Steer clear of UK, Artemis fund manager warns
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Artemis UK growth manager Tim Steer has revealed that more than 70 per cent of the fund’s earnings are from overseas, saying the UK is “best avoided” at present.
Steer says this is one of the reasons for the turn-round in performance of the £322m UK growth offering. The fund is currently top-quartile in the IMA UK all companies sector in the past three months, having ret-urned 6.8 per cent compared with an average 4.6 per cent.
Steer took over the Artemis fund on July 1, 2009, after leaving New Star last year. He moved towards overseas earnings and larger caps as part of an 80 per cent turnover of the fund since his takeover.
He says: “Most of my major bets are now focused on those stocks which have overseas earnings - the likes of Weir Group, Xstrata, BlueBay and Sportingbet. They are all big overseas earners but, more importantly, have had big upgrades in earnings in the past year and that has driven share prices.”
Steer says that he is likely to remain heavily invested in overseas earners for the next six to 12 months.
He says: “I will continue to play this game until the coalition Government administers the medicine required. Until then, it is probably best to avoid the UK.”
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