Artemis’ Jacob de Tusch-Lec: ‘You have to be humble – things can change very quickly’
Artemis Global Income fund returned 45% in 2025, driven by its contrarian, value-stock bias and underweight exposure to the US dollar. Fund manager Jacob de Tusch-Lec is 'nervous' about future performance due to the fund's success and potential changes in global economic trends.
Artemis Global Income fund achieved a 45% return in 2025, driven by its investment in dividend-paying companies worldwide. The fund's contrarian, value-stock bias and 'macro mindset' contributed to its success. It has a significant exposure to emerging markets (30%) and Europe (27%), but is underweight in the US (around a third of assets). The fund's portfolio is divided into three 'buckets': mature companies with reliable dividends, companies with growth potential, and 'deep value' opportunities. The fund's outperformance is attributed to global changes since the Covid-19 pandemic, including rising inflation expectations and the end of low interest rates. De Tusch-Lec is cautious about the fund's future performance, citing the need for humility in fund management as trends can change quickly.
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