Mott holds nerve on inflation stocks

“We think the risk and reward profile is very appropriate for the variety of possible outcomes that confront us. It is not about being top of the charts for any particular period, it is about risk versus reward,” he added.

The manager has returned 15.8 per cent in the past year, underperforming both the average return of 21.3 per cent from the IMA UK Equity Income sector, and the total return on the FTSE All-Share index of 18 per cent.

The fund is in the third quartile of its sector for performance in three years, five years and since launch.