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Interview with Adrian Frost Portfolio Manager of the Artemis Income Fund

How did you start your career in finance?

Badly. I started as a stockbroker when the city was still a cottage industry. The broker went bust (it was then acquired by Quilter Goodison!)  Two other jobs followed in quick succession with a futile attempt to join a brewery in between. Just to be clear, everything else was going swimmingly. Anyway a job at Morgan Grenfell helped and put me firmly on the road to managing money. I stayed for 18 years.

Has your investment process/philosophy changed whilst you’ve have been running the Artemis Income Fund?

At heart it remains the same but over the eighteen years I have been running the fund we have seen changes and advances the likes of which have not been seen for generations, maybe ever. Evolving the way I have worked and thought about investing has been key and this will continue. Being aware of change and knowing how to address it is one of the key attractions of the job. The ‘youth’ of the team recently sent me to the San Francisco/Silicon valley to learn more, so I’m not done with learning yet.

What do you think the biggest opportunity is for UK income investors in the near future?

Frankly the ‘near future’ isn’t something we spend time thinking about and in the current environment this applies in spades! However, one suspects that there is more scope for positives than not, and once the black and white stripes have been painted on the road and the Belisha beacons lit, the international investor will cross back into the UK equity market. In this context, income looks the most bedraggled part of the market and will likely benefit the most.

What suggestions would you have to someone picking shares for the first time?

Have some rules, recognise the limits of your knowledge and apply the most powerful investment tool of all: common sense.