Artemis energy duo: Listing location now vital to returns

John Dodd and Richard Hulf, managers of the £84m Artemis Global Energy fund, are reducing exposure to eurozone-domiciled assets as they refine their approach to stock selection.

Hulf said the fund's strategy of lining up a steady flow of positive news and catalysts has been affected by the poor sentiment seen across European markets over the past six months. "If you take any group of companies with a moderate to positive newsflow, they would be steadily notching up in a steady market. But in markets where sentiment is very negative, if they are not saying ‘we have just tripled reserves' then they are just drifting down," he said. "We thought we could get by just by putting macro issues in the background with the energy fund and just look at commodity pricing,...