PA Portfolio: Is now the time to reassess European exposure?

John Clarke, chief investment officer, GHC Capital Markets We have been bullish on global equity markets since mid-2012, maintaining an overweight position. Within this, however, we remain wary of Europe. Granted, the various ‘unconventional' measures deployed by the ECB since November 2011- cuts in interest rates, unlimited cheap long-term loans to banks and the promise to purchase the bonds of distressed member states -have reduced the threat of the eurozone collapsing. However, this isn't enough to make European equities a buy. Investors are right to be concerned about the Europe...