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Institutions and charities

Artemis US Extended Alpha 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 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)172.51p
Historic yield (GBP acc shares)0.00%

Investment information
(class I)

Minimum lump sum investment£250,000
Ongoing charge (GBP acc shares)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). A performance fee is charged only when the share price outperforms the fund's benchmark index by a minimum percentage. 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 all boosted confidence in January and indicators for both consumer and corporate confidence reached new highs. US equities rose in local currency terms over the month and the fund outperformed the index.

US equities rose in local currency terms over the month and the fund outperformed the index.

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 (videogames). Our negative stance on telecoms stocks made a positive contribution. Following weak results from three leading telecom companies, the sector reversed gains it had 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. However, 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.

21 December 2016

Artemis US Extended Alpha Fund: Ready for higher interest rates …

Stephanie Sutton, investment director for Artemis’ US funds, discusses higher interest rates, the oil price and Trumponomics. All are providing opportunity for the Artemis US Extended Alpha Fund on both the long and the short side.

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.

Net sector exposure

Percentage growth (class I)

20162015201420132012
12 months to 31 December31.8%15.2%n/an/an/a
20172016201520142013
12 months to 31 January39.8%7.7%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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Artemis US Extended Alpha Fund: Ready for higher interest rates …





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Risk warnings

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

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

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

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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