But he said: "From time to time, markets become detached from valuation reality and while they are, fund managers like me appear to be incapable of delivering good outcomes.
"I appreciate that this can be an uncomfortable journey for investors but valuation is the only reliable predictor of long-term investment returns.
"I remain focused on capturing the opportunity that exists in parts of the market that have been left behind since we voted to leave the EU two and half years ago.
"The portfolios are populated with profoundly undervalued companies, many that are exposed to the UK economy.
"Crucially, the portfolios are positioned how I want them to be and are completely focused on a valuation opportunity, the likes of which I haven’t seen for more than 30 years."
Anthony Rayner, who jointly runs a range of four multi-asset funds at Miton Group, has a different view of the economic outlook however.
He said the fact that interest rates are being kept at a time when economic growth continues means a stark market correction is unlikely, as such corrections more typically occur when rates are rising, and bond yields are pushed up as a result.