Aviva Inv UK Listed Equity Income Class 2 - Accumulation (GBP)

Over his career Chris Murphy's delivered a higher return than his benchmark, but with some inevitable periods of underperformance along the way.

He performed relatively well compared to many other managers during the financial crisis, as his fund didn't fall as much as the wider market. Some of the fund's best performance has been when the market's fallen. That's because the type of companies he invests in are often better equipped to handle whatever's thrown at them. This has provided some stability when stock markets have been turbulent.

While over the long term the fund has beaten the wider UK stock market and peers, since the beginning of 2016 it has broadly matched returns, picking up slightly over the past two years. This is typical of UK equity income funds, which have tended to have a more value than growth bias, which has lagged the broader market. Please remember, past performance isn't a guide to the future.

Chris Murphy thinks investing should be simple. He likes companies that make a lot of cash now, and those that might make lots of cash in future, whether that's because they're growing strongly or recovering from a setback. Then he buys the shares for less than he thinks they're worth.

Murphy believes that to perform better than everyone else you have to invest differently from the crowds. That means he'll often invest in unpopular and unloved companies.

Chris Murphy and his co-manager, James Balfour, spend a lot of time thinking about how much cash companies make and how they can grow their cash flow in the long run.

They invest the core of the fund in companies that generate a lot of cash now. These businesses often look dull from the outside, but good cash flow enables them to pay high dividends. They'll also invest in companies that re-invest the cash they make to grow, and those that are on the mend following a tough spell.

This is how they combine a high income now, with the potential for income and capital growth over the long term.

The managers normally invest in between 40 and 75 companies, so each can have a significant impact on performance, both positively and negatively, which increases risk. Lots of these are large companies, many with global operations. That means their success largely depends on the state of the global economy, not just how well the UK does. He also invests in medium-sized and smaller companies, which have the potential for higher growth but are riskier.