Boris Johnson’s Conservative Party triumphed in Parliamentary elections on December 12th, gaining 48 seats, which gives the party a clear majority in the House of Commons.  Support was surprisingly strong in Northern England and Wales which have been historically been Labour Party strongholds.  The outcome all but makes Brexit a certainty and Johnson has indicated that he will accelerate legislation through parliament to meet the January 31 target date for leaving the EU.  The Great British Pound (pictured below) as well as the UK stock market rallied strongly, likely in anticipation of the electoral outcome.  British assets have been trading at significantly lower valuations than comparable global assets and this may be a catalyst that brings values more in line.  In our view, there still is uncertainty regarding potential disruption in supply chains and labor markets as the Brexit process unfolds.  There is, however, more clarity regarding this tense situation. [chart courtesy Bloomberg LP © 2019]