For those with the stomach to digest more months of Brexit-induced political wra...
LONDON - For those with the stomach to digest more months of Brexit-induced political wrangling, sterling’s plunge to two-year lows is raising the question: is it time to dip back into hard-hit British markets for potential bargains?
The pound has shed more than 8% since May, a drop that accelerated since Prime Minister Boris Johnson declared that the UK would leave the European Union on Oct. 31, with or without a transitional trade agreement.Bank of England Governor Mark Carney repeated that warning this week, and the prospect has driven significant underperformance in UK equities and real estate, and saddled British UK companies looking to borrow overseas with a ‘Brexit premium’.
After sterling’s latest lurch lower, however, some managers with long horizons are taking a second look and concluding that — at least on paper — some British assets look too cheap to ignore. “We’re having those discussions internally, because domestic UK assets are starting to look quite cheap relative to elsewhere,” said Legal and General Investment Management’s head of economics Tim Drayson.
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