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Institutions and charities

Artemis US Absolute Return Fund

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

The fund aims to achieve a positive return over the longer term, notwithstanding changing market conditions, investing principally in the shares of companies listed, quoted or traded in the United States of America.

Current prices and yield
(class I)

As at noon, 24 February 2017
Mid price (GBP hedged acc shares)108.81p
Historic yield (GBP hedged acc shares)0.00%

Investment information
(class I)

Minimum lump sum investment£250,000
Ongoing charge (GBP acc hedged shares)0.90%

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). A performance fee is charged as 20% of any outperformance of the share class against the greater of the LIBOR 3 month index (in the relevant currency) or zero. A full explanation of the fund's charges can be found in the KIID.

Fund manager’s update

The anticipation of better economic activity together with the prospect of lower taxes and increased spending on infrastructure boosted confidence in January and indicators for both consumer and corporate confidence reached new highs. US equities, meanwhile, rose over the month and the fund produced a positive return.

In terms of activity, we increased exposure to consumer lenders in the expectation of deregulation and lower taxes.

Having underperformed since the election, technology stocks fared better in January. The fund benefited through holding stocks such as Lam Research and KLA Tencor (semi-conductor equipment) as well as Take-Two Interactive (video games). Our negative stance on telecoms stocks made a positive contribution. Following weak results from three leading telecom companies, the sector reversed gains made the previous month. Fundamentals for the industry are continuing to deteriorate. Our positive stance towards cable companies worked well over the month as rumours of potential consolidation (something we consider to be likely) boosted the sector.

On the negative side, our holding in Spirit Airlines suffered after it announced uninspiring results and guidance on profits. There were also concerns about restrictions on air traffic following President Trump’s ban on travel from certain countries.

In terms of activity, we increased exposure to consumer lenders in the expectation of deregulation and lower taxes. We are aware, however, that risks continue to build for the sector because of stresses building up in the global financial system. Having performed very strongly since the election, we expect more volatility in the market as we get closer to the implementation of legislation. The build-up in inflationary pressures globally presents additional risks.

24 November 2016

Update on the Artemis US Absolute Return Fund

 

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

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

Data from 27 October 2014. Source: Lipper Limited, class I GBP hedged accumulation shares, mid to mid in sterling to 31 January 2017. All figures show total returns with net dividends reinvested.

Net sector exposure

Percentage growth (class I)

20162015201420132012
12 months to 31 December-0.9%7.7%n/an/an/a
20172016201520142013
12 months to 31 January0.4%6.3%n/an/an/a
Please remember that past performance is not a guide to the future. Source: Lipper Limited, class I GBP hedged accumulation shares, mid to mid in sterling. All figures show total returns with dividends reinvested. As the fund was launched on 27 October 2014, complete five year performance data is not yet available.

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Update on the Artemis US Absolute Return Fund





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Risk warnings

THIS INFORMATION IS FOR PROFESSIONAL ADVISERS ONLY and should not be relied upon by retail investors.

There is no guarantee that the fund will achieve a positive return over the longer term or any other time period and investors' capital is at risk.

The fund will 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 hold large cash deposits.

The costs and benefits of currency hedging transactions will apply to hedged shares.

Artemis Fund Managers Limited is entitled to a performance fee per share.

The additional expenses of the fund are currently capped at 0.15%. This has the effect of capping the ongoing charge for the class I shares issued by the fund at 0.90% and for the class R shares at 1.65%. 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/][BR/]

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