Volatility 'offers long-term opportunity'

Charles Deptford, manager of the Baring equity income and UK growth funds, says equities have benefited from support provided by takeover activity and interest from venture capital firms and other corporates. “That support is not going to go away unless there’s a major change in market conditions and deterioration in global economic prospects,” he says. Deptford says equities were not expensive before the market declines when valued on forecast earnings and now, compared with all other assets classes, they still offer good value. He admits there are downside risks which could arise if in...