When it comes to an outlook for the next 6-12 months, what can we say with real confidence? Nick Davis, manager of the Polar Capital European ex-UK Income Fund, believes the focus should not be on macro factors which can’t be controlled, but on the starting valuations of companies he likes and the medium term earnings growth they can deliver.

If you have a good combination of the two, argues Nick, you can be more confident that if you buy and hold those stocks, you are better able to navigate uncertainty. Away from the more crowded stocks, Nick also explains how he finds compelling value in out of favour companies on cheap valuations, whilst managing risk.