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Artemis Strategic Assets Fund

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

The objective of the fund is to achieve long-term growth through investment in a portfolio of UK and international assets. The fund will take a broadly ‘multi-asset’ approach with the intention to perform well when markets are favourable, and preserve capital when markets are poor. It therefore aims to provide longer term positive returns under most market conditions, outperforming both cash and equities over rolling three-year periods.

Current prices and yield
(class I)

As at noon, 21 April 2017
Bid price (acc units)86.51p
Offer price (acc units)87.81p
Historic yield (acc units)0.11%

Investment information
(class I)

Minimum lump sum investment£250,000
Ongoing charge (acc units)0.86%

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

In March the fund lost 2.3% against a gain of 1.2% for the FTSE All-Share. Our shares were weak, losing about 1.5% as both our longs and shorts underperformed. Our precious metals positions lost about 0.8%, while our bonds and currencies made a modest positive contribution.

‘Reflation’ is a term that has become prominent of late in the language of investors.

‘Reflation’ is a term that has become prominent of late in the language of investors. This represents the return of expectations for increasing rates of growth and inflation. In large part this was brought about by President Trump’s proposed policies of infrastructure stimulus, tax cuts and protectionism. ‘Reflationists’ suffered a blow this month, as Trump’s failure to enact his reform of healthcare cast into doubt corporate tax cuts which require the budgetary offsets from the repeal of ‘Obamacare’. Republicans have also been coming out against the border tax adjustment which is seen as a further source of funds for tax cuts.

Our fund’s largest position is our short in government bonds. It has tended to benefit from reflation as expectations of rising nominal rates and inflation is clearly bad for bonds. However, often overlooked is that the high levels of governments’ indebtedness mean that a lack of inflation should also be bad for bonds: it will make sovereign borrowers teeter closer towards insolvency. Nominal bond yields currently do not reflect that risk. Whether reflation is on or off, we still expect government bond yields to rise.

24 March 2017

In the business of bonds …

Bond yields remain very low (or negative) despite strong economic data and signs of inflation. So William Littlewood is maintaining his short in government bonds.

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

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

Data from 26 May 2009. Source: Lipper Limited, accumulation units, bid to bid in sterling to 31 March 2017. All figures show total returns with dividends reinvested.

Percentage growth (class I)

20172016201520142013
12 months to 31 March14.0%-3.5%1.6%6.4%12.7%
20172016201520142013
12 months to 31 March14.0%-3.5%1.6%6.4%12.7%
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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In the business of bonds …





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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 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. The fund may invest in the shares of small and medium sized companies. The fund may invest in emerging markets. The fund may invest in fixed interest securities. The fund may invest in higher yielding bonds. The fund may hold large cash deposits. The fund may invest in exchange traded funds to gain exposure to commodities.
FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE data is permitted without FTSE’s express written consent.
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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The information contained in these pages should not be used or relied upon by private investors.