Fund Manager's Comment
Data as at 28 November 2008
Governments are waking up to this collapse in demand and are cutting interest rates and increasing government expenditure. The likelihood is that the investors will vacillate between worrying that depression looms and hoping that government action pulls the economy out of its nosedive. Our own intention is to continue to focus on the quantitative characteristics of the companies we monitor and to ensure that our stocks have a great growth/value/revisions balance. This means we have a low position in commodities and banks and rather more in insurance and utilities.
Awards
Pan European Equity PDFKey Facts
| Fund Size (EUR) | 31.7m |
|---|---|
| Fund Size (GBP) | 26.8m |
| Price EUR ( A Acc Shares) | 50.02 |
| Price GBP (A Acc Shares) | 41.72 |
| Price EUR (A Inc Shares) | 49.28 |
| Price GBP (A Inc Shares) | 41.10 |
| Minimum Lump Sum Investment | € 1,000 |
| Launch | 11 December 2006 |
| Launch Price (EUR) | 100 |
| Launch Price (GBP) | 67.69 |
| Initial Charge | 5.0% |
| Annual Management Charge | 1.5% |
| Unit Type | Accumulation/ Income |
| Currency Type | EUR/GBP |
| Valuation | Daily, 12pm UK/1pm Lux |
| ISIN (A EUR Acc) | LU0268337366 |
|---|---|
| Sedol (A EUR Acc) | B1J99R4 |
| Bloomberg (A EUR Acc) | ARPANEU LX |
| ISIN (I EUR Acc) | LU0268336475 |
| Sedol (I EUR Acc) | B1JD2P5 |
| Bloomberg (I EUR Acc) | ARPANEI LX |
Data as at 28 November 2008.
Performance†
| Since Launch* | 1 Year | 6 Months | 3 Months | |
|---|---|---|---|---|
| Pan European A Acc € | -50.0 | -53.3 | -44.8 | -35.2 |
| MSCI Europe (TR) € | -38.0 | -41.8 | -34.9 | -27.7 |
| Excess Return | -12.0 | -11.5 | -9.9 | -7.5 |
| Sector Average | -40.3 | -42.7 | -36.0 | -28.6 |
| Position in Sector | 330 | 397 | 418 | 399 |
| Funds in Sector | 354 | 414 | 444 | 453 |
| Quartile | 4 | 4 | 4 | 4 |
Source: Lipper Limited, NAV to NAV in Euro's with net income reinvested to 28 November 2008. * Data from 11 December 2006. The Artemis Pan European Equity Fund does not belong to an IMA sector. For comparative purposes 'sector average' is made up of Equity Europe funds domiciled in Luxembourg and Dublin. Please remember that past performance is not a guide to the future.
Value of €1000 Invested at Launch to 28 November 2008
Source: Lipper Limited, NAV to NAV in Euro's with net income reinvested to 28 November 2008. Data from 11 December 2006.
Asset Allocation*
Top Ten Holdings*
| Novartis | 4.6% |
|---|---|
| RWE | 4.6% |
| Nestle | 4.0% |
| GDF-Suez | 3.5% |
| E.ON | 3.0% |
| AstraZeneca | 3.0% |
| Zurich Financial Services | 2.9% |
| Royal Dutch Shell 'A' | 2.7% |
| BP | 2.6% |
| Drax Group | 2.5% |
* Without cash.
Source: Internal.
Market Sector Split*
| Utilities | 20.9% |
|---|---|
| Insurance | 13.4% |
| Pharmaceuticals & Biotechnology | 12.7% |
| Banks | 10.8% |
| Food, Beverage & Tobacco | 7.8% |
| Energy | 5.8% |
| Capital Goods | 4.7% |
| Telecommunication Services | 3.8% |
| Media | 3.0% |
| Other | 17.1% |
* Without cash.
Source: Internal.
Risk Warning
Artemis International SICAV is organised under the laws of the Grand Duchy of Luxembourg as a société d'investissement à capital variable (a "SICAV"). The Fund is an investment company which offers investors a choice between several classes of shares (each a "Class") in a number of sub-funds (each a "Sub-Fund"). Each Sub-Fund qualifies as a UCITS. This document is not an invitation to subscribe for shares in the Fund and is provided for information purposes only. Subscriptions for shares in the Fund can only be made on the basis of the current prospectus and simplified prospectus, copies of which can be obtained free of charge from Artemis Investment Management Ltd Cassini House, 57 St James’s Street, London SW1A 1LD. Shares in the Fund are not available for sale, nor should this document be considered available for distribution, in any jurisdiction in which the sale would be unlawful. Currently the Fund is registered for sale in France, Luxembourg, Sweden, Switzerland, the Netherlands and United Kingdom.
Past performance is not a guide to the future. The value of an investment, and any income from it, can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Issued by Artemis Investment Management Ltd which is authorised and regulated by the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.
