There is some valuation support emerging although there has been an increase in the risk environment and some concerns around growth. China appears to be slowing more rapidly as it attempts to rebalance its economy, resulting in falling commodity demand and weaker growth for many emerging markets and commodity exporting countries. APRA’s new capital rules are impacting bank profits and there are also signs the housing market is topping out. As such we are inclined to look overseas for value opportunities. Ansell’s (ASX:ANN) share price has come back significantly recently and now trades at a material discount to the market. It has a diversified business providing protective wear for the industrial and health segments with broad exposure across the US, Europe and emerging markets. It disappointed at its recent result around currency hedging and tax changes although there was also pressure on growth in emerging markets. It has enough organic growth with new product development, accretive acquisitions and exposure to the US economy to give us confidence at the current low valuation.