The Ardevora UK Income fund has seen its assets under management plummet over the past three years, falling from £234m at the end of October 2016 to £14.4m as of 27 November 2019 – a 93.9% decline, according to FE Fundinfo.
While assets had remained relatively stable since the start of 2018, when they sat at £70.4m, between 6 September and 27 November this year they fell 54.6%.
Over three months the fund is bottom quartile, returning 6.4% against the 7.9% average of the IA UK Equity Income sector, FE Fundinfo data shows.
However, over one year the fund is second quartile, returning 12% against the 9.6% sector average.
The mandate is run by founder Jeremy Lang and partner William Pattisson.
In Ardevora's third quarter review, the team admitted it had seen "disappointing" performance after repositioning its portfolios.
"We indulged in a flurry of activity during the early part of September. We sold a number of positions which had performed really very well for us," the team said.
"We also bought a few new positions in stocks with more value characteristics; stocks we have been watching for some time and we believe fit the other aspects of what we look for.
"The net result was a modestly disappointing quarter of performance for us, but largely due to our structural bias away from mega caps."
In Aredvora's most recent annual results, to 31 March 2018, the firm reported three of its four funds had seen AUM decline during the 12-month period. The flagship UK Income fund - which launched in January 2011 - was the worst affected.
The Global Long Only Equity fund, also run by Lang and Pattisson, was the only mandate where assets increased, growing from £412m to £548m as at 31 March 2018, and helping the firm's AUM rise to £4.79bn, up from £4.7bn the year before.
Assets in the Global Long Only Equity fund continued to rise in 2018, reaching £627m by the end of the year, but have since fallen to £476.8m, according to FE Fundinfo.
Meanwhile, head trader Neil Bond is understood to have become the ninth partner to leave the firm, which was established in 2010.
Ardevora declined to comment.