Ardevora UK Equity fund adopts defensive stance in face of ‘grim' economic outlook

Ardevora has begun promoting its UK Equity fund, unveiling a number of long and short positions taken since its launch in February.

It is one of three funds in the boutique’s range run by former Liontrust duo Jeremy Lang and Bill Pattisson, who have invested £3m of their own money, the current total AUM in the fund. Although Lang and Pattisson are lead managers, short positions are managed by Ben Fitchew, and Gianluca Monaco. Overall, the fund has maintained a defensive stance, with Lang describing the UK economic climate as “grim”. “We have big concerns over the continuing squeeze on consumer spending, which is not being helped by rises in non-discretionary bills such as utilities and travel. Unemployment is...