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This week saw managers Ted Scott and Hilary Aldridge celebrate three years at the helm of the fund, having taken it onboard at "the very bottom of the three-year performance tables" in its IMA UK Equity Income peer group.

The fund now ranks 12th out of 82 funds over three years since 1 July 2005. Assets under management have swelled nearly 10 times, rising from £14.6m when Mr Scott and Ms Aldridge first took charge.

F&C claimed the pair's success was down to the application of their barbell approach, combining high-yielding stocks with lower-yielding growth stocks.

Jason Hollands, a director at F&C, said the performance demonstrated the managers' ability to work outside the ethical restrictions of the Stewardship range.

"With the critical three-year record in place, we believe that the F&C UK Growth & Income Fund deserves increased attention from financial advisers, particularly as the fund is smaller and potentially more nimble than some of the more established competitors."