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Artemis Global Energy 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 capital growth primarily from a portfolio of companies engaged in the oil and gas sector, energy generation and transmission. Additionally, the fund may invest in companies seeking to develop and exploit new energy technologies, and companies that service the energy sector

Current prices and yield
(class I)

As at noon, 30 March 2017
Bid price (acc units)33.20p
Offer price (acc units)33.79p
Historic yield (acc units)0.90%

Investment information
(class I)

Minimum lump sum investment£250,000
Ongoing charge (acc units)1.02%

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

Share prices across the energy sector gave back some of their recent gains in February and the fund fell by slightly more than its benchmark. Headline returns, however, disguised the tensions in oil and gas markets. Over recent months, we have increased the fund’s weighting in selected major oil companies. This has allowed the fund to avoid the worst of the volatility and outperform its benchmark over the three, six and 12 months to the end of February. Markets are tense because the effect of Opec’s cuts in January has yet to translate to a fall in inventories in the US: Opec’s imports to the US are still looking high. That it takes 50 to 60 days for oil produced by Opec to be shipped to US markets means we need to wait until March to see the effects.

Markets are tense because the effect of Opec’s cuts in January has yet to translate to a fall in inventories in the US …

In the meantime, full-year and fourth quarter results from oil companies have been under extreme scrutiny. Markets seem to have been looking for flat to rising production at no extra cost, which is impossible. Within our mid-cap US exploration and production (E&P) holdings, Concho, Newfield, EOG Resources and Continental all talked about higher capital expenditure than markets were expecting and all subsequently underperformed. Oasis, Pioneer and Conoco announced more modest spending with flatter production. In our view, this is hair-splitting. None of the companies raised their plans for spending very aggressively and most portfolios of assets looked intact and able to grow with oil prices trending upwards.

Of greater interest to us this month was our re-analysis of the major oil companies, breaking each down to individual countries and fields to analyse cashflows out as far as 2030. We were also able spend time with the management of our preferred integrated oil companies: BP, Total and Shell. The major oil companies have had to change the way they operate. It’s not just about cutting staff and renegotiating rig rates. The big oil companies need new methods, new organisations and new values. BP is going the furthest in our view. So we are holding onto our top positions, slotting in new ideas like SDX Energy but mostly deriving value from ‘best in class’ integrated oil and E&P.

21 December 2016

Richard Hulf: Interpreting Opec …

Richard Hulf, manager of the Artemis Global Energy Fund, talks to Artemis’ Vik Heerah about Opec’s recent agreement and its likely effect on the oil price.

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

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

Data from 21 April 2011. Source Lipper Limited, accumulation units, bid to bid 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 December65.2%-29.6%-26.6%-4.7%2.5%
20172016201520142013
12 months to 28 February57.9%-25.4%-27.8%-13.9%-4.6%
Please remember that past performance is not a guide to the future. Source: Lipper Limited, accumulation units, bid to bid in sterling. All figures show total returns with dividends reinvested.

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Richard Hulf: Interpreting Opec …





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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 be subject to additional risks peculiar to the energy sector. The fund may invest in the shares of small and medium sized companies. The fund may invest in emerging markets.
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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