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Institutions and charities

Artemis Alpha Trust plc

All data as at 31 March 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)271.75p
Share price (subscription)2.25p
Dividend yield1.7%

Fund manager review

The Company’s net asset value crept marginally higher in March, rising by 0.1%. The importance of such short-term measures of performance is, however, limited. The greater part of the Company’s portfolio consists of investments in immature businesses. Our aim is to identify stocks whose long-term prospects are compelling and hold them for the long term, while we wait for that potential to be realised. Hurricane Energy, one of the Company’s largest holdings, is a good example of the patience that this approach to investing demands - but also of the returns it can bring.

Our aim is to identify stocks whose long-term prospects are compelling and hold them for the long term, while we wait for that potential to be realised.

Inventories of crude oil in the US reached their highest ever level in March. Unsurprisingly, the price of oil fell, making it a difficult month for most energy stocks. Yet at the same time, shares in Hurricane gained almost 10%. When we first invested in it more than a decade ago, Hurricane was a private company. The subsequent volatility in the valuation of this holding - which continued after its IPO - is an unavoidable part of investing in oil exploration companies. Even when their potential is obvious, the size of their reserves remains uncertain until proven and their economic worth is always vulnerable to gyrations in the price of crude. But in recent months Hurricane has begun to reward its shareholders for their fortitude. The good news continued in March, as it confirmed it had a made another large discovery west of the Shetland Islands in its ‘Halifax’ field. This appears to be part of “a single large hydrocarbon accumulation” connected to adjacent ‘Lancaster’ field. Although much work still needs to be done to develop this mammoth find, its potential is clear.

Value of £100 invested at launch to 31 March 2017

Value of £100 invested at launch to 31 March 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 March 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.