Artemis Global Income I Acc
Why is this fund on our radar?
Artemis Global Income embodies the firms proven income philosophy on a global stage, offering investors a diversified, flexible and high-conviction approach to equity income investing. Managed since launch in 2010 by Jacob de Tusch-Lec, with co-manager James Davidson, the fund blends a strong record of rising income and capital growth.
At its heart, the process is pragmatic and unconstrained. The managers seek quality companies with durable franchises, strong cash flows and attractive valuations, whilst remaining willing to invest in underappreciated or unloved areas when opportunities arise, tilting into cyclical or contrarian names, particularly in areas where sentiment is weak, but fundamentals are improving. The portfolio typically holds around 70 stocks, spanning geographies, sectors and styles, with a tilt toward developed markets and large-cap companies.
What earns the fund a place on our list is the managers’ strong track record of picking the right companies more often than the wrong ones, and doing so in a way that has added meaningful value for investors over time. Importantly, it hasn’t just delivered strong returns, but has done so whilst limiting the impact of tougher markets. This might make it an appealing choice for investors looking for global equity income with an active, research-driven approach, whether to sit alongside a UK-focussed portfolio or simply to broaden income exposure beyond familiar home-market names.
Skip to Our VerdictPerformance
Since its launch in 2010, Artemis Global Income has delivered exceptional long-term results. To the end of October 2025, the fund has delivered an annualised return of 13.9%. This outpaces the annualised return of 11.3% from its MSCI AC World benchmark and also 9.6% from the IA Global Equity Income sector. We believe this strong record stems from the managers’ valuation-conscious and pragmatic investment style, which often rewards patience as fundamentals eventually catches up with sentiment.
The last five years illustrate this too. The fund has delivered a total cumulative return of 179.7%, outpacing its benchmark, in this case represented by an MSCI World ETF, which returned 103.1% and the peer group, which averaged 79.4%.
five-year performance
Source: Morningstar
Past performance is not a reliable indicator of future results
We think it's also helpful to break down returns by calendar year, to show how the fund performs through different market environments. In 2025 (to end-October), performance has been particularly strong, with standout contributions from aerospace and defence holdings, including Rheinmetall, which has rallied on strong earnings growth, a record order backlog and significant free cash flow generation. Hanwha Aerospace and BAE Systems have also posted robust results, buoyed by rising global defence spending and improved visibility of future earnings.
calender year returns
Past performance is not a reliable indicator of future results
The fund’s contrarian approach has also shone through in its material exposure to undervalued, more cyclical areas of the market, particularly financials. Similarly, 2022 and 2024 were standout years. In 2022, the fund’s valuation discipline and focus on companies with resilient earnings helped limit losses, falling just 2.5% versus an 18% drop for the index. Meanwhile, in 2024, the managers’ fundamentally driven style once again came to the fore, with strong stock selection driving significant outperformance.
That said, the fund is not immune to tougher periods. In lagged in 2020 and 2023, years when high-growth stocks dominated returns. These were growth or tech-led rallies where the managers’ benchmark-agnostic and valuation-driven process, by design, avoided many of the largest contributors to index performance. This can lead to short-term underperformance but, in our view, reinforces the differentiated nature of the fund. Given the approach, underperformance may occur during these periods, but the long-term track record, combined with the managers’ ability to navigate complex market cycles, speaks to the strength of the process.
Portfolio
Artemis Global Income owns a portfolio of around 70 stocks, grouped into three strategic ‘buckets’ to balance income and growth across market cycles. The core income bucket, making up 21% of the fund, typically includes mature, dependable businesses with high and stable dividends. Dividend growth, the largest allocation at 48%, features companies with growing payouts that tend to be more economically sensitive. The remaining 31% sits in risk and special situations, typically higher-yielding, lower-quality names with recovery or turnaround potential, areas where the managers see the opportunity for outsized income and capital growth. Together, this has resulted in a historic yield of 2.5%, but also a growing income over the past four years.
portfolio breakdown
Source: Artemis
In late 2025, the managers have added more cyclicality to the portfolio, having reduced risk earlier in the year in response to concerns around economic growth, and focussed on regional banks in the US and Japan. This is reflected in the fund’s sector breakdown as of the end of October, with significant exposure to financials (36%) and industrials (23%), tied to long-term themes such as defence, infrastructure and banking profitability.
The portfolio is also shaped by the manager’s broader macro view and contrarian style at the regional level. The fund remains heavily exposed to Europe including the UK, with meaningful allocations to emerging markets and Japan. However, exposure to North America sits at around 27%, underweight versus the global index. This long-standing underweight stems from the managers’ valuation discipline and limited exposure to mega-cap tech, particularly in the US, an area where valuations are stretched and yields tend to be low or non-existent.
regional allocation
Our Verdict
For investors looking beyond the UK for income, Artemis Global Income offers a genuinely differentiated, contrarian route into global equity income. Its flexible, style-agnostic process combines dependable income stocks with cyclical growers and higher-risk recovery plays, giving the managers agility to adapt across market regimes.
The fund avoids hugging benchmarks or leaning heavily on mega-cap US tech. Instead, it backs underappreciated ideas worldwide, from Japanese regional banks to European defence firms, all selected on free cash flow, dividend durability and valuation discipline. Whilst this selective positioning can underperform in style-driven or momentum-led markets, the managers discipline in sticking to process and letting stock selection do the talking, is precisely what has powered the fund’s strong long-term returns.
We see Artemis Global Income as a compelling option for investors seeking globally diversified exposure, resilient dividends, and long-term total return potential, offering a differentiated approach compared with traditional equity income strategies. It might work well both as a complement to a UK income portfolio or as a standalone global equity income anchor, bringing active management and diversification to an investor’s portfolio.
Key Risks
- Lower dividend than the FTSE All-Share Index
- Style-agnostic, income-focussed approach may lag during speculative or growth-led market rallies
- Underweight to the US could prove a headwind if the market rallies
