The fund, managed by Derek Stuart and Ruth Keattch, has been given a sell rating by the firm over performance.
Robert Harley, analyst at Bestinvest, says the fund has “struggled to add value relative to the market with consistency” over the past five years or more.
Harley says performance has not tracked that of the strong run enjoyed by mid- and small-cap companies, of which it has a larger exposure to.
A spokesman for Artemis says: “Of course we’re disappointed by this news. But we accept that the fund has failed in recent – and volatile – years to maintain its outperformance. (article continues below)
“The fund’s long-term record since launch in 2000 speaks for itself, though.
“The management and approach of the fund haven’t changed, and so we have every confidence that the fund will regain its Bestinvest rating in due course. That’s certainly something the managers are working hard towards.”
Among Bestinvest’s latest ratings reviews, the M&G Recovery fund managed by Tom Dobbell was also downgraded to four stars from its previous five-star rating.