Money Makers

Artemis UK Future Leaders (AFL) is the new name for Invesco Perpetual UK Smaller Companies, after Mark Niznik and William Tamworth of Artemis took over running its portfolio in March 2025, ending Invesco's three decades in charge. The trust had a decent long-term record under Invesco (Niznik was also its manager from 1994 to 2002), but its performance tailed off in the last few years. Although it is still early days for Artemis, the trust's struggles have continued, with a 0% return over the year to April 2026 versus +16% for its benchmark, with performance hit by losses in consumer discretion...