Artemis' de Tusch-Lec overweights EMs as Middle East turmoil drives down valuations

Artemis' Jacob de Tusch-Lec has taken exposure to emerging markets from around 4% underweight to 4% overweight in his £27m Global Income fund since the beginning of the year following falls in share prices in the past six months.

The fund manager says he has taken profits in US companies like Paychex and J.P. Morgan Chase to fund purchases in certain emerging market stocks and Japan. “I started buying into Banco de Brazil again in early March. The bank is the same as six months ago, just much cheaper. I have also started buying China Mobile, which I did not hold before, but the stock went down quite sharply and is now yielding 4%, with a very strong balance sheet.” De Tusch-Lec has also bought China’s Yue Yuen Industrial, a trainer-making company and Japanese mobile phone firm NTT DoCoMo. “I started buying ...