Emerging markets win out over expensive US stocks

Henderson Investors is underweight the US and European markets but is considering boosting its UK exposure. Rupert Carnegie, director of research and strategy at the group, is concerned about valuation levels in the US and particularly Europe. The S&P 500 index is up 10.45% in the year to 11 April in dollar terms while the MSCI Euro Index is up 39.94% in euro terms in the 12 months to 12 April. Carnegie says: "The technology story in the US has led to enthusiasm for telecoms stocks in Europe and we are concerned about valuations here. We are also underweight in the UK but the market is lo...