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Institutions and charities

Artemis Global Emerging Markets Fund

All data as at 31 March 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, 21 April 2017
Mid price (GBP dist shares)113.62p
Mid price (GBP acc shares)119.62p
Historic yield (GBP acc shares)1.90%
Historic yield (GBP dist shares)2.49%

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 market equities advanced further in March. Having risen steadily for the last few months, they are now up by more than 11% over the year to date (in US dollar terms), comfortably outperforming developed markets. Since the turn of the year, economically-sensitive (‘cyclical’) companies have been outperforming and March proved no different, as cyclical sectors such as technology and industrials led the market upwards.

Analysts are upgrading their forecasts for Chinese companies, a number of which look cheap.

March was a busy period, with a number of companies reporting results. Analysts are upgrading their forecasts for Chinese companies, a number of which look cheap. This gave us conviction to add China Lesso (building materials), Anhui Conch (cement) and Jiangsu Expressway (infrastructure) to the portfolio. We also added positions in companies that stand to benefit from improving domestic economies in Asia, buying Taiwanese chemicals company Formosa Plastics, Korean telecom LG Uplus and Malaysian bank Malayan Banking.

These purchases were partly funded by a reduction in our exposure to Brazil: we sold Banco Bradesco, Braskem and Equatorial Energia. Their share prices have moved a long way in the last year, but evidence from the companies has been less supportive. Elsewhere, we sold our holdings in Fubon Financial, Lee & Man Paper and Hankook Tire following less encouraging results.

Following these changes, the fund’s exposures to countries have shifted slightly. We are now overweight in China, Thailand and Greece and underweight in India and Brazil. At the sector level, we continue to have a tilt towards more cyclical areas of the market, with overweights in industrials, basic resources and chemicals and less exposure in food & beverages and technology. The fund continues to offer highly attractive financial characteristics: it trades on a price-to-earnings ratio of 9.3x compared with 12.4x for the market. It also offers a dividend yield some 28% 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 31 March 2017

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

Data from 8 April 2015. 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 March41.8%n/an/an/an/a
12 months to 31 March41.8%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 …

Security Code

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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