Shorting strength underpins UK equity success at Artemis
Wed Sep 22, 2010
Tim Steer, the former New Star manager renowned for his shorting abilities, is building another strong track record since taking over the UK long/short equity fund at Artemis - thanks largely to a stunningly successful short trade in collapsed UK property group Connaught
Equity markets have seen a great deal of volatility so far
this year, meaning that it has not always been enough to be
simply long or short the market. Many of the most successful
equity hedge funds have been those run by managers who
specialise in high-conviction stock selection, rather than
Tim Steer and Stephen Yiu
So far this year, one of the star performers is Artemis UK
Hedge, Tim Steer's long/short UK equity fund at Artemis
Investment Management. The fund is up by just under 23% this
year to the end of August, thanks very largely to one position
- a highly successful short in beleaguered social-housing
contractor Connaught, which suspended its shares and went into
administration earlier this month after a precipitous
Established in 1997, Artemis focuses on active investment
management and runs £10 billion across two hedge funds, a
range of unit trusts...
ISSN: 2151-1845 / CDC10004H
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