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Advisers and wealth managers

Artemis US Equity Fund

All data as at 31 March 2017 except where specified
  • Summary
  • About the fund
  • Performance
  • Composition
  • Key facts
  • Investment insights
  • Literature
  • Contact us

The fund’s aims

The fund aims to achieve long-term capital growth by investing principally in the shares of companies listed, quoted or traded in the United States of America.

Current prices and yield
(class I)

As at noon, 21 April 2017
Mid price (GBP acc shares)154.32p
Historic yield (GBP acc shares)0.44%

Investment information
(class I)

Minimum lump sum investment£250,000
Ongoing charge (GBP acc shares)1.00%

The initial charge is currently waived. The ongoing charge includes the annual management charge of 0.75% and is shown as at the date of the Key Investor Information Document (KIID), where a full explanation of the fund's charges can be found.

Fund manager’s update

March was the first month since the presidential election in which the market seemed to struggle. Despite finishing the month only slightly lower, there were many consecutive days when the market fell. It also marked a reversal in performance for financials that had performed strongly but are now lagging the index. The Fed hiked interest rates - a widely-anticipated move which was already priced in.

The main news was the failure of the healthcare bill: Trump’s first attempt at reform.

The main news was the failure of the healthcare bill: Trump’s first attempt at reform. The withdrawal of the bill - while initially perceived as a negative - didn’t make a meaningful impact on the market. But it does raise questions about how many of Trump’s planned policies will get passed. While this might allow the tax reforms to be tackled more quickly, it could potentially impair how extensive these will be, as the expected savings from the healthcare reforms won’t be available to help to fund the tax cuts.

The fund outperformed the market slightly. Technology stocks had another good month and the fund’s exposure to the sector - and specifically to semi-conductors and semi-conductor equipment companies - was helpful: Lam Research, Applied Materials, Micron and Advanced Energy Industries all featured in the top contributors. Our exposure to makers of videogames also contributed positively. Having taken some profits in Take-Two Interactive, we added to our position in Activision Blizzard (the maker of Call of Duty and World of Warcraft) and the fund’s performance benefited from both. On the negative side, a poor month for energy and financials affected our holdings in both sectors.

In activity, we reduced some of our holdings in financials as the sector had performed so well over previous months. We also cut some of our positions in software and services.

As there are now question marks over whether economic growth will pick up, investors’ focus might shift to economic news. Last year’s increase in confidence was based on hope rather than reality and the failure of Trump to accomplish much in his first few months in office might now result in more scepticism: the market might need further proof before it can move higher.

01 March 2016

Artemis US equities: situation and outlook…

Cormac explains his underweight in banks, capital goods and materials, and overweight in consumer staples – and why he is (still) favouring growth companies.


Value of £1,000 invested at launch to 31 March 2017

Value of £1,000 invested at launch to 31 March 2017

Data from 19 September 2014. Source: Lipper Limited, class I GBP accumulation shares, mid to mid in sterling to 31 March 2017. All figures show total returns with dividends reinvested.

Asset allocation

Asset allocation

Source: Artemis as at 31 March 2017. Please note figures may not add up to 100% due to rounding.

Percentage growth (class I)

12 months to 31 March33.0%3.4%n/an/an/a
12 months to 31 March33.0%3.4%n/an/an/a
Please remember that past performance is not a guide to the future. Source: Lipper Limited, class I GBP accumulation shares, mid to mid in sterling. All figures show total returns with dividends reinvested. As the fund was launched on 19 September 2014, complete five year performance data is not yet available.

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Artemis US equities: situation and outlook…

Security Code

About the fund

  • Core US equity fund
  • Large and mid-cap bias
  • Aims to outperform the S&P 500

The Artemis US Equity Fund aims to achieve long-term capital growth from a portfolio which consists primarily of large and mid-cap stocks from North America.

The fund is a core holding for investors looking for well diversified exposure to the potential of America’s best large and medium-sized companies. Designed to produce long-term capital returns in excess of the S&P 500 index, it invests in around 60 to 80 stocks.

Experienced manager Cormac Weldon has a highly regarded, long-term performance record as a US equity manager. This has been achieved through a collaborative approach, illustrating the Artemis US equity team’s ability to combine fundamental bottom-up, stock-specific research with top-down, strategic analysis.

Reasons to invest

  • Core US equity fund: provides diversified exposure to America's best large and mid-sized companies.
  • An eye on risk: the manager pays as much attention to downside risk as he does to upside opportunity.
  • Robust investment process: a tested, research-led investment process that has been proven through different market cycles.
  • Experienced team: collectively, Artemis’ US equity team has 56 years’ experience. Lead manager Cormac Weldon has over 20 years’ experience and has successfully navigated many market cycles.

Investment approach

  • Macro aware: rigorous analysis of long-term trends shaping the US economy, identifying areas of the market benefiting from thematic trends – and stocks for whom conditions may not be quite so favourable.
  • Style agnostic: the fund is not constrained by either a ‘growth’ or ‘value’ approach, though it may assume a bias as economic and market conditions evolve.
  • Risk-conscious approach: for every stock held, the team set a concrete measure of the balance between risk and opportunity. By forecasting how far each company’s shares might rise (or fall) on a one-year view, they ensure the fund offers an attractive risk profile in a range of scenarios.
  • Judgement is key: Cormac Weldon has managed US equity portfolios in all manner of market conditions. His judgement underpins the fund, allowing it successfully to navigate changes in the economic and market environment.

Introducing the fund

Manager Cormac Weldon introduces the fund and explains his investment approach.

Fund information

Launch date


19 September 2014



Equity long only



S&P 500

IA sector


North America

Geographical focus


North America




Share class


Class I GBP accumulation

Management fee



Ongoing charge


1.00%  (including additional expenses capped at 0.25%)

SRRI rating



Performance credentials

The following figures illustrate the performance of the Threadneedle American Fund which Cormac Weldon managed from June 2011 to December 2013. The investment strategy and portfolio of the Artemis US Equity Fund will be modelled on the Threadneedle American Fund.



6 months

1 year


Threadneedle American




S&P 500




IA North America




Quartile rank





Artemis US Equity Fund performance chart

Source: Lipper Limited, bid to bid, net of fees, retail GBP share class, net income reinvested from 31 May 2011 to 31 December 2013. Sector universe of funds is those reporting net of UK taxes. The performance shown is for illustrative purposes only.

Further information

To speak to Artemis about the fund, contact our sales team, call 0800 092 2090 or email us. The following documents are available in PDF format:

Artemis US fund range brochure

Artemis US equities range brochure

Artemis US Equity Fund overview

Artemis US Equity Fund brochure

Artemis US Equity Fund KIID

Artemis OEIC funds prospectus

Risk warnings

THIS INFORMATION IS FOR PROFESSIONAL ADVISERS ONLY and should not be relied upon by retail investors.

The additional expenses of the fund are currently capped at 0.25%. This has the effect of capping the ongoing charge for the class I shares issued by the fund at 1%. Artemis reserves the right to remove the cap without notice.

Any research and analysis in this communication has been obtained by Artemis for its own use. Although this communication is based on sources of information that Artemis believes to be reliable, no guarantee is given as to its accuracy or completeness.

Any forward-looking statements are based on Artemis’ current expectations and projections and are subject to change without notice.

Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Conduct Authority.

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