| Asset Group | Asset Sub-Group | Investment Category |
| Alternatives | Mixed asset | Income |
Selection rationale: The equity part of the fund has been managed by Jacob de Tusch-Lec since inception (May 2012) whilst the management of fixed income part was taken over by David Ennett and Jack Holmes following the resignation of Stephen Baines in September 2022. Ennett and Holmes have built a strong track record since joining Artemis in 2019 and had a successful track record at Kames, the fund firm they previously worked at. They provide strong continuity thanks to their involvement supporting Baines under a team-driven approach. The fund is a simple equity and bond fund with a broadly static asset allocation of 60% and 40% respectively. In equities, Jacob de Tusch-Lec focuses on income-producing stocks. He looks for firms globally that generate a high level of free cash flow and pairs that with his top-down macro and style views. He can invest across the market-cap spectrum, but has consistently had a mid and small cap bias relative to the index and global equity-income strategy he manages. The fixed Income part of the fund focuses mainly on high-yield and investment-grade bonds. In 2019 this was broadened to a global opportunity set including the US, which we think is an advantage for this strategy. Foreign-currency bonds are normally hedged back to sterling. The managers communicate regularly to coordinate the overall portfolio and manage risks at the overall strategy level. The strategy has a strong track record, ranking in the top quartile of the IA Mixed Investment 20-60% Shares peer group and its Morningstar GBP allocation 40-60% equity category since inception. Income has also been consistent over time, with at yield of at least 4% since inception to 2020, where it understandably dropped, but has since re-established at pre-2020 levels. Opinion The focus on income leads to above average allocations to riskier fixed income assets, such as high yield, which may result in greater drawdowns during periods of economic weakness, but performance remains impressive even when adjusted for higher than average risk. March 2024 | ||
Risk warnings
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