Artemis bolsters US exposure in Global Select fund
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Simon Edelsten, fund manager at Artemis Investment Management, 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% to 50% since October. He has added a number of new financials positions, including 2% in American Express, 2% in JP Morgan and 1.5% in wealth manager Northern Trust. He has also added a 1.5% position in retailer Coach Handbags and 2% 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.”
Peter Lowman, chief investment officer at Investment Quorum, says: “We as a wealth manager have also been increasing our allocation to the US stockmarket on the back of positive data coming out of the US.”
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