Frank Manduca, head of pan European smaller companies at UBS Global Asset Management

Professional Adviser
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• The recent gains in equities are due to a change in sentiment and investment horizons after the wa...

• The recent gains in equities are due to a change in sentiment and investment horizons after the war on Iraq. Investors are now prepared to take a longer-term view of 12-18 months. • Reports from the market and CEOs suggest the economic situation is not getting worse. The economy has bottomed and we will see an improvement in earnings in 2004 and 2005. • Further easing in monetary policy is likely this year. • Small and mid cap performance depends on GDP growth, which the UK is likely to deliver in 2004, thus sustaining the market rally. • Companies have been cutting their cost ba...

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