Prior to reporting season Don Williams from Platypus Asset Management highlighted the downward trend in the market EPS and explained the 'earnings certainty' would be the source of surprise. As the chart below highlights, reporting season crystallised fresh downgrades to consensus earnings estimates across the market. We asked three fund managers which sectors provide more certainty of earnings in the present environment and if there is a rationale for paying a premium for this certainty? Responses come from Nick Leitl from the K2 Australian Absolute Return Fund, John Campbell of Avoca Investment Management and Ed Prendergast from The Pengana Emerging Companies Fund.