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By Jenna Voigt | Published Aug 20, 2012

Funds back Artemis underperformers

Multi-managers have said they still back Artemis’s UK All Companies equity fund range, in spite of it suffering a tough period in performance terms.

The group’s £974.5m UK Special Situations fund, £400.9 UK Growth fund and £266.6m Capital fund have underperformed the FTSE All-Share index and rank in the bottom quartile of their IMA UK All Companies sector in terms of their one-year performance to August 15, according to Morningstar.

The funds have also all underperformed the FTSE All-Share index over five years, according to FE, although over 10 years the Special Situations and Growth Funds have outperformed.

However, Gary Potter, joint head of multi-manager at Thames River Capital, said that while in the context of the sector the funds had underperformed over certain periods, he remained confident that the managers were “not changing what has been a winning recipe for many years”.

“If there is a dent in the short-term performance numbers it will only be transitory.

“Artemis has one of the best collective UK teams in the market. I have the utmost respect for Artemis’s team in the UK and that is unlikely to waver,” he said.

Graham Duce, co-head of multi-manager funds at Aberdeen, said he had recently bought into the UK Growth fund managed by Tim Steer and said he had strong conviction in the rest of the team, including Derek Stuart, who co-runs the UK Special Situations fund. “The UK team is a very strong franchise and I expect that to continue,” he said.

Artemis’s flagship UK equity income product, the £4.3bn Artemis Income fund, has outperformed the IMA UK Equity Income sector over one and five years, returning 17.9 per cent over one year compared with a sector average of 13.59 per cent.

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