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Artemis VCT plc

All data as at 31 March 2017 except where specified
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The fund’s aims

The company’s objective is to achieve long-term capital and income growth and to generate tax free capital and income distributions.

Investment policy

The company's policy is to invest in a diversified portfolio of growth orientated companies across a broad range of industries, with a particular emphasis on companies whose shares are traded on AiM. Investments will also be in companies whose shares are traded on ISDX markets and unquoted companies. The company's portfolio is managed in order to meet the requirements of section 274 of the Income Tax Act 2007 that, inter alia, require at least 70% of the investments to be qualifying holdings, of which 30% must be in eligible shares. Subject to maintaining a prudent margin of safety over the 70% level, the company's remaining assets may be invested in cash or money market deposits, fixed interest securities, unit trusts or UK listed securities without regard to the market capitalisation of such companies.

Ordinary shares

Share price (ordinary)67.00p
Net asset value74.62p
(Discount)/Premium on diluted NAV(10.2)%

Important security alert

Artemis has been made aware of some shareholders receiving telephone calls from individuals claiming to be brokers who wish to purchase VCT shares at a significant premium in exchange for a bond. So far as Artemis is aware, this offer is not genuine.
Should you receive any calls similar to this, please let us know by calling our Client Services Team on 0800 092 2051.
You may also wish to notify the Financial Conduct Authority or the Metropolitan Police.
For more information on share fraud and boiler room scams please see the following from the FCA.'Important security alert

Fund manager’s update

The reporting season has been generally positive for our investments: the majority of our companies are still performing well. For our two most recent investments - both of which we bought at IPO in 2016 - this is their first set of full-year results. This is an important milestone in establishing credibility with investors, particularly as both shares are trading at a significant premium to their prices at flotation.

Yu Group also announced maiden full-year results. Contracted revenue has grown from £8.4m at the time of the IPO to over £27m.

ECSC reported results that were nicely ahead of expectations, showing that the IPO process itself hadn’t proved a distraction. As planned, headcount has increased to almost 100 staff, leaving the company well resourced to address the fast growing market for cyber security. The next few months will be important as the new sales team starts work but we remain optimistic.

Yu Group also announced maiden full-year results. Contracted revenue has grown from £8.4m at the time of the IPO to over £27m. Customer satisfaction appears high judging by the renewal rate of over 80%. Importantly, the company successfully navigated what was a volatile energy market in 2016, with at least one high-profile supplier of energy going bust. This critically builds confidence in the management’s ability to manage risk as well as growth.

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Risk warnings

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

This information does not constitute an offer, invitation or solicitation to deal in the securities of this fund.

The fund may have a concentrated portfolio of investments.

The fund may invest in the shares of small and medium sized companies.

Investing in a venture capital trust (VCT) carries a higher risk than many other forms of investment. Potential investors are therefore strongly advised to seek professional advice. In particular, shares in a VCT may be difficult to sell. Tax policy towards VCTs may change and any tax relief may depend on an individual's circumstances.

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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