'Exercise in survival' for companies as Artemis Income preps for heavy dividend cuts

Assets fall by £1.8bn over one month

Artemis Income managers have been trimming top-performing positions and building up cash levels amid an "exercise in survival" for investee companies, with the fund preparing for widespread dividend cuts in the months ahead, according to co-manager Andy Marsh.

The ongoing market sell-off stemming from the coronavirus pandemic has seen the fund's assets plummet from £5.2bn to £3.4bn over one month to 18 March, Fe fundinfo data shows, accounting for a 35.8% decline. IHS Markit warns of recession on scale 'not seen in modern history' as business activity slumps Speaking to investors on Tuesday (24 March) Marsh, who manages the fund alongside Adrian Frost and Nick Shenton, explained the team had built cash holdings up from 2% to around 3% after trimming "a number of our better performing positions", including HSBC, software firm Sage and Evolut...