The £688.7 million UK equities vehicle was previously run by Citywire AAA-rated Tim Steer, with the name representing the manager's growth-centric investment approach.
However, following Steer’s replacement at the helm by former Standard Life Investments' AAA-rated Legget, the fund will adopt a new name.
From 29 February it will be known as the Artemis UK Select fund, which the new manager said is designed to reflect his ‘contrarian’ style.
‘Historically it has always been the UK Growth fund, and Tim would categorise himself as a growth investor,’ Legget told Wealth Manager.
‘Through my career I have owned growth stocks, and I have inherited growth stocks in the fund which I am very comfortable with, but I would categorise myself as more of a contrarian manager. From that point of view the fund name perhaps did not tie in with my style.’
Though Legget said that while managing the SLI UK Equity Unconstrained Fund his portfolio would typically contain many of the same stocks as Steer’s, he expects to cut around 6-7% of Artemis UK Growth’s holdings over the next few months.
‘We had a big overlap in terms of holdings we held through time,’ Legget explained. ‘Tim had a high degree of focus on cash flow and cash conversion, which I am an equally great believer in. Looking back over the past few years we have owned lots of the same stocks, but we owned them at different times.
He added: ‘[Of] the portfolio I’ve inherited, about 60% I have owned myself in the past three years, so I know the vast majority of the stocks well.
'There are a few - 3-4% of the portfolio - which I don’t know what I’m going to do with yet. It is certainly top of the list to go and see them, along with some others that have IPO’d in the past six months.’
While manager of SLI UK Equity Unconstrained, Legget returned 202.97% between April 2008 and June 2015 compared to the 61.46% of his peers.
Meanwhile Artemis UK Growth, which was managed by AA-rated Paul Casson alongside Steer, delivered 63.2% in the five years to 31 December 2015, versus a sector average of 40.76%.