Global equity managers ‘too hesitant' in capturing US rally

Global equity fund managers have been too hesitant in moving to capture the US equity rally, Artemis Global Select manager Simon Edelsten has said.

Edelsten questioned why more managers did not switch into US equities at the start of Q4, and even suggested some have “lost their knowledge base” when it comes to US stock selection. US equities have moved higher since the start of the year amid a revival of risk appetite. Reassuring domestic data and the ECB’s liquidity provisions in Europe boosted sentiment – as of 26 January the S&P 500 had risen by 4.8% since the start of 2012. That came on top of a 13% gain for the index seen between the 3 October low and the end of 2011. “A lot of global equity managers had just 30% in the U...