Robin Geffen's Neptune Income fund has surged to the top of the latest Sanlam Income Study, jumping 25 places, while a trio of Columbia Threadneedle Investments' funds saw sharp downward moves.
Half of the largest funds in Sanlam's White List, which calculates the best-performing largest funds in the UK Equity Income sector over a five-year period, were replaced, which Sanlam UK said was much higher turnover than usual.
However, its Black List of the worst performers was more stable.
Geffen's fund produced a return of 5.6% in the year to 30 June 2019 - a period when many of its peers struggled - to lift it from the Grey List to top of the charts.
This comes following the announcement that Liontrust has acquired Neptune for £40m with Geffen and the Income fund moving across in October.
Other funds at the head of the White List were Henry Dixon's Man GLG UK Income, which rose from seventh place last time; Gervais Williams' Miton UK Multi Cap, which continued its consistent stay in the top three; and Santander Equity Income, managed by Graham Ashby, which moved up five places.
Troy Trojan Income, which was previously top of the White List, fell 11 places to 12th as it continues to jump around the chart due to disappointing longer-term total income distributions.
Columbia Threadneedle also fared worse than previously with Richard Colwell's UK Equity Alpha and UK Equity Income funds plunging 43 and 23 places respectively into the Black List.
A third fund, Threadneedle UK Monthly Income, run by Richard Barker, fell six places but retained its Grey List slot.
Aberdeen Standard Investments also saw a pair of mandates take sharp falls, with SLI UK Equity Income Unconstrained and SLI UK Equity High Income dropping 15 and 11 places respectively to the foot of the Grey List.
Janus Henderson UK Equity Income & Growth, managed by James Henderson and Laura Foll, slipped three places to lie at the bottom of the Black List.
It replaced UBS UK Equity Income, which edged up two places, with L&G UK Equity Income splitting the two and falling four slots.
This article was first published on InvestmentEurope's sister website Investment Week