Steer to raise UK growth fund holdings in overseas earners
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Artemis fund manager Tim Steer expects to increase overseas exposure in the company’s £303m UK growth fund to 75 per cent as he resumes use of his online screening tool Market.
Steer currently has over 30 per cent of the fund in UK-centric companies. He stopped using Market during the recent market turbulence as he says the tool does not work when there is significant volatility. He made the same decision during the credit crunch in his time at New Star Asset Management.
When Steer took on the growth fund in July 2009, he turned more than 80 per cent of the portfolio into overseas earners. The move made his fund one of the most successful in 2010.
He raised the fund’s exposure to UK-centric stocks this year. The fund is up by 3 per cent in the past 12 months, according to Trustnet.
Steer says the agreement made by EU leaders to tackle the debt crisis could be a sign to use the tool again.
He says: “The problem for UKcentric stocks is the lack of credit, lack of Government spending and poor growth. The structural growth stories are outside the UK and Europe.”
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