Ardevora's Lang turns over 20% of his UK Income fund after 'frustrating' 2018

Fund lost 10.57% last year

Ardevora's Jeremy Lang turned over 20% of the UK Income fund last month after a difficult year in 2018 that he called "an unmitigated disaster for everyone".

The fund - which Lang described as "a bit of an odd income fund" - lost 10.57% in 2018 compared to the 10.54% average fall in the IA UK Equity Income sector, FE data shows. With around 40 positions, the fund has about 60% to 80% of its holdings in mid caps - with the remainder in FTSE 100 stocks - which Lang said exacerbated the poor performance. "The fund was down like everyone else over the past year. It is an odd beast with a mid-cap focus.  "There are two types of stocks; FTSE 100 stocks to get the income - safe dividend generators that make up the top ten - and mid-cap stocks ...