BT Investment Management believes it remains a good time to be invested in equities. Whilst valuations have crept up amid stronger sentiment in 2013 the fund manager says that PE ratings are likely to expand rather than come in from here. According to BTIM markets are now well conditioned to a low, slow growth environment and growth of 2% to 2.5% in major developed economies is no longer perceived as poor. Furthermore, for equity investors low and anticipated is preferable to higher and volatile. Focus at this time of year will shift to the retail sector as a portent to whether consumption trends have followed improved sentiment. A solid Christmas showing from consumers is likely to have a positive impact on the broader market.