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Artemis US Equity Fund

All data as at 31 March 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, 21 April 2017
Mid price (GBP acc shares)154.32p
Historic yield (GBP acc shares)0.44%

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

March was the first month since the presidential election in which the market seemed to struggle. Despite finishing the month only slightly lower, there were many consecutive days when the market fell. It also marked a reversal in performance for financials that had performed strongly but are now lagging the index. The Fed hiked interest rates - a widely-anticipated move which was already priced in.

The main news was the failure of the healthcare bill: Trump’s first attempt at reform.

The main news was the failure of the healthcare bill: Trump’s first attempt at reform. The withdrawal of the bill - while initially perceived as a negative - didn’t make a meaningful impact on the market. But it does raise questions about how many of Trump’s planned policies will get passed. While this might allow the tax reforms to be tackled more quickly, it could potentially impair how extensive these will be, as the expected savings from the healthcare reforms won’t be available to help to fund the tax cuts.

The fund outperformed the market slightly. Technology stocks had another good month and the fund’s exposure to the sector - and specifically to semi-conductors and semi-conductor equipment companies - was helpful: Lam Research, Applied Materials, Micron and Advanced Energy Industries all featured in the top contributors. Our exposure to makers of videogames also contributed positively. Having taken some profits in Take-Two Interactive, we added to our position in Activision Blizzard (the maker of Call of Duty and World of Warcraft) and the fund’s performance benefited from both. On the negative side, a poor month for energy and financials affected our holdings in both sectors.

In activity, we reduced some of our holdings in financials as the sector had performed so well over previous months. We also cut some of our positions in software and services.

As there are now question marks over whether economic growth will pick up, investors’ focus might shift to economic news. Last year’s increase in confidence was based on hope rather than reality and the failure of Trump to accomplish much in his first few months in office might now result in more scepticism: the market might need further proof before it can move higher.

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 March 2017

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

Data from 19 September 2014. Source: Lipper Limited, class I GBP accumulation shares, mid to mid in sterling to 31 March 2017. All figures show total returns with dividends reinvested.

Asset allocation

Asset allocation

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

Percentage growth (class I)

20172016201520142013
12 months to 31 March33.0%3.4%n/an/an/a
20172016201520142013
12 months to 31 March33.0%3.4%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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