Letter to Shareholders Q4 2013

“Even after the strong performance in 2013, we still believe that equity is the most attractive asset class."

...These are encouraging times for value investors.

In his latest Letter to Shareholders, Jens Moestrup Rasmussen, Head of Sparinvest’s Value Equities team notes that 2013 was a year in which markets began ‘sorting the sheep’ again resulting in ‘much more of a stock-picker’s year than we have seen in a long time’. He also investigates the considerable valuation gap that has opened up between ‘cheap’ and ‘expensive’ stocks to see what opportunities it holds. Read the Letter to Shareholders here.