Despite a number of crises, it is worth noting that the FTSE 100 remained almost flat in 2022, the head of UK equities at Newton Investment Management has said.

David Cumming told FTAdviser this was because the starting point for the index, post-Brexit and the pandemic, was already depressed.

However, the low equity valuations reflected in the FTSE continue to reflect a “gloomy” outlook.

“Meanwhile reassessment in portfolio styles are likely to continue as negative investment performance challenges established trends towards growth and sustainability investing.

“Crises do tend to generate change and consequently change the perceptions of investors.”

That being said, as active managers will attest, he said, judging that change is never easy.

“The burden of potential for investors to capitalise on this change remains as they seek to deliver positive returns versus the passive competition.”

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