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Artemis Global Income

Elite Rated by FundCalibre

This fund offers investors access to a portfolio of global equities, with Jacob de Tusch-Lec providing an income at least in line with other UK-focused, equity income funds. Jacob’s atypical approach, whereby he tries to avoid the more stereotypical dividend-paying stocks in favour of less well-known names, has proved to be a successful strategy thus far.

Company Description

UK-based fund manager Artemis was founded in 1997. A recipient of the Elite Provider for Equities Rating in 2016, the business has retained its manager-centric, innovative and supportive culture despite changing ownership several times, which has helped it to attract and retain talented investors.

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Fund Manager

Jacob has been in the industry since 1998 and has been a fund manager since 2005. He has managed this fund since launch in 2010. He is supported by Frederik Lerche-Lerchenborg who provides analytical support.

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I search the world for well-run, well-capitalised and growing companies that offer investors sustainable and rising dividends. On the whole, I find myself spoilt for choice.

Jacob de Tusch-Lec - Fund Manager

The Investment Process

Jacob screens for free cash flow yield rather than purely looking at dividend yield, as this affords him more flexibility and allows him to look at mid-cap ideas, which may be able to grow their dividends over time. The fund has a value bias, with Jacob identifying stocks or sectors which are out of fashion but where he believes there may be a catalyst for change. Income comes from three sources, namely quality, value or cyclical yield plays. He can vary the proportion of these as the business cycle evolves.

Risk

The fund has a similar risk profile to the main UK stock exchange, the FTSE 100. However, it should be noted that the fund can, at times, have a significant allocation to mid-cap stocks. The fund is exposed to currency risk, and the manager will partially hedge large overweight currency positions, with the intention to reduce volatility.

Our Opinion

This is one of the top-performing funds in what is becoming an ever more important sector. Jacob’s process is well defined, but allows some flexibility for him to express his views. His slightly atypical approach to identifying stocks, namely by avoiding mega-caps, has served the fund well and is a distinguishing feature. We think this is one of the strongest funds in the global equity income sector.

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