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Institutions and charities

Artemis Global Emerging Markets Fund

All data as at 28 February 2017 except where specified
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The fund’s aims

The fund aims to achieve long-term returns through a combination of capital growth and income principally from companies listed, quoted and/or traded in emerging markets or which are headquartered or have a significant part of their activities in emerging markets.

Current prices and yield
(class I)

As at noon, 22 March 2017
Mid price (GBP dist shares)116.32p
Mid price (GBP acc shares)122.46p
Historic yield (GBP acc shares)1.85%
Historic yield (GBP dist shares)2.43%

Investment information
(class I)

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

Emerging markets’ growth has continued to stabilise, thanks to commodity prices rebounding, inflation risks receding and economic data improving. Against this backdrop emerging market equities continued to rise in February, ending the month up 3% in US dollar terms. Industrials and financials led the way. All sectors were positive - apart from energy, which lost some momentum having surged over the previous six months.

As economic data has improved, there is increasing evidence that expectations for earnings are improving globally.

As economic data has improved, there is increasing evidence that expectations for earnings are improving globally. Many companies reported their year-end results in February and improving trends in a number of cyclical industries were seen in Asia. The fundamentals in many cases are hard to ignore.

For example, we added to Korean memory chip producer SK Hynix, which trades on a forward price-to-earnings ratio of 5x with an return on equity of 13%. We also added to Apple supplier Hon Hai, which is also cheap, on a price-to-earnings ratio of 10x and a 4% dividend yield. In both cases, the earnings are being upgraded. Other purchases included SFA Engineering (semiconductors), Asustek (computer hardware) and LG Chem (Korean chemical company).

We funded these purchases by selling holdings where newsflow was less promising. We sold out of KCE Electronics and China Life Insurance and reduced the fund’s exposure to energy by selling Gazprom, China Petroleum and Tatneft.

Following these changes, the fund’s principal exposures are overweight positions in Thailand, Korea and China and underweights in India and Mexico. At the sector level, we continue to have a tilt towards more cyclical areas of the market, with overweights in basic resources, industrials and chemicals and less exposure in retail and technology. The fund continues to offer highly attractive financial characteristics: it trades on a price-to-earnings ratio of 9.2x compared with 12.3x for the market. It also offers a dividend yield some 27% higher than its benchmark.

21 December 2016

Emerging market equities: Sentiment has turned …

Peter Saacke and Raheel Altaf, managers of the Artemis Global Emerging Markets Fund, discuss recent developments in emerging markets and how the fund is positioned.

Value of £1,000 invested at launch to 28 February 2017

Value of £1,000 invested at launch to 28 February 2017

Data from 8 April 2015. Source: Lipper Limited, class I GBP accumulation shares, mid to mid in sterling to 28 February 2017. All figures show total returns with dividends reinvested.

Asset allocation

Asset allocation

Source: Artemis as at 28 February 2017. Please note figures may not add up to 100% due to rounding.

Percentage growth (class I)

20162015201420132012
12 months to 31 December37.7%n/an/an/an/a
20172016201520142013
12 months to 28 February48.2%n/an/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 8 April 2015, complete five year performance data is not yet available.

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Emerging market equities: Sentiment has turned …





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Risk warnings

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

The fund will invest in emerging markets.

The fund may use derivatives to meet its investment objective, to protect the value of the fund, to reduce costs and with the aim of profiting from falling prices.

For distribution shares, the fund's annual management charge is taken from capital.

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.[BR/]

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