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Artemis Global Income: Making sense of global markets

The rally in cyclical ‘value’ stocks paused for breath in February, as investors took a more cautious tone and switched their attention back to defensive areas. In this article, Jacob de Tusch-Lec, manager of the Artemis Global Income Fund, explains how he has positioned the portfolio, given the many economic, geopolitical and policy risks that remain.

The powerful rally in cyclical “value” stocks and financials seen in the second half of last year – and which carried over into January – paused for breath in February.

Although global equity indices crept higher, the gains tended to be led by more defensive areas. In this, the equities seemed to be following the more cautious mood evident in the bond market.

Having risen sharply since the summer, yields on safe-haven government bonds, including 10-year US Treasuries, fell slightly on the month. Yields on two-year German government bunds, meanwhile, hit new lows. On first view, that seems counter-intuitive …

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Jupiter boss rules out merger deal

Jupiter chief executive Maarten Slendebroek has put the kibosh on suggestions the firm is in the market for a merger with another asset management group. In October it was reported that Macquarie was looking to acquire Jupiter, with both firms refraining from commenting on the speculation. M&A activity has been ramping up in the asset management […]


Lloyds outsourcing deal sparks security fears

Lloyds Banking Group is about to agree a £1.3bn contract with IBM which will see around 1,900 jobs moved to the company. The seven-year deal is designed to cut almost £760m in costs and make the bank more adaptive to changes in technology. The Financial Times reports the Lloyds Trade Union has warned its 35,000 […]

Landlord and property developer convicted over £280k tax evasion

A landlord and property developer has been sentenced to two years in prison for tax evasion of £281,000 after an investigation by HM Revenue and Customs. HMRC found that Teddington-based Michael Waddingham had not submitted tax returns for several years and had not declared rental income. Waddingham had been a director of property development firm […]

Europe: Volatile share prices create opportunities for long-term investors

Mark Page and Laurent Millet, managers of the Artemis European Opportunities Fund, look at why, how and where fluctuations in European markets can generate opportunities for their fund. When asked what the stock market would do next, John Pierpont Morgan is reported to have replied that “it will fluctuate”. His (apocryphal) answer proved accurate. Over […]


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