Artemis Fund Managers’ first Assessment of Value (AoV) report has prompted the asset manager to consider a series of changes to its fund range, including fund mergers and the appointment of a new co-portfolio manager.
Elsewhere, while Artemis UK Special Situations and European Growth offered "value overall" to clients, they lagged both the return of their respective indices and average peers over the reporting period. For each vehicle, Artemis said it will "continue to actively monitor the fund's performance through the firm's governance processes".
Every other fund in the report was found to offer "very good value" by the board.
The FCA requires firms to take into account performance, management costs, economies of scale, comparable market rates, comparable services, classes of units and quality of service.
Artemis' AoV opted to group the criteria into three categories; performance, costs and charges, and services.
According to Artemis, a recent client survey found 90% of respondents thought the firm's fees and charges were "fair and reasonable in relation to similar funds provided by other fund managers", while 97% would recommend the firm to friends and family.
Artemis also pointed to a new pricing structure put in place in February 2019, which provides "benefits of scale and provides greater certainty to our clients about the cost of investing".
In addition, in January this year the firm moved 9,000 clients holding "Class R" fund units to units with a lower annual management fees, saving "£5 to £30 per year for every £10,000 invested", according to Artemis.