The CF Miton UK Multi Cap Income fund has fended off its competitors and retained its position at the top of the UK equity income funds.
The fund has returned a 129.9% over the five years to the end of June, far outstripping the sector average of 73.3%.
Moving up to second place on the White list was the Slater Income fund managed by A-rated Mark Slater, followed by the MI Chelverton UK Equity Income fund, run by A-rated managers David Taylor and David Horner.
At the very bottom of the Black List was the HSBC Income fund.
The greatest faller over the last six months was the Newton UK Income fund which dropped from the Grey List 24 places into the Black List.
In the previous study, Christopher Metcalfe’s fund moved out of the White List and has since struggled to perform and maintain its dividend payout level.
Over the past five years to the end of June, the fund has returned 63.4% falling short of the sector average of 73.3%.
Phil Smeaton, CIO, Sanlam UK, said: ‘The IA’s decision to amend the requirements for a fund to enter the UK Equity Income sector is shaping the equity landscape, and has the potential to impact investors looking for income in the future.
'While funds have greater flexibility, there is a limited pool of stocks available, and investors, therefore, need to ensure they have the right blend of funds to make sure they are diversified.’
The study is a quantitative assessment monitoring the performance of all UK equity income funds over six-month periods and then bracketing them into three categories: White List, Grey List, and Black List.
The White List is the funds that have established their ability over five years to produce superior total returns.
The Grey List is for managers with an out-of-favour style or an early warning signal for a fund in decline.
The Black List is for consistent underperformers.