Artemis fund raises US exposure

Artemis Investment Management fund manager Simon Edelsten has raised his US equity exposure in the £15m global select fund in a bid to tap into the US economic recovery.

Edelsten has increased US exposure from 30 per cent to 50 per cent since October. He has added a number of new financials positions, including 2 per cent in American Express, 2 per cent in JP Morgan and 1.5 per cent in wealth manager Northern Trust. He has also added a 1.5 per cent position in retailer Coach Handbags and 2 per cent in railroad company Union Pacific.

Edelsten says: “We started adding into stocks that are a bit riskier and cyclical, such as Northern Trust, which is geared into economic recovery and the recovery of financials.”

Investment Quorum chief investment officer Peter Lowman says: “We as a wealth manager have also been increasing our allocation to the US stock- market on the back of positive data coming out of the US.”