Artemis UK Growth Fund
Fund Managers' Comment
Data as at 30 April 2012
The fund gained 1.2% in April against a fall in the FTSE All-Share of 0.2% (mid-to-mid). April was a relatively quiet month with the market anticipating both the French and Greek elections on 6 May. Our best performing stock was Elementis, which was up 13%. The company reported a strong set of first quarter results as demand in the US and elsewhere offset a slowdown in Europe. The company will be in a net cash position by the end of the year; and management is reviewing the appropriate balance between cash re-investment /acquisitions and shareholder returns. Other positive contributors included our overseas earners such as Spirax Sarco, Croda and Fenner, and our UK-focused companies such as Majestic Wine, Babcock International and Sports Direct.
The fund also benefited from our significant underweight position in banks and our short in an inter-dealer broker. We believe that company’s previous success was mainly a by-product of leverage in the financial market, as well as proprietary trading by banks. But the recent US$2bn loss at JP Morgan should ensure that the banking sector continues to be under scrutiny, in particular on the proprietary trading side. We also do not hold Barclays, Lloyds, Royal Bank of Scotland and Standard Chartered. The worst performing stock was Kentz, after the directors sold 15 million of shares, representing 13% of total shares. The company continues to trade well with a strong order book — but we have reduced our holding.
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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)
- £422.0m
- Launch
- 3 April 1998
- Historic yield
- 0.9%
- Launch price
- 100p
- Unit offer price
- 295.43p
- Initial charge
- 5.00%
- Unit bid price
- 313.36p
- Annual management fee
- 1.50%
- Valuation (UK business days)
- 12:00
- Unit type
- Accumulation
- Accumulation date
- 28 February
- Total Expense Ratio
- 1.60%
* Data as at 30 April 2012.
Performance
| Since Launch* | 5 Years | 3 Years | 1 Year | 6 months | |
|---|---|---|---|---|---|
| UK Growth Fund (TR)† | 210.2 | -1.0 | 58.3 | 0.5 | 6.9 |
| FTSE 100 (TR)† | 49.0 | 7.2 | 50.4 | -2.0 | 5.5 |
| FTSE All-Share (TR)† | 64.2 | 6.5 | 52.2 | -2.0 | 6.3 |
| Sector Average | 62.7 | 0.7 | 49.9 | -2.4 | 5.9 |
| Position in sector | 4 | 155 | 44 | 54 | 91 |
| Funds in sector | 112 | 251 | 273 | 288 | 291 |
| 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 April 2012. All figures show total returns. †Percentage Growth. Sector is IMA UK All Companies.
Performance Growth
Artemis UK Growth Fund 12 Months to 30 March 2012
| 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|
| 2.6 | 16.7 | 42.7 | -29.2 | -17.6 |
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 April 2012
Data from 3 April 1998. Source: Lipper Limited, bid to bid in sterling with net income reivested to 30 April 2012.
Net Asset Allocation*
* Without Cash. Source: Artemis as at 30 April 2012.
Fund Exposure*
| Long % | Short % | Gross % | Net % | |
|---|---|---|---|---|
| Equities | 95.9 | -4.8 | 100.7 | 91.1 |
| Number of Positions | ||||
| Long | 54 | |||
| Short | 5 | |||
* Source: Artemis as at 30 April 2012.
Top Ten Holdings
| % of fund | |
|---|---|
| Weir Group | 5.0 |
| Rolls-Royce | 4.9 |
| GlaxoSmithKline | 4.8 |
| Vodafone | 4.7 |
| BP | 4.7 |
| BG Group | 4.6 |
| Royal Dutch Shell 'B' | 4.4 |
| HSBC | 4.3 |
| Elementis | 4.2 |
| Experian | 3.4 |
Source: Artemis as at 30 April 2012.
Net Market Sector Split
| % of fund | |
|---|---|
| Industrial Goods & Services | 27.3 |
| Oil & Gas | 20.3 |
| Chemicals | 8.8 |
| Personal & Household Goods | 6.8 |
| Healthcare | 6.6 |
| Telecommunications | 5.8 |
| Banks | 4.3 |
| Retail | 3.3 |
| Media | 2.2 |
| Other | 14.6 |
Source: Artemis as at 30 April 2012. Sector Classification: ICB L2.
Top Five Positive Positions†
| Company | % of fund |
|---|---|
| Weir Group | 4.8 |
| Elementis | 4.2 |
| Rolls-Royce | 4.1 |
| Experian | 2.8 |
| Aggreko | 2.7 |
Top Five Negative Positions†
| Company | % of fund |
|---|---|
| Royal Dutch Shell 'A' | -4.5 |
| Rio Tinto | -2.8 |
| BHP Billiton | -2.4 |
| Diageo | -2.2 |
| Standard Chartered | -2.0 |
† Variance between stock % held in the fund versus FTSE All-Share.
Source: Artemis as at 30 April 2012.
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. This Fact Sheet should not be relied upon to support an investment decision, nor does it constitute investment advice. It is made available so that investors may follow the fund’s progress on a regular basis. The information and views it contains were correct at the time of preparation but may have changed. All financial investments involve degrees of risk which means that the value of your investment, and any income from it, can fall as well as rise as a result of market and currency fluctuations (where investment has been made in foreign companies) and you may not get back the amount originally invested. Please remember that past performance is not a guide to future performance. 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. 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.