Tim Steer has replaced Adrian Paterson as manager of the Artemis UK Growth fund. Steer was previously manager of the New Star UK Alpha fund, but moved to Artemis when New Star merged with Henderson earlier this year. Artemis UK Growth was once rated by Bestinvest but was downgraded following a series of stock selection errors which tarnished Paterson’s previously stellar track record.
Recommendation
Tim Steer was a high profile manager at New Star and previously an awarding winning EXTEL company analyst. Overall his track record managing money has been middling, although this analysis is complicated by his leaving New Star at the point of the market lows in March 2009. We have removed our one star (sell) rating from the fund, but don’t see the need to rate the fund just yet. Investors looking for a multicap UK equity fund should consider AXA Framlington UK Select Opportunities, BlackRock UK Special Situations or M&G Recovery, all 5 star rated by Bestinvest.