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The fund aims to achieve a rising income combined with capital growth by investing primarily in global equities. It invests in companies of all sizes, but has a higher weighting to mid-caps compared to its peer group. The manager combines the top-down view with bottom-up stock selection. The portfolio is diversified and will include core, growth and special situations stocks. This approach allows the manager to achieve a balance of income, dividend growth and the potential for capital appreciation.
|Sector||Global Equity Income|
|Dividends paid||31 Mar, 30 Sep|
|Standard initial charge||0.00%|
|Initial charge via Bestinvest||0.00%|
|Additional bid/offer spread||0.00%|
|Annual management charge||0.75%|
|Ongoing charges figure||0.83%|
Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.
The manager Jacob de Tusch-Lec is assisted by a dedicated analyst and benefits from highly experienced colleagues on other desks. The fund has now accumulated a five year track record and has outperformed its benchmark since inception as well as during each one of the discrete one-year periods. It benefits from higher weighting to mid-cap stocks than its peer group, and has a dynamic investment approach meaning the manager is able to adjust the portfolio to suit all market conditions. The fund is relatively more aggressive compared to the peer group and typically displays higher volatility.
|High yield bonds||0|
The investment universe is comprised of around 8,000 companies with a market capitalisation in excess of $1 billion. Ideas are generated primarily from running a number of quantitative screens based on more than 30 filters. Stock ideas also come from top-down analysis and formation of global themes as well as interaction with other fund managers within Artemis and a list of selected brokers. The top-down macro is combined with bottom-up stock selection, as the manager believes stock selection alone will fail to take into account important global trends. The manager has the freedom to invest in both large and mid-sized companies and will select from three main buckets: core companies (quality/value plays) with higher yield, lower dividend growth and lower risk; growth stocks (quality/cyclical) with relatively low yield, high dividend growth, and moderate risk; risk/special situations (value/cyclicals) - typically higher yielding companies with moderate dividend growth and higher risk. Allocation to each of the three buckets will range between 40-60%, 20-40% and 10-30% respectively. Stock turnover is high.
|Fund data updated on||20/09/19|
|High yield bonds||0|
As at: 31/07/2019
3.8609%Infrastrutture Wireless Italia Spa
3.6181%General Motors Co
3.6015%Rai Way Spa
2.4751%Bank Leumi Le-Israel B.m.
2.2489%Verizon Communications Inc
2.2254%Shikun & Binui Ltd
2.1171%Blackstone Grp Inc
80-100 stocks. The manager may hedge currency where there is an overweight to any given geography.
Max absolute holding in any company is 5%. +/20% regional allocation, +/-15% sector allocation.
There are some limits placed on the portfolio but these could result in significant divergences from the benchmark from time to time.
|Average monthly relative returns||Bestinvest MRI|
|14/15||15/16||16/17||17/18||18/19||3 years||5 years||Career||3 years||5 years||Career|
|Performance figures are based on the average of monthly percentage returns relative to the benchmark index.|
After graduating from the University of Copenhagen with a BA and MSc in Economics, de Tusch-Lec worked in Copenhagen as a financial journalist/editor at a publisher. He began his investment career in 1998 as a Junior Portfolio Manager at BankInvest, before gaining an MBA from the Stern School of Business at NYU in 2002. During his time at NYU he was a teaching assistant under the internationally acclaimed economist, Professor Nouriel Roubini. He then joined Merrill Lynch, where he worked as a Pan European Equity Strategist before moving to Artemis in November 2005.
The track record of Jacob de Tusch-Lec in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.
|Periods of worst performance|
|Absolute||-17% (April 2010 - June 2010)|
|Relative||-10% (May 2009 - February 2010)|
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.