To Alison Porter at Ignis Asset Management, stocks have priced in prospects for a Greek default and the end of the Fed's bond-buying program.
"We are seeing stable growth, but it is not a strong cyclical recovery," said Porter, who as U.S. equities fund manager in Glasgow helps oversee $123 billion. Still, "valuations in the market should provide some support," she said. "Equities are reasonably well positioned from here."