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Institutions and charities

Artemis Institutional Equity Income Fund

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

The fund aims to produce a rising income stream combined with capital growth, primarily from UK equities but also overseas equities and corporate bonds.

Current prices and yield

As at noon, 21 April 2017
Distribution units85.17p
Accumulation units141.23p
Historic yield (acc units)3.74%
Historic yield (dist units)3.86%

Investment information

Ongoing charge (acc units)0.77%
Ongoing charge (dist units)0.77%

The ongoing charge includes the annual management charge of 0.75%.

Fund manager review

The continuing uncertainty surrounding Brexit means international investors remain wary of the UK and underweight in its equities. Despite that wariness, the UK market continued to make modest progress in March. An investor inclined to regard their glass as half full might highlight the possibility that the uncertainty surrounding Brexit will diminish in time - and that the UK market will eventually be released from quarantine. That could represent an opportunity. Some international companies are already thinking that way, capitalising on depressed valuations and a devalued currency to acquire UK assets. These favourable terms of trade look set to persist.

An investor inclined to regard their glass as half full might highlight the possibility that the uncertainty surrounding Brexit will diminish in time

Bond yields fell in March, making it a better period for the more defensive parts of the market. That was aided by the ripples from Kraft Heinz’s short-lived bid for Unilever. From the fund’s perspective, a decent set of results from Aviva and evidence of Inmarsat’s competitive strength were positives. Although BT reached some clarity over structure and regulation, it was not sufficient to dispel the recent negatives. Although activity in the fund was minimal, we began to take profits in Sanofi which was a successful ‘value’ purchase in the latter part of last year. The relative undervaluation has now been closed and, with the yield having fallen to less attractive levels, the absolute valuation now looks less interesting.

04 November 2016

Adrian Frost: Diversified cashflows are key…

Dividends are under pressure, not least from rising pension deficits. Stock-pickers with a long term view can still find opportunities, Artemis’ Adrian Frost tells Lawrence Gosling.

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Adrian Frost: Diversified cashflows are key…





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Risk warnings

THIS INFORMATION IS FOR PROFESSIONAL ADVISERS ONLY and should not be relied upon by retail investors.
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Issued by Artemis Fund Managers Limited which is authorised and regulated by the Financial Conduct Authority.

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