Artemis UK Growth Fund
Fund Managers' Comment
Data as at 30 December 2011
The main focus in December was the EU leaders’ summit. But this failed to conclude on what is required to resolve the eurozone crisis; and for the moment more fiscal and political union seems some way off. During the period mid-day pricing indicated that the fund rose by 1.9% versus a return of 0.8% from the FTSE All-Share Total Return Index. But on a close of business pricing basis, the fund was flat versus a rise of 0.8% in the FTSE All-Share Total Return Index. This anomaly came from high volatility in the period straddling the month end between November and December.
On a close of business basis, our best performing stocks were Aggreko, a temporary power company, and Experian, a credit services company with activities in South America and the US which are doing well. The small number of shorts we have were also helpful. We still believe that the best way to manage the fund is to remain invested in those companies that have most of their activities outside the UK and certainly Europe. This strategy has worked well: although the fund has fallen 3.4% on a close of business basis over the year, this is better than the market which has fallen 3.5%. This performance places the fund firmly in the top quartile for 2011.
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Artemis Global Income Fund Q4 2011
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Artemis UK Growth Fund Q4 2011
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Market Commentary Q4 2011
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Artemis Global Growth Fund Q4 2011
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Artemis Strategic Assets Fund Q4 2011
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Artemis UK Special Situations Fund Q4 2011
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Apply OnlineKey Facts
- IMA sector
- UK All Companies
- Minimum lump sum investment
- £1,000
- Sedol number
- 0258326
- Minimum monthly investment
- £50
- Fund size (offer basis)
- £334.3m
- Launch
- 3 April 1998
- Historic yield
- 1.0%
- Launch price
- 100p
- Unit offer price
- 291.65p
- Initial charge
- 5.00%
- Unit bid price
- 274.91p
- Annual management fee
- 1.50%
- Valuation (UK business days)
- 12:00
- Unit type
- Accumulation
- Accumulation date
- 28 February
- Total Expense Ratio
- 1.59%
* Data as at 30 December 2011.
Performance
| Since Launch* | 5 Years | 3 Years | 1 Year | 6 months | |
|---|---|---|---|---|---|
| UK Growth Fund (TR)† | 188.7 | -1.3 | 53.7 | -3.4 | -6.3 |
| FTSE 100 (TR)† | 42.8 | 7.9 | 40.3 | -2.2 | -4.8 |
| FTSE All-Share (TR)† | 55.3 | 6.2 | 43.9 | -3.5 | -6.2 |
| Sector Average | 49.9 | -2.0 | 42.1 | -7.1 | -8.4 |
| Position in sector | 3 | 139 | 40 | 47 | 90 |
| Funds in sector | 114 | 243 | 271 | 284 | 287 |
| Quartile | 1 | 3 | 1 | 1 | 2 |
Please remember that past performance is not a guide to the future. * Data from 3 April 1998. Source: Lipper Limited, bid to bid in sterling with net income reinvested to 30 December 2011. All figures show total returns. †Percentage Growth. Sector is IMA UK All Companies.
Performance Growth
Artemis UK Growth Fund 12 Months to 30 December 2011
| 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|
| -3.4 | 26.3 | 26.0 | -32.6 | -4.7 |
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 30 December 2011
Data from 3 April 1998. Source: Lipper Limited, bid to bid in sterling with net income reivested to 30 December 2011.
Net Asset Allocation
Source: Artemis as at 30 December 2011.
Fund Exposure*
| Long % | Short % | Gross % | Net % | |
|---|---|---|---|---|
| Equities | 96.4 | -6.2 | 102.6 | 90.2 |
| Cash | 3.6 | |||
| Number of Positions | ||||
| Long | 56 | |||
| Short | 10 | |||
* Source: Artemis as at 30 December 2011.
Top Ten Holdings
| % of fund | |
|---|---|
| Weir Group | 5.9 |
| Vodafone | 5.1 |
| GlaxoSmithKline | 5.1 |
| BP | 5.0 |
| Royal Dutch Shell 'B' | 4.9 |
| Rolls-Royce | 4.6 |
| BG Group | 4.5 |
| Aggreko | 4.1 |
| HSBC | 3.9 |
| Petrofac | 3.2 |
Source: Artemis as at 30 December 2011.
Net Market Sector Split
| % of fund | |
|---|---|
| Industrial Goods & Services | 25.0 |
| Oil & Gas | 20.5 |
| Personal & Household Goods | 8.1 |
| Chemicals | 7.1 |
| Healthcare | 6.5 |
| Telecommunications | 6.1 |
| Retail | 4.6 |
| Basic Resources | 4.2 |
| Banks | 3.9 |
| Other | 14.0 |
Source: Artemis as at 30 December 2011. Sector Classification: ICB L2.
Positive Positions†
| % of fund | |
|---|---|
| Weir Group | 5.6 |
| Rolls-Royce | 3.8 |
| Aggreko | 3.7 |
| Petrofac | 2.9 |
Negative Positions†
| % of fund | |
|---|---|
| Royal Dutch Shell 'A' | -5.1 |
| Diageo | -2.1 |
| Standard Chartered plc | -2.0 |
| Tesco | -1.9 |
† Positive variance between stock % held in the Fund versus FTSE All-Share.
Source: Artemis as at 30 December 2011.
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. 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. Investment in the securities of smaller and/or medium sized companies can involve greater risk than is customarily associated with investment in larger, more established companies. The market for securities in smaller companies is often less liquid than that for securities in larger companies, 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.
The fund may hold derivatives with the aim of profiting from falling prices. If the related assets rise in value the fund will lose money.