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Institutions and charities

Artemis Alpha Trust plc

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

The fund aims to achieve above average rates of total return over the longer term and to achieve a growing dividend stream.

Investment policy

The company's investment portfolio comprises mainly UK and selected international equities, with the potential for investment in limited liability hedge funds, cash and bonds, unquoted investments, derivative instruments and other investments and securities as appropriate.

Current prices

Share price (ordinary)262.88p
Share price (subscription)2.60p
Dividend yield1.5%

Fund manager review

As stockpickers, we don’t spend time trying to predict which sector(s) will be next to attract the market’s favour. Instead, we focus on understanding the long-term prospects of individual companies. One result of this bottom-up approach is that the Company has a longstanding exposure to financial stocks: because we like their prospects individually, they account collectively for a quarter of the portfolio. Recent returns from these holdings have been excellent. President Trump’s promises of fiscal stimulus and tax cuts have encouraged forecasts for economic growth and inflation to rise, pushing bond yields and equity markets higher. This is a favourable environment for financial stocks in general - and for asset managers in particular. So while the FTSE All-Share index edged slightly lower in January, the Company’s net asset value rose by 3.5%. The single biggest contribution came from asset manager Polar Capital. Rising equity markets mean its assets under management are increasing - while the creditable performance of its funds is attracting new clients. A trading update confirming this happy combination saw Polar Capital’s share price rise by almost 25% in January.

President Trump’s promises of fiscal stimulus and tax cuts have encouraged forecasts for economic growth ...

Yet the Company’s strong start to the year wasn’t due simply to the vigour of its financial stocks. Holdings in other areas helped too - such as wholesaler Booker Group. It agreed to be bought by Tesco (another of our holdings) for £3.7bn. Unusually, the deal was welcomed by shareholders of both companies. Tesco rallied after a weak start to 2017 while Booker’s share price ended the month almost 17% higher.

Value of £100 invested at launch to 31 January 2017

Value of £100 invested at launch to 31 January 2017

Relative performance, value of £100 invested on 30 May 2003, the date Artemis was appointed as investment manager.
Source: Artemis/Lipper Limited, bid to bid in sterling with dividends reinvested. All figures show total returns. Past performance is not a guide to future performance.

Asset allocation

Asset allocation

Without cash. The figures above include adjustments to the unquoted investment holdings made after the period end. Source: Artemis as at 31 January 2017. Please note figures may not add up to 100% due to rounding.

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Risk warnings

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

The fund may have a concentrated portfolio of investments.

The fund may invest in emerging markets.

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

The fund may borrow money to make further investments, known as 'gearing'.

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.

Financial advisers and retail investors: The company currently conducts its affairs so that the shares in issue can be recommended by financial advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (“FCA’s”) rules in relation to non-mainstream investment products and intends to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.

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The information contained in these pages should not be used or relied upon by private investors.