Average holding periods of equities have never been shorter, sitting at 8.3 months for EOY2015. The introduction of electronic trading has provided market-makers with some degree of liquidity during times of increased volatility, leaving markets extremely short-term focused. This in turn, can arguably lead to far greater short-term volatility, which creates fantastic opportunities for value investors. Active managers who are value-driven and take conviction positions should be well-placed to take advantage of mis-priced assets and prove their worth over the long-term. (VIEW LINK)