Fund Manager's Comment
Data as at 31 October 2008
Markets went from bad to worse over the course of October, with regional equity markets declining between 15% (Japan) and 28% (Emerging markets). Relative sector performance was consistent with such poor price action: Healthcare and consumer staples outperformed, whilst Resources and Cyclicals (notably autos and retailers) underperformed. In addition, currency markets were extremely volatile. A flight to safety prompted a 9% appreciation in the US dollar against sterling.
There were no material changes to the positioning of the Fund over the month. We remain heavily overweight Healthcare and Utilities, with some exposure to oversold coal and fertiliser producers. Amidst the ongoing credit crunch, it is also worth noting that the portfolio has relatively little exposure to heavily indebted companies: the average ratio of net debt to market capitalisation for the fund is 13%, which compares with a ratio of 28% for the market as a whole.
Regionally, we remain overweight Developed markets versus Emerging markets. Within Developed markets, however, we have shifted almost 4% from the US to Japan, investing principally in domestic demand plays such as Retailers, Food Producers and Telecoms.
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Awards
Global Growth PDFKey Facts
| IMA Sector | Global Growth |
|---|---|
| Sedol Number | 0679574 |
| Fund Size (Offer basis) | £236.1m |
| Historic Yield | 0.1% |
| Unit Offer Price | 83.67p |
| Unit Bid Price | 79.11p |
| Valuation | 12 noon daily (UK business days) |
| Min. lump sum investment | £1,000 |
|---|---|
| Min. monthly investment | £50 |
| Launch | 29 June 1990 |
| Launch price | 50p |
| Initial charge | 5.25% |
| Annual Management Charge | 1.5% |
| Unit type | Accumulation |
| Accumulation date | 7 June |
Data as at 31 October 2008.
Performance
| Since Launch* | 5 years | 3 years | 1 year | 6 months | |
|---|---|---|---|---|---|
| Global Growth Fund (TR) † | 66.6 | 36.9 | -4.1 | -40.0 | -35.2 |
| MSCI World (TR) † | 167.5 | 14.4 | -7.0 | -25.2 | -21.4 |
| Sector Average† | 143.2 | 12.1 | -9.6 | -31.1 | -27.1 |
| Position in Sector | 43 | 16 | 40 | 169 | 175 |
| Funds in Sector | 46 | 145 | 158 | 187 | 193 |
| Quartile | 4 | 1 | 1 | 4 | 4 |
Please remember that past performance is not a guide to
the future.
* Data from 29 June 1990. Source: Lipper Limited, bid to bid in sterling
with net income reinvested to 31 October 2008. All figures show
total returns. †Percentage Growth. Sector is IMA Global Growth.
Percentage Growth
Artemis Global Growth 12 Months to 30 September
| 2008 | 2007 | 2006 | 2005 | 2004 |
|---|---|---|---|---|
| -25.2 | 36.3 | 6.1 | 48.2 | 6.6 |
Further Discrete Performance periods.
Source: Lipper Limited, bid to bid in sterling with net income reinvested. All figures show total returns.
Value of £1,000 invested at Launch to 31 October 2008
Data from 29 June 1990. Source Lipper Limited, bid to bid in sterling with net income reinvested to 31 October 2008.
Asset Allocation*
*Without cash. Source: Internal
Top Ten Holdings*
| RWE | 3.1% |
|---|---|
| E.ON | 2.6% |
| Novartis | 2.5% |
| Massey Energy | 2.3% |
| CEZ a.s. | 2.0% |
| CF Industries | 1.8% |
| Pfizer | 1.6% |
| BP | 1.5% |
| Fortum Oyj | 1.5% |
| Walter Industries | 1.5% |
* Without cash.
Source: Internal.
Market Sector Split*
|
* Without cash.
Sector Classification: MSCI.
Source: Internal.
Risk Warning
Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk), 25 The North Colonnade, Canary Wharf, London E14 5HS and is a member of the IMA. Artemis Fund Managers Ltd is a member of the Artemis Marketing Group. We only market our own unit trusts. The value of an investment, and any income from it, can fall as well as rise as result of market and currency fluctuations and you may not get back the amount originally invested.
A significant proportion of the Fund may be invested in emerging markets. Investments in emerging markets can involve greater risk than is customarily associated with more mature markets meaning above average price movements both positive and negative can be expected.
All data is sourced internally unless otherwise stated.
The historic yield reflects distributions declared over the past twelve months as a percentage of the mid-market unit price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions.
