Investors should note that although the US was the first to fall into a recession, it will “lead the way out” with a strong outlook across a number of sectors, according to Mike Corcell of RWC Partners.

The US logged 2 per cent GDP growth in Q1 2012, compared to a flat growth rate for the eurozone, and the S&P 500 is currently trading at 12 times forward earnings, compared to the 10-year average of 14.6, he notes.

Corcell, manager of RWC’s US Absolute Alpha fund, believes the US banking system is “stronger and less constrained to promote lending and growth” than its European counterparts. US banks grew by 4 per cent in Q1 compared to 1 per cent within the European Central Bank region.

“This year has provided the opportunity to benefit from a strengthening US economy, although it has been essential to avoid the pockets of volatility created by uncertainty emanating from Europe,” Corcell said. “We do believe that structurally the US is well placed to emerge from the crisis ahead of other regions.”