JOHCM UK Equity Income

Citywire Verdict: Clive Beagles and James Lowen had a tough year due to their high weighting to mid-cap companies, insurance firms and consumer services, reversing their strong gains from previous years. The fund has more mid cap exposure than many of its larger peers and recent additions have included sold down consumer facing stocks that they think may have a better year than many anticipate. The fund is very underweight banks and the duo are wary of tobacco and utilities, which they view as  vulnerable to governments' tax grabs. With the fund recently reopened to investors, this is one that should perform well if macro sentiment improves.