Industrial cyclicals look to be reasonably valued

Patrick Evershed, manager of the Rathbones Special Situations fund, argues that, going forward, it is difficult to see which sectors within industrial cyclicals are undervalued. He says: 'Things in the main look more in line at the moment. At the end of 1999 and beginning of 2000, housebuilders looked cheap, retailers looked cheap, property looked cheap and technology was massively overvalued. Now, it is more difficult to find things that are out of line.' Evershed says that over the past 12 to 18 months, housebuilders, motor traders and small production companies have done well. But, h...