We see evidence for a continuation of the bull market in the US which can be found by looking at the strength in the US economy and US companies. While the headlines on poor housing data and a slowly recovering labour market seem to get the most air time, lead indicators for the US economy are telling a very different story. US companies are in great shape, for several quarters earnings estimates have surpassed expectations by a wide margin. We are now approaching the first quarter earnings season and the most recent releases from Accenture and Oracle imply the surprise trend is still intact and in addition, US corporate balance sheets are pristine. In addition to monetary expansion we have witnessed a rotation by investors out of other assets into equities which will provide fuel for the next stage of the bull market. A key driver for this will be valuation differences between assets. While there are clearly negatives such as the oil price, the level of the US dollar and the \\\’QE2 exit\\\’, we believe there remains much upside to the current US market

we maintain our bullish outlook on the North American equity sector and this seems to be backed up by strong flows into the sector, not only from US investors but also now here in the UK.