Venture: Portfolio Update

Issue 62

Despite the rotation towards Europe, we are yet to see moves in the UK with small and mid-cap indices. Worst still is the FTSE AIM Index, which continues to slump. It is at the same level as at the March 2020 slump. Since then, the UK has had 34% inflation while asset prices have generally risen.

UK Major Indices

Source: Bloomberg

Looking at Germany, where the indices show total return (including dividends), the large-cap DAX is ahead of the FTSE 100, while the midcaps are just getting started. That should come as no surprise because undervalued stocks always come around in the end, war spending or otherwise.

UK vs Germany

Source: Bloomberg