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Artemis Global Income Class I - Accumulation (GBP)

Sell:218.54p Buy:218.54p Change: 1.06p (0.49%)
Prices as at 13 June 2024
Change: 1.06p (0.49%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 13 June 2024
Change: 1.06p (0.49%)
Prices as at 13 June 2024
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund is on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. However, this is not a recommendation to buy.

This fund aims to provide a healthy, steadily growing income coupled with some long-term capital growth. The fund's mix of different companies and value-focused approach means it often performs quite differently than many others in the Global Equity Income sector. It could work well with more growth-focused funds, be used to add some international exposure to UK-centric portfolios, or as a way to diversify a broader income investment portfolio.

The fund is managed by Jacob de Tusch-Lec. As a natural contrarian he is prepared to invest in areas others avoid, including less popular companies. He has stayed true to his philosophy during tougher periods, but he will also be flexible and tweak and adapt how he invests depending on market conditions. He is one of the most experienced global income managers, and has the support of a strong income team at Artemis as well as other global analysts.

Our view on the sector

Equity income funds are popular with investors. Most try to generate a rising income, and increase the value of your original investment, over the long term. The income can be paid out, or reinvested to boost long-term growth. Equity income funds have traditionally focused on the UK, and there's still a strong case for UK equity income. But there's a growing case for investing globally for income too. The number of companies outside the UK offering high and rising dividends has increased rapidly. And exposure to foreign currencies will boost returns if sterling weakens, like it did after the UK voted to leave the European Union in 2016, but the reverse is true if sterling strengthens.

Performance Analysis

The fund has performed better than the IA Global Equity Income sector since launch in July 2010. Please remember past performance is not a guide to the future.

The fund has fallen behind in recent years though and, in particular, it has been a tougher time from 2018-20. The value investing style has been out of favour with the market, which has instead rewarded companies with strong growth prospects. Sectors such as technology have been particularly in favour, but most global income funds do not invest much in this part of the market because of the lack of dividends these companies pay. Although this trend has gone on for several years, it is important to remember investment styles go in and out of favour.

Our analysis shows the fund is a more volatile option in the sector. It has tended to perform better than its peers in rising markets, but not as well when they have fallen.

Investment Philosophy

De Tusch-Lec aims to provide a balance of both income and growth over the long term. He invests differently than most other managers in the sector. In his view, the best long-term results are achieved by investing in unloved companies rather than popular ones. He also thinks it's important to combine his thoughts on a company with his views on the wider global economy.

Process and Portfolio Construction

The manager invests in a mix of companies from across the globe, including those aiming to pay big dividends, those with moderate but growing dividends and unloved companies with recovery potential. The most important thing for him when he is considering a company is how much cash it makes, as that pays dividends.

The manager tends to look beyond the usual names that make up many global income portfolios, and often invests in out-of-favour companies at attractive prices known as value investing, those that are more sensitive to the health of the economy and those lower down the size spectrum.

De Tusch-Lec combines his company selection with a view on where the global economy is headed, and will tilt the portfolio according to his outlook. This so-called top down approach is difficult to do. Economies can be unpredictable, so he admits he wont always get his forecasts or his timing right.

The fund is mainly made up of large companies that are normally some of the most consistent dividend-payers. But there's also a good chunk of mid-sized companies that offer bigger potential for growth. The fund offers plenty of diversification, and no single company or sector makes up too much of the fund. It has the ability to invest in smaller companies and emerging markets and, although they don't currently feature in the fund, the manager can invest in high-yield bonds and derivatives, all of which add risk.

question mark Manager Track Record Based on HL Quantitative Research

  • Artemis Global Income I Acc GBP
  • IA Global Equity Income

Source: Refinitiv Lipper

Fund Track Record

13/06/19 to 13/06/20 13/06/20 to 13/06/21 13/06/21 to 13/06/22 13/06/22 to 13/06/23 13/06/23 to 13/06/24
Annual return -10.36% 38.29% 7.41% -3.65% 29.38%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Information about the fund

Fund manager biography

manager photo
Manager Name: Jacob de Tusch-Lec
Manager start date: 19 July 2010
Manager located in: London

Jacob has managed the Artemis Global Income Fund since launch in July 2010, the Artemis Global Equity Income Fund since launch in June 2015 and the Artemis Funds (Lux) Global Equity Income fund since launch in May 2018. He has also managed, with James Foster, the Artemis Monthly Distribution Fund since its launch in May 2012. Having joined Artemis in 2005, he managed the Artemis Capital Fund from January 2006 until June 2010. Jacob began his career in 1998 at BankInvest, one of Scandinavia's largest independent fund managers. In 2002 he joined Merrill Lynch as vice-president of pan-European equity strategy. Jacob holds a BA and an MSc in economics from the University of Copenhagen; and an MBA from the Stern School of Business at New York University (NYU). He is a member of Artemis' executive committee.

Manager Name: James Davidson
Manager start date: 1 April 2020
Manager located in: TBC


Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account