sharp rotation could be overdue
• This market dynamic is reminiscent of 1999/2000 whereby ‘old economy’ stocks are discarded in favour of ‘new economy’ stocks

In the past three years we have seen the “revenge of the index” in the UK, where a market narrowly led by the large commodity stocks has made it harder for all-cap managers to keep pace. Are we now on the precipice of a reversion of this? Could there be enough attractive targets within the market that are opportunities for actively managed funds – heralding the return of activism? Richard Colwell, Head of UK Equities, discusses.