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We are long term, active UK equity stock pickers. As traditional UK equity investors we adopt a common-sense approach in what we do – long only, profitable, UK listed, direct equity investment. Our rigorous fundamental research process enables us to identify the very best opportunities within the universe whilst keeping the spotlight on balance sheet quality, business model sustainability and valuation. We apply a naturally sceptical approach to our asset valuation process, maintaining awareness of the bear case scenario and the impact to investor returns. With no intentional style bias our portfolios offer high quality exposure across the capitalization spectrum managed in a collaborative environment from the heart of Leeds, UK.

Our UK Equity Income portfolios are aligned to the same overarching common-sense philosophy applied across the team. We believe that high quality UK companies generating sustainable cash flows and trading on reasonable multiples offer significant potential to outperform the broader market over the long term.

We don’t believe in simply chasing the highest yielding investments. We want attractively valued companies with good quality brands, pricing power and the ability to generate income and compound that income over the long term. Our advocacy for the power of compounding underpins our focus on generating a consistent dividend yield premium over the FTSE All Share index.

Key Information

To generate an income that is higher than that of the FTSE All-Share Index, together with investment growth over a three to five-year period net of fees and costs.

Portfolio characteristics UK Equity Income
Objective Income
Asset Class Equities
Style Core / Quality
Investable Universe UK
Benchmark FTSE All-Share Index
AllocationUK listed shares
Market capitalisation All-cap with a large cap bias
Number of stocks 30-50
Portfolio turnover 20-40%
Target yield Consistent yield premium over the FTSE All-Share Index
Dividend frequency Quarterly
Inception  January 1995

Why Invest in UK Equity Income


Pragmatic investors

We like to keep things simple. With a sole focus on long only, profitable, UK listed, direct equity investment, we can evade futile distractions


Quality bedrock

We keep the spotlight on balance sheet and business model resilience, constructing reasonably valued core portfolios comprised of quality companies listed in the UK


Culture of collaboration

Our close-knit team champion a collaborative desk-based environment from the heart of Leeds, where we have been managing concentrated UK equity portfolios for over two decades

Investment team

Richard Bullas

Job title
Co-Head, UK Equities (Small & Mid Cap)
Ben Russon

Ben Russon, CFA

Job title
Co-Head, UK Equities (Large Cap)
Dan Green

Dan Green, CFA

Job title
Portfolio Manager & Research Analyst

Marcus Tregoning

Job title
Portfolio Manager & Research Analyst

Will Bradwell, CFA

Job title
Portfolio Manager & Research Analyst
Jo Rands

Jo Rands

Job title
Portfolio Manager & Research Analyst
Courtney Westcar

Courtney Westcarr

Job title
Research Analyst

Anna Samuel

Job title
Investment Analyst

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