De Tusch-Lec trims US as S&P hits three-year high

Artemis' Jacob de Tusch-Lec has sold down positions in the US and increased his weighting to emerging market stocks after the US' leading index hit a three-year high.

The S&P 500 reached its highest level since June 2008 last week as companies’ earnings continued to beat expectations. De Tusch-Lec, running the £32m Global Income fund, has used the rise to take profits and buy into emerging economies such as Brazil. He has bought companies including Turkish bank Akbank, and added to Brazilian utilities through Tractebel Energia, in the view these stocks are cheap and offer high dividend growth potential. “Emerging markets really got hit earlier this year as the rotation into developed markets was strong. Names like Akbank – seen as the most defen...