Veteran value investors such as Hugh Sergeant, Richard Buxton and Richard Oldfield have been basking in the sun over the last six months after choosing to back cheap commodity, cyclical and financial stocks, as investors took the post-Brexit view that global reflation would kick start their earnings.

But views on their prospects from this point are split. Sergeant expects a pause for breath followed by further recovery. Bank of America Merrill Lynch expects a further 10% "melt-up" for cheap assets but warns this could amount to an "Icarus Rally."