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Julian Gibbs

With many of the best fund managers moving between investment companies, it is refreshing to find a group such as Artemis which is owned by the fund managers themselves. All its funds have performed extremely well since launch and four out of six funds are the top performers in their sectors. This is an extraordinary record and is unlikely to be beaten for some time.

A comparatively new arrival is Adrian Frost, who was head of UK equities at Deutsche Asset Management, where he controlled a team of 40 investment managers and was responsible for around £5bn of funds under management, including the highly-rated UK equity income fund.

As a father of six children, whom he wishes to educate privately, he has to make money and has much of it invested in the Artemis income fund, which he is managing. He is already making a positive impact and looks sure to keep his fund at the top of the performance tables.

Artemis approached him because of his terrific track record in managing UK equity income funds.

Artemis income is largely orientated towards mid-cap stocks, where Frost sees particularly good value although he buys bigger and smaller companies, too. He is very much a stockpicker and is not particularly excited by any of the shares in FTSE 100 although he does have holdings in Glaxo, BP and BT.

Since he took over from Derek Stuart, who is now running the Artemis special situations trust, he has added a few holdings, with the portfolio consisting now of around 65 stocks compared with 50 stocks previously. This is certainly a fund where the manager has an incentive to perform and, with his exceptional experience over many years, I believe that this is a fund to buy for both income and growth investors.


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