Artemis Global Income Fund I Inc
Global Equity Income
Rated Fund 2014-20. Complements UK equity income holdings
Artemis Global Income’s value style has been out of favour, but the fund remains a good complement to UK income stocks, given that it has little exposure to the UK. This means that, for income investors seeking diversification, it won’t replicate existing UK equity income holdings. The fund won Money Observer’s Best Global Equity Income Fund award in 2014 and 2015 and was highly commended in 2016. Since its launch in 2010, it has been the second-best-performing fund in its sector. It yields 3.3% and pays income half-yearly.
The fund lost its Morningstar bronze rating during 2019, due to concerns over liquidity and an erratic performance profile versus peers and the MSCI World High Dividend Yield index. But its distinctiveness remains a key selling point for us. While most equity income funds heavily rely on bottom-up stockpicking, macro analysis also plays an important role at this fund. Jacob de Tusch-Lec, its manager since inception, firstly considers Artemis’s views on the world economy and the outlook for countries and regions. His macro views have favoured value stocks, cyclical sectors, and emerging markets in recent years. He further differentiates the fund by looking outside the traditional universe of dividend stocks, which leads him away from large companies and down the market-capitalisation ladder.
Rob Morgan, an investment analyst at Charles Stanley, the wealth manager, says: “This fund’s more eclectic approach offers some variety and diversification to an income portfolio. The value-orientated, pragmatic and disciplined philosophy of the manager also makes it attractive.”
Narrative and ratings content all as of 01 January 2020.See all Money Observer rated funds
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|General Motors Co||3.62 %|
|Blackstone Group Inc||3.60 %|
|Infrastrutture Wireless Italiane SpA||3.60 %|
|Broadcom Inc||3.39 %|
|Bristol-Myers Squibb Company||3.20 %|
|China Conch Venture Holdings Ltd||3.09 %|
|Microsoft Corp||3.07 %|
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|United States||46.01 %|
|Asia - Emerging||6.29 %|
|Financial Services||18.57 %|
|Communication Services||15.62 %|
|Basic materials||8.03 %|
|Consumer Cyclical||6.27 %|
After a BA in Economics from the University of Sussex (1992) and a MSc in Economic History from the University of Oxford (1993), James joined Baillie Gifford as an analyst in the US equities team. He then moved to Morgan Grenfell as an analyst and, latterly, a manager of US equities before 13 years at Bank of America Merrill Lynch, where he co-founded and later ran BAML’s global equity sales team. In 2013 James became a portfolio manager at JP Morgan, where he ran global equity income portfolios. He joined Artemis’ Global Income team in 2018. James is a CFA charterholder.
Jacob de Tusch-Lec
Jacob has managed the Artemis Global Income Fund since launch in July 2010 and the Artemis Global Equity Income Fund since launch in June 2015. 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.
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