Artemis' Tim Steer looks closer to home
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Artemis UK growth fund manager Tim Steer has begun to invest more of his portfolio in domestic earners.
Steer has raised his exposure from 26 to 28-29 per cent in domestic stocks and he says it may go above 30 per cent as he takes a more balanced view.
Steer turned more than 80 per cent of his portfolio soon after taking on the Artemis growth fund in July 2009, with the majority in overseas earners. The £370m fund was one of the top performers in 2010.
Steer has moved into firms such as Howden Joinery and Balfour Beatty in the UK, with a reduction in exposure in the emerging market areas.
He says: “In 2010, emerging stocks were at a 20 per cent premium to UK stocks but showed double the growth and now the premium is at 40 per cent with a third of the growth.”
Steer’s screening tool Market has had more UK-centric stocks appearing at the top of his leader board. He says: “It is still an overseas earners story but UK stocks have started to become more interesting.”
Chelsea Financial Services managing director Darius McDermott says: “Overseas earners were rerated heavily last year and it makes sense to diversify if stocks are cheaper elsewhere.”
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