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Artemis US Equity Fund

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

The fund aims to achieve long-term capital growth by 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 acc shares)155.90p
Historic yield (GBP acc shares)0.29%

Investment information
(class I)

Minimum lump sum investment£250,000
Ongoing charge (GBP acc shares)1.00%

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 manager’s update

The US equity market went up again in January (in dollar terms) as we saw the inauguration of Donald Trump. Indicators for both consumer and corporate confidence rose strongly on the promise of lower taxes, de-regulation and increased spending on infrastructure. These measures should in turn have a positive impact on economic activity and earnings.

Indicators for both consumer and corporate confidence rose strongly on the promise of lower taxes, de-regulation and increased spending on infrastructure.

The fund outperformed the index over the month, with both stock selection and sector allocation contributing. Having underperformed since the election, technology stocks fared better in January. The fund benefited through holding stocks such as Lam Research (semi-conductor equipment) and Take-Two Interactive (video games). The cable sector performed strongly on the back of rumoured consolidation, which we consider to be very likely. The fund’s holding in Liberty Broadband was the biggest contributor to performance over the month.

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. The fund’s exposure to industrials was mixed: not holding General Electric was a positive, while exposure to Swift (transportation) detracted from performance as the company’s results failed to convince. Not holding Verizon (telecoms) was also beneficial as the stock suffered on the back of weak results.

In terms of activity, we have continued to add to financials by increasing our position in Bank of America. It is well-placed to benefit from increases in interest rates, from de-regulation and also from potentially better market-related activities. The fund’s main exposure to financials remains in regional banks. We have also continued to add to selected stocks involved with semiconductors and bought Applied Materials, a leading manufacturer of OLED screens.

As the market has performed very strongly since the election, it is likely that we will see more volatility ahead once the reality of Trump’s agenda and its implementation (or lack of) kicks in.

22 February 2016

US equities: In a (relatively) good position …

Investors in the US can feel (quietly) positive – as long as they avoid companies dependent on the health of the global economy. While the industrials sector and other exporters are holding back growth, a recession in the US is unlikely, Cormac tells Artemis’ Ross Leckie. That is why he and his colleagues are buying the dips – selectively.

 

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

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

Data from 19 September 2014. Source: Lipper Limited, class I GBP accumulation shares, mid to mid 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 December27.9%9.3%n/an/an/a
20172016201520142013
12 months to 31 January35.7%2.5%n/an/an/a
Please remember that past performance is not a guide to the future. Source: Lipper Limited, class I GBP accumulation shares, mid to mid in sterling. All figures show total returns with dividends reinvested. As the fund was launched on 19 September 2014, complete five year performance data is not yet available.

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US equities: In a (relatively) good position …





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Risk warnings

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

The additional expenses of the fund are currently capped at 0.25%. This has the effect of capping the ongoing charge for the class I shares issued by the fund at 1%. 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/]

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