The Henderson fund may struggle to outperform its benchmark over the long-term, Brunt warned.
The ongoing charge including an annual management fee stands at 1.89% but the fund can charge up to 5% in initial fees and slap on an extra 10% in performance fees.
Brunt said: “Stevenson has proved an astute stock-picker over the years and has shown skill in constructing a well-balanced portfolio.
“However, while we remain positive on his capabilities, we believe that the fund’s pricing places it at a structural disadvantage.
“Not only is the ongoing charge of the fund’s clean share class, with no distribution fee included, expensive when compared with the clean share classes of peers, there is an additional performance fee.”
Henderson has also been approached for comment.
