Artemis Income

Artemis Income fund is a flexible, high-conviction portfolio of UK stocks, targeting a rising income and capital gain. It's run by an experienced and stable management team, who can, and do, invest up to 20% of the fund in overseas stocks.

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Our Opinion

This fund has been a stalwart of the UK equity income sector for two decades and has an excellent team, a strong process and a long-term track record. The Artemis Income fund is designed to offer a diversified, eclectic mix of cashflows from different companies to ensure a sustainable and durable income. The overseas exposure has provided extra opportunities for additional returns.

Fund Managers

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Fund Managers

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Adrian Frost

Adrian Frost, Co-Manager Adrian, alongside co-managers Nick Shenton and Andy Marsh, manages Artemis’ UK equity income strategies, a role he has held since joining the firm in January 2002. He began his career at Deutsche Asset Management (Morgan Grenfell) in 1983, where he became a director in 1990 and head of UK equities in 1996. Adrian graduated from Jesus College, Cambridge, and was honored with Investment Week’s ‘Outstanding Fund Manager Over 25 Years’ award in 2020.

Nick Shenton, Co-Manager Nick manages income mandates with Adrian Frost and Andy Marsh. After studying Economics with French at the University of Nottingham, he began his career at F&C Asset Management in 2003, working as an analyst and assistant fund manager on UK and pan-European equities. In 2007, Nick moved to Polar Capital as a fund manager for the UK long/short equity hedge fund and joined Artemis in 2012.

Andy Marsh, Co-Manager After qualifying as an accountant in 1997 with Ernst & Young, Andy worked as an analyst for ING Charterhouse and Merrill Lynch. He then became head of equity sales at Investec Investment Bank in 2005. From 2006 to 2017, Andy managed money at Polar Capital, where he was a partner. In February 2018, he joined Artemis' income team to work alongside Adrian Frost and Nick Shenton.

Adrian Frost

Adrian Frost, Co-Manager Adrian, alongside co-managers Nick Shenton and Andy Marsh, manages Artemis’ UK equity income strategies, a role he has held since joining the firm in January 2002. He began his career at Deutsche Asset Management (Morgan Grenfell) in 1983, where he became a director in 1990 and head of UK equities in 1996. Adrian graduated from Jesus College, Cambridge, and was honored with Investment Week’s ‘Outstanding Fund Manager Over 25 Years’ award in 2020.

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Nick Shenton, Co-Manager Nick manages income mandates with Adrian Frost and Andy Marsh. After studying Economics with French at the University of Nottingham, he began his career at F&C Asset Management in 2003, working as an analyst and assistant fund manager on UK and pan-European equities. In 2007, Nick moved to Polar Capital as a fund manager for the UK long/short equity hedge fund and joined Artemis in 2012.

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Andy Marsh, Co-Manager After qualifying as an accountant in 1997 with Ernst & Young, Andy worked as an analyst for ING Charterhouse and Merrill Lynch. He then became head of equity sales at Investec Investment Bank in 2005. From 2006 to 2017, Andy managed money at Polar Capital, where he was a partner. In February 2018, he joined Artemis' income team to work alongside Adrian Frost and Nick Shenton.

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Talking Factsheet

Talking Factsheet

Artemis Income

Nick Shenton & Andy Marsh

Quote from the Fund Manager

For most companies, cashflow is reflected in dividend policy. So we invest in companies where dividend and dividend progression are important drivers of valuation.

Adrian Frost

Adrian Frost

Co-Manager

Investment process

The fund typically holds between 50-70 stocks and has a bias towards large-cap equities. The managers look for stocks deemed to be 'special situations'. These tend to appear in many different sectors, but are driven by similar catalysts: management change, recovery and industry restructuring. However, all the investments in Artemis Income fund have further similarities: they all have a strong franchise and often a unique product; they all have a quality management team whom the managers have met on several occasions; and most of them have been market darlings in the past but have since been discarded.

Risk

This is designed to be an all-weather fund that won't ever shoot the lights out but shouldn't greatly disappoint either. Over the long term, it has been slightly less volatile than its sector peers.

ESG

ESG - Integrated  

Adrian and the team integrate ESG analysis into the process based on the belief that good or improving ethical and social practices can be beneficial to a business. This could be through an improvement in the sustainability of operations and cash flow, a lower cost of capital (as the company stays investable to a wider pool of investors), and therefore better financial outcomes. This in turn will lead to better long-term share price performance. There are also the wider social benefits too.

The team are active managers, meaning they will discuss their thoughts and analysis with their companies, though this does not mean they will take an activist stance and force change. They are long-term investors and believe their above average holding periods enable them to constructively improve firms through management engagement.

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