Paterson adopting top-down macro approach to portfolio

manager of artemis uk growth changes from usual bottom-up style

Adrian Paterson, manager of the Artemis UK Growth fund, is adopting a top-down macro approach on his fund, which is more known for its bottom-up management style. Following the past 12 months of strong stock market performance, Paterson believes there are few stockpicking opportunities available, so he is constructing his portfolio using top-down macro themes. "Valuation gaps have closed and there are no longer the anomalies that were available last year. The valuations of mid and small caps are now similar to that of the FTSE. It is increasingly difficult to find stunningly undervalued s...