Wolstencroft overweight telecoms

Philip Wolstencroft, manager of the Artemis European Growth fund, is running an overweight position in telecom stocks. The £57.9m fund has 10% exposure to the sector which has been out of favour since the end of the bull market in 2000. He said: 'These companies have been through the grindstone over the past few years. They have been slashing their capital expenditure and rebuilding their balance sheets. This has led to stabilising revenues and falling costs and as a result their profits are now going through the roof.' Wolstencroft added that unlike other managers who are only ...