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UK stock market – Scope for further upside in UK large-cap stocks

Edison Themes: UK stock market – Scope for further upside in UK large-cap stocks

The reasons why UK stocks have been out of favour with global investors for a very long time, particularly since the June 2016 Brexit vote, are well documented, and the lack of interest in UK companies has resulted in very attractive absolute and relative UK valuations. To provide some context, in 1997, UK pension funds and insurance companies owned more than 45% of the UK market. However, by the end of 2023 their ownership had fallen to 4.2%, which is a record low. With the largest 100 UK companies index recently hitting a new high, in this brief note we discuss why this is happening and whether the improvement in investor sentiment towards large-cap UK stocks can continue.

The reasons why UK stocks have been out of favour with global investors for a very long time, particularly since the June 2016 Brexit vote, are well documented, and the lack of interest in UK companies has resulted in very attractive absolute and relative UK valuations. To provide some context, in 1997, UK pension funds and insurance companies owned more than 45% of the UK market. However, by the end of 2023 their ownership had fallen to 4.2%, which is a record low. With the largest 100 UK companies index recently hitting a new high, in this brief note we discuss why this is happening and whether the improvement in investor sentiment towards large-cap UK stocks can continue.

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