The United States equity markets’ outstanding performance over the past five years was largely an artificial phenomenon created by mammoth share buy-back programs, according to Tempo Asset Management.

While active international share fund managers generated strong returns over the three years to 30 September this year, they did not do as well as the benchmark used to measure their relative performance, according to research house Zenith Investment Partners’ “2014 Global Sector Review”.

The United States is again presenting very good investment opportunities through a combination of cheap labour, energy resources and a dedication to innovation, according a global fund manager head of research.