Artemis duo: Why we have ditched Google

Artemis' Simon Edelsten and Alex Illingworth have sold their position in Google but have been buying other advertising plays on the dips in global markets.

The managers of the Global Select fund initiated a position in Google when the portfolio launched in June, seeing it as way to tap the advertising space, one of the fund's eight key themes that also include energy efficiency and the EM consumer story. "We held Google when we launched the fund, and it ended up being a particularly good performer in the short term," said Edelsten. The managers first began selling down the position after Google's better than expected interim results in July. "Comparable stocks starting getting much cheaper. Its last set of figures surprised markets, a...