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The Old Mutual UK Equity Income fund has been run by Stephen Message since November 2009. Message invests primarily in larger companies and has a pragmatic approach, investing in both income and growth stocks. The latter may include companies with low or zero yields, though he does look for dividend growth.
The fund has been one of the top performers in the UK Equity Income sector in recent years. This is particularly impressive given the large-cap focused asset allocation - around 75% of the portfolio is invested in the FTSE 100. Many of the other top performers in the sector have achieved their success through high weightings to mid and small-cap companies, both of which have outperformed large-caps in recent years.
Message is relatively inexperienced for a fund manager and his track record has been generated in the generally benign post-crisis period. However, we draw reassurance from the strong team around him. Message sits on Old Mutual’s UK Large Cap team which includes Richard Buxton, manager of the five star rated Old Mutual UK Alpha fund.
The fund has been awarded a three star rating and will feature on our top-rated funds list - our research team’s premier selection.
The value of investments, and the income derived from them, can go down as well as up and you can get back less than you originally invested. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.
Current or past yield figures provided should not be considered a reliable indicator of future performance.
Funds may carry different levels of risk depending on the industry sector(s) in which they invest. You should ensure that you understand the nature of any fund before you invest in it. Any yields quoted cannot be considered reliable indicators of future returns
Fund manager
Stephen Message
Date
Fund rating
Analyst
Tom White
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