Investors' Chronicle ‘It’s hard to find safe assets’ - Jacob de Tusch-Lec of Artemis Global Income | IC Interviews
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Mar 31, 2026 Jacob de Tusch-Lec, manager of the Artemis Global Income Fund, explains his three-bucket approach to income investing and why valuation guides different parts of the portfolio. He discusses nervousness after strong returns, how geopolitics and oil could shift markets, targeted ways to gain AI exposure, and reasons for boosting emerging markets while trimming banks and defence stocks.
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Three Bucket Portfolio Keeps Fund Flexible
- Artemis Global Income splits holdings into three buckets for balance and flexibility.
- Jacob de Tusch-Lec uses bond-proxy, dividend-growth and opportunistic deep-value/emerging market buckets to tilt exposures by regime and opportunity.
Regime Shift Powered Recent Performance
- Recent strong returns came from positioning against the prior decade's winners and buying unloved old-economy value names.
- Jacob credits regime change since COVID: rising inflation, higher rates and underinvestment in commodities and industrials created scarcity and re-rating opportunities.
Trim Winners And Rebalance After Big Runs
- Remain humble and take profits after big runs to rebalance risk.
- Jacob says he's nervous after strong returns and deliberately takes risk off and rebalances when positions get large or expensive.