Performance

Steer’s Artemis UK Hedge doubles YTD return with Connaught play

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UK equity specialist Tim Steer has doubled the year-to-date return of his hedge fund at Artemis Investment Management in just one month, reaping the rewards of a successful short position in troubled social housing contractor Connaught.

Artemis UK Hedge has made 22% net so far this year — up from 11% at the end of June. The Connaught short has played by far the largest part in the fund’s return generation over the past couple of months. “It’s been all about Connaught really — getting the short right,” Steer told EuroHedge.

Connaught’s woes began to become apparent in late June