Artemis UK Growth managers Tim Steer and Stephen Yiu have bought into Lloyds as they increase exposure to domestic-oriented stocks and start shorting former favourites.
The managers of the £400m fund said much of the bad news for the UK economy has now been priced in, and overseas earners look too expensive. Yiu said the risk/reward trade-off between domestic-focused stocks and overseas earners has shifted, with an increasing number of UK names now appearing in the top 30 stocks selected by the pair’s screening tool ‘Market’. Steer (pictured) and Yiu have opened a position in home shopping group N Brown, as well as a 1% market weight position in Lloyds. While the pair remain cautious over potential regulatory headwinds for the bank, they see the s...
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