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Artemis Income Class I - Income (GBP)

Sell:335.08p Buy:335.08p Change: 3.15p (0.95%)
Prices as at 17 December 2025
Sell:335.08p
Buy:335.08p
Change: 3.15p (0.95%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 17 December 2025
Sell:335.08p
Buy:335.08p
Change: 3.15p (0.95%)
Prices as at 17 December 2025
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
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.

We have a high level of conviction in the skillset and capabilities of this fund’s managers – Adrian Frost, Nick Shenton and Andrew Marsh.

We like the team's disciplined investment approach, which has been used for decades. They focus on how much cash companies make, which could support dividend growth, and it’s worked well over the years. That doesn't indicate how the fund will do in the future though and income is not guaranteed. We think the fund could be a great core to an equity income investment portfolio. That's why it's on our Wealth Shortlist of funds selected for their performance potential.

Our view on the sector

Equity income funds are popular with investors. Most aim 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 in the fund to boost long-term growth. Different fund managers take different approaches to income investing. Some focus on larger companies that are seen to be more stable and have paid regular dividends for many years. Others invest in higher-risk small and medium-sized companies. These might pay a lower income to start with, but have more growth potential. We think carefully chosen equity income funds can form the cornerstone of almost any portfolio.

Performance Analysis

The fund aims to perform better than the FTSE All-Share over the long term, while providing a growing income and a higher yield than the index. Since Adrian Frost took over as manager in 2002, the fund has significantly outperformed the broader FTSE All-Share Index.

As a conventional, core UK equity income fund, we think it should be able to perform well in a variety of market conditions, though there are no guarantees. The fund could work well for investors alongside other asset classes, such as bonds, in an income focused portfolio. It could also complement a portfolio focused on growth, where investors who don’t need the income can benefit from the compounding effect of reinvesting it.

The managers believe the fund is filled with cash generative businesses with the potential to be able to grow their earnings, and as a result the dividend they can pay to shareholders, for years to come.

The fund takes charges from capital, which can increase the yield but reduce the potential for capital growth.

Investment Philosophy

The managers believe the best long-term investments are in companies that can keep growing dividends over time. They'd rather invest in a business with a moderate but growing dividend, than one paying high dividends but no growth potential. They think the businesses most likely to do this are ones earning lots of cash, so that's the main thing they look for.

Process and Portfolio Construction

The managers look for businesses with healthy cash flows and above-average dividends they think will grow faster than average. They invest in 50 - 60 businesses, most of which are large UK-listed companies.

These businesses need to be able to pay a stable and resilient level of income, through the market cycle, regardless of the economic backdrop. Key to this is a company’s ability to generate free cash flow. The managers say there is a ‘competition for capital’ in the portfolio, and only their best ideas make it into the fund. They seek companies with recurring revenues which they believe will still have consumers, profits, and therefore dividends, in the future, regardless of disruption – although nothing’s guaranteed.

The managers spend a lot of time assessing company management and think their ability to allocate capital efficiently is vital to making a success of the business. There’s also analysis of the structure of different industries, how value’s created within them and which companies have the best competitive position to take advantage.

question mark Manager Track Record Based on HL Quantitative Research

  • DWS Equity Income
  • Artemis Income R Dis GBP
  • Artemis Income R Acc GBP
  • IA UK Equity Income
FROM: TO:


Source: Refinitiv Lipper

Fund Track Record

17/12/20 to 17/12/21 17/12/21 to 17/12/22 17/12/22 to 17/12/23 17/12/23 to 17/12/24 17/12/24 to 17/12/25
Annual return 12.90% 1.59% 9.97% 17.88% 18.33%

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.

Fund Management Group Comment

Artemis was formed in 1997 and offers a range of funds invested in the UK, Europe and around the world. The Artemis philosophy is that a fund's primary aim is to beat the market and generally the fund managers are free to pursue their best ideas in order to achieve this. Artemis is home to some of the market's leading fund managers who are required to invest their own money into their funds, and therefore success for them is success for their investors. We feel this is a great incentive for them to continue striving for good performance.

Information about the fund

Fund manager biography

manager photo
Manager Name: Adrian Frost
Manager start date: 1 January 2002
Manager located in: London

Adrian manages the Artemis Income Fund, which he took over when he joined the firm in January 2002, and several institutional income mandates. After graduating from Jesus College, Cambridge, Adrian began his career at Deutsche Asset Management (Morgan Grenfell) in 1983. He was appointed a director there in 1990 and head of UK equities in 1996. Until July 2015, Adrian also managed the Artemis High Income Fund.

Manager Name: Andy Marsh
Manager start date: 1 February 2018
Manager located in: London

Having trained with Ernst & Young, Andy qualified as an accountant in 1997 before working as an analyst for ING Charterhouse and then for Merrill Lynch. In 2005 he moved to Investec Investment Bank as head of equity sales. From 2006 - 2017, Andy managed money at Polar Capital, where he was a partner. He joined Artemis’ income team, to work alongside Adrian Frost and Nick Shenton, in February 2018.

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
Invest now