US

The comeback will continue if US firms continue to do well. Currently, the US is the only region to boast earnings growth above 2008 levels, while Europe, Japan and emerging markets continue to lag their pre-crisis growth. Its economy is growing too, and employers have added more than 200,000 jobs for nine straight months, the longest such streak since 1995.

Yet my fear is that the US (and the UK for that matter) has been existing in a stimulus-pumped world. So far there has been no panic, but we may again see October-like falls if the market gets jittery about growth. There are positive signs for the economy: a diminishing fiscal drag, stronger private sector consumption and a resurgent property market.

Chelsea Selection or Elite Rated*: AXA Framlington American Growth and Schroder US Mid Cap

*by fundcalibre.com