Simon Evan-Cook, multi asset fund manager at Premier, continues to shun the US market, and has been buying UK and emerging market assets instead.
Mr Evan-Cook said the valuations at which US shares trade have led him to adopt an "America last" approach.
He believes at current levels it will be difficult for investors in most US shares to make a profit in the year ahead. The US fund he does buy for clients is the Baillie Gifford American.
In contrast, Mr Evan-Cook feels the current valuations in the UK reflect the negative political news environment.
He said: "There could be more turbulence ahead for investors in UK shares, but on an eight or ten year view, the price you are paying for the returns you can get is very attractive."
Mr Evan-Cook has long invested in smaller, less well known funds where possible.
He said: "Our aim is to find the managers everyone is talking about six years before everyone is talking about them. We tend generally to own more funds than other multi-managers, so we can have a mix of different investment styles."
He said this has led him to invest in the £50m Teviot UK Smaller Companies fund, which is run by Andrew Bamford and others.
Mr Evan-Cook said the "idiosyncratic" nature of the fund means it can achieve returns in ways that are not reliant on wider market conditions.
The manager is also invested in the £1bn Evenlode Income fund, which he likes because of its focus on growth.
Mr Evan-Cook said: "We would sell a fund if it got too large, and we don’t have that many funds that are run by the very big firms, because corporate pressure means those guys have to try to gather assets and become bigger, and when that happens, it can affect the way they invest and the returns they generate."
He added: "In terms of at what size a fund becomes too big, that depends on the asset class."
Similarly, Philip Milton, who runs PJ Milton and Co, an advice firm in Devon, said he tends to focus on smaller funds because "when the funds get too big, the manager can’t invest in the way they did previously, and it was that way of investing that made the fund big in the first place."
Guy Stephens, technical investment director at Rowan Dartington, said the performance of the US market was to a large extent driven by the performance of technology stocks, some of which was "not rational".
Mr Stephens said: "The fundamentals are only as good as the forecasts on which the numbers are based and the technology sector and the big multinationals such as Apple continue to push ahead.
"In August alone, this company’s value rose by 20 per cent. Over the last 4 months, it has risen by 38 per cent. Now we all know and love its products, but is this realistic?
"Its value has risen over that period by significantly more than the individual capitalisation of many of the familiar companies in our own FTSE-100. You could understand this if a new killer product or application had been launched, but this has not been the case and that can hardly be rational."
david.thorpe@ft.com
