Artemis is changing the investment objective and policy of the £700m Strategic Assets fund in response to shareholder feedback that said its performance measures were "confusing", and calls from the Financial Conduct Authority (FCA) to make fund objectives easier to understand.
Co-managed by William Littlewood and Kartik Kumar, the fund currently targets long-term growth by investing in UK and international assets and aims to outperform cash and equities over rolling three-year periods. The fund is also benchmarked against the performance of the FTSE All-Share index.
"Though intended as a useful way to measure performance, some investors felt that more than one measure of performance was confusing," a shareholder letter explained.
As of 12 November, the investment objective of the Artemis Strategic Assets fund will be growth of at least 3% above the Consumer Price Index (CPI) after fees, annualised over a five-year-period by investing in a diversified range of global asset classes.
Investors will be subject to paying the costs of the changes up to 0.004% of the fund's value, with Artemis paying any excess.
Over three years Artemis Strategic Assets has returned 16.4% against the 24.2% IA Flexible sector average, FE data shows.
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