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Artemis Global Select Fund

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

The objective of the fund is to achieve long term capital growth primarily from a portfolio of global equities that the manager considers to demonstrate leading positions in their sectors.

Current prices and yield
(class I)

As at noon, 24 February 2017
Bid price (acc units)96.82p
Offer price (acc units)97.97p
Historic yield (acc units)0.50%

Investment information
(class I)

Minimum lump sum investment£250,000
Ongoing charge (acc units)0.93%

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

Equity markets started the year strongly. Our portfolios modestly lagged the rising market. Although most of the fund’s investments are not greatly affected by political change, holdings in US banks and producers of shale oil should benefit from Trump’s policies. Others may benefit from lower rates of corporate tax. In contrast, attempts to unwind Obamacare seem more problematic so we have further reduced exposure to US healthcare companies.

We believe this means the portfolio is well balanced to cope with a year of rising interest rates and to benefit from the expansionary policies being introduced in larger economies.

The results season helps to return the market’s focus to company fundamentals. Economic growth worldwide is currently quite healthy, even in Europe. Results from LVMH, Comcast and Boston Scientific have all been reassuring. Two of the smaller holdings in the portfolio, Line Corporation and DeNA, had disappointing earnings and have been sold.

We have rebalanced the portfolio in recent months to prevent the average multiple on which its holdings trade relative to underlying cashflows increasing. This inevitably involves selling holdings in fashionable parts of the market (such as consumer staples) and reinvesting in out-of-fashion sectors (such as financials). We believe this means the portfolio is well balanced to cope with a year of rising interest rates and to benefit from the expansionary policies being introduced in larger economies. That said, the portfolio’s positioning continues to prioritise the protection of capital in case of market volatility.

14 February 2017

Global equities: Looking for cyclical opportunities …

Simon Edelsten, manager of the Artemis Global Select Fund, has been looking at cyclical stocks. He talks to Artemis’ Vik Heerah about increasing the fund’s holdings in financials and in Japan.

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

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

Data from 16 June 2011. Source Lipper Limited, accumulation units, bid to bid in sterling to 31 January 2017. All figures show total returns with dividends reinvested.

Asset allocation

Asset allocation

Source: Artemis as at 31 January 2017. Please note figures may not add up to 100% due to rounding.

Percentage growth (class I)

20162015201420132012
12 months to 31 December24.7%10.2%10.1%21.6%12.7%
20172016201520142013
12 months to 31 January30.4%3.1%17.1%9.1%16.9%
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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Global equities: Looking for cyclical opportunities …





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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.
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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