Silver-rated
Artemis
Income
has
a
well-executed
process
and
capable
management
team,
making
it
a
solid
offering
for
investors
seeking
core
exposure
to
UK
equities
with
an
above-market
dividend
yield
and
growing
income
stream.
The
strategy
benefits
from
a
highly
experienced
management
team,
consisting
of
Adrian
Frost,
Nick
Shenton
and
Andy
Marsh,
that
has
consistently
applied
a
sensible,
tried-and-tested
approach.
Frost
is
committed
for
the
next
few
years
but
has
made
clear
his
intention
to
step
back
in
due
course,
with
Shenton
and
Marsh
the
successors.
As
time
has
passed,
our
conviction
in
the
newer
managers
has
increased,
and
there
is
equal
say.
The
strategy
is
managed
as
a
core
mandate
and,
with
its
considerable
size,
does
not
have
the
flexibility
to
invest
significantly
down
the
market-cap
scale,
unlike
many
peers.
When
constructing
a
portfolio,
the
managers
aim
to
maintain
a
good
level
of
diversification
with
regards
to
cash
flow
and
dividend
streams.
They
invest
in
40-70
names,
keeping
an
eye
on
the
benchmark
(although
they
are
not
constrained
by
it).
The
strategy
aims
to
outperform
the
FTSE
All-Share
benchmark
over
the
long
term
while
providing
a
growing
income
and
a
dividend
yield
at
a
premium
to
that
of
the
index.
FTF
Martin
Currie
UK
Equity
Income
The
Silver-rated
FTF
Martin
Currie
UK
Equity
Income
fund
is
managed
by
Ben
Russon,
who
took
over
from
Colin
Morton
following
his
retirement
at
the
end
of
2022.
The
two
managers
had
been
working
together
since
2013
and
in
2020
Russon
was
promoted
to
co-lead
manager
of
the
fund.
He
has
also
been
the
lead
manager
on
the
UK
Opportunities
product,
which
uses
very
similar
process
and
shares
high
commonality
in
core
holdings
(above
70%).
The
transition
has
been
well
planned
and
executed,
and
the
resource
has
been
gradually
strengthened
with
the
addition
of
Will
Bradwell
in
2018
and
Jo
Rands
in
2021.
The
strategy’s
approach
remains
the
same:
a
blend
of
top-down
analysis
of
the
economy
and
stock
market
dynamics
with
a
valuation-aware
approach
to
stock
selection.
The
team
focuses
on
large
companies
with
strong
and
growing
free
cash
flows,
durable
superior
competitive
positions
in
their
industries,
strong
balance
sheets,
and
attractive
dividend
yields
and/or
dividend
growth.
This
is
a
core,
benchmark-aware
approach;
as
such,
it
aims
to
add
value
in
a
steady,
incremental
manner
to
build
a
strong
cumulative
record
over
the
longer
term.
The
strategy
can
underperform
in
strong
market
runs
or
when
small
caps
rally,
but
its
long-term
performance
profile
is
solid
and
typically
boosted
by
its
ability
to
protect
capital
relatively
well
in
trickier
market
environments.
Man
GLG
Income
Man
GLG
Income,
which
holds
the
Morningstar
Medalist
rating
of
Bronze,
has
been
managed
by
veteran
investor
Henry
Dixon
since
November
2013.
This
strategy
targets
the
same
types
of
stock
as
Undervalued
Assets,
seeking
to
identify
two
types
of
stock:
those
trading
below
their
estimate
of
the
company’s
asset
value
and
those
where
the
company’s
profit
stream
is
being
undervalued
relative
to
the
cost
of
capital,
with
the
additional
caveat
here
of
a
yield
of
at
least
that
of
the
market.
It
also
targets
another
type
of
opportunity:
companies
with
net
cash
balance
sheets
and
strong
free
cash
flows,
which
can
lead
to
positive
dividend
surprises.
Additionally,
the
allocation
to
stocks
lower
down
the
market-cap
scale
differentiates
this
strategy
from
many
of
its
equity-income
peers.
Our
conviction
stems
from
Dixon’s
demonstrated
ability
to
consistently
execute
the
investment
process
with
discipline.
Performance
has
been
strong,
with
the
strategy
outperforming
the
FTSE
All
Share
index
and
Morningstar
UK
Equity
Income
category
average
over
the
last
five
and
10
years,
albeit
with
higher
volatility
than
the
index
and
peers.
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