Artemis' Weldon holds fire on adding further to financials as doubts linger over Trump tax cuts

Lack of faith in US President

Cormac Weldon, head of US equities at Artemis, has said the risk President Trump will be unable to deliver his planned corporation tax cuts quickly is holding him back from further increasing his financials weighting.

Weldon (pictured) has upped his allocation to the sector in the £562m Artemis US Select fund from 10.1% to 15.1% (as of 31 January) since Trump's election. This is a slight overweight compared to the benchmark S&P 500 index and the peer group.  However, Weldon said Trump's lack of experience in passing legislation means a key proposal made in his campaign to cut corporation tax from 35% to "anywhere from 15%-20%" should not be taken at face value. "Our bias is to believe corporation tax will be cut, and obviously this will increase bank profitability, but it has so far been clear that...