Martin Gamble

It is not unusual for fund managers to have different views on stocks, but when two high profile managers make opposing bets, it certainly grabs the attention.

The FTSE 100 has a reputation for being low growth and stodgy, dominated by large mining companies and financials. While partially true, there are also some faster growing ‘gems' hiding in plain sight.

The foreshortened trading week due to the Memorial Day holiday didn't stop US stock markets grinding out new highs this week led by the technology-led Nasdaq Composite which is up close to 10% over the last month.

With another month to go before the calendar flips into the second half of 2026, the number of announced UK takeovers has already reached 28, equivalent to more than one per week.

US markets were mixed in the first week of June with the technology-led Nasdaq Composite index taking a breather after a strong run and the benchmark S&P 500 flat.

Since minting a fresh all-time high in early January 2026 of $5,340 per troy ounce the gold price has fallen 18.5%. In doing so it is toying with bear market territory, generally defined as a 20% drop from the most recent peak.

With market attention on AI and the next frontier in space, investors with a more contrarian mindset will be searching unloved parts of the UK stock market for underappreciated gems.

Semiconductor stocks have been surging ever since ChatGPT's launch in 2022 sparked the AI theme into full flame. While names like Nvidia have been prominent, the list of AI beneficiaries is getting longer and is now encompassing CPUs, the brain handling logic in computers and laptops.

A US-Iran peace agreement and prospects for a reopening of the Strait of Hormuz saw Brent Crude oil prices fall to around $80 per barrel on 16 June, well below the near $120 peak and back within 10% of pre-war levels.

In a week dominated by two major events – the first Federal Reserve meeting under chair Kevin Warsh and the US-Iran peace deal – US markets made positive progress.