Artemis' Stuart backs troubled Man Group in £1bn portfolio

Derek Stuart, manager of the £1.1bn Artemis UK Special Situations fund, has upped his position in troubled asset manager Man Group.

Man accounted for 1.6% of the UK Special Situations portfolio at the end of December, and Stuart has topped up his 13 million share stake this year in spite of the company’s underperformance last year. “It was a pretty shocking performer last year, but we have added to it again in 2012,” Stuart said. “We feel the market has overreacted in the short-term to Man. Its balance sheet strength and potential for growth remain.” Man’s share price fell 57% last year as investors fretted over a drop in assets under management and the performance of its flagship AHL strategy. However, the group’...