Veteran value manager Richard Oldfield, chief executive of Oldfield Partners, believes Europe and Japan can bail out the performance of his global equity fund following a prolonged period of poor returns.

Over the year to May, his $1.15 billion Overstone Global Equity Fund generated 15.4% against 18.9% from the MSCI World index. This has pushed down its three-year return to an annualised 7.9% (against 10.5%) and five years to 14.3% (against 14.5%).