Whatever uncertainty the challenging economic backdrop has created, however, whether or not to invest in European equities is a question far removed from the macroeconomic reality.
For example, UK plc has actually performed admirably and steadily over the past two years and the FTSE was rising long before the economy began to rebound in recent months. In Europe there has similarly a bountiful supply of robust companies displaying resilience to the wider economic malaise and favourable valuations have made finding them a profitable business.
The interesting question for investors, therefore, is how does the undoubtedly welcome change in economic fortunes across Europe alter the investment case for these markets? Has the irrevocable effect in terms of increasing values undermined the argument for staying close to home?
Further, does the global exposure that has facilitated their contrarian performance relative to the economy still hold the appeal it did? If it does, then coupled with the improving figures relating to economies across the continent these funds now represent an even more compelling option for investors.