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US raises rates: Fund Manager reaction

Home / Press Centre / US raises rates: Fund Manager reaction

Mark Sherlock, CFA, Lead Portfolio Manager
14 June 2017
Small and Mid Cap

By raising the benchmark US interest rate by 25bps to 1.25%, the Federal Reserve has shown its confidence in the domestic economy and financial conditions. The fourth hike since the financial crisis, and the third in seven months, follows the US unemployment rate hitting a 16-year low of 4.3% last month but also soft growth in the first quarter, from which the Fed believes the economy will rebound quickly. With rates edging closer to normalisation, the market is focused on whether the Fed will begin unwinding its balance sheet, which could begin as early as September.

This is a positive development for US small- and mid-cap companies, which are typically more exposed to the domestic economy than large-caps and are therefore more likely to benefit from its ongoing strength. We continue to identify stocks across sectors with durable competitive advantages, and invest for the long term when they are trading below their intrinsic valuations.

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Mark Sherlock, CFA Lead Portfolio Manager Mark joined the Hermes US SMID team in February 2009 as co-manager of the Hermes US SMID Cap strategy and became lead manager in October 2013. He became co-manager of the US All Cap strategy in May 2015. Mark initially joined Hermes in 2005 as an analyst and fund manager on the UK Focus Fund. Prior to this, he was an investment analyst at Rio Tinto Pension Fund, where he had responsibility for the small and mid cap portion of the portfolio. Mark qualified as a Chartered Accountant with PricewaterhouseCoopers in 2002. He has a degree in Politics from Durham University, is a CFA charterholder and a Fellow of ICAEW. Further information about Hermes US SMID.
Read all articles by Mark Sherlock, CFA

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