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Institutions and charities

Artemis US Smaller Companies Fund

All data as at 28 February 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 smaller companies listed, quoted and/or traded in the United States of America and in companies which are headquartered or have a significant part of their activities in the USA which are quoted on a regulated market outside the USA.

Current prices and yield
(class I)

As at noon, 30 March 2017
Mid price (GBP acc shares)175.12p
Historic yield (GBP acc shares)0.05%

Investment information
(class I)

Minimum lump sum investment£250,000
Ongoing charge (GBP acc shares)0.95%

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 fund delivered strong positive returns in February and outperformed its benchmark. As investors gained confidence that Trump’s administration would increase spending on defence, holdings in that area did particularly well. Satellite image provider DigitalGlobe, defence supplier Mercury Systems and two suppliers of IT workers to the defence industry - Leidos Holdings and Booz Allen Hamilton - featured among the month’s top contributors. The largest contributor to performance, however, was alternative asset manager Fortress Investment, which was acquired by Japan’s Softbank. Battery producer Energizer surged on the back of strong results and was a strong contributor over the month. We believe the acquisition of its main competitor, Duracell, by Berkshire Hathaway will see the focus of the battery producers shifting away from growing sales and towards growing profits. Reducing promotional activities would have an immediate positive impact on margins.

As investors gained confidence that Trump’s administration would increase spending on defence, holdings in that area did particularly well.

Oil and gas holdings - RPC, QEP Resources, Rice Energy and Oasis Petroleum - were among detractors from returns as the sector suffered over the month. Trucking company Swift Transportation was the biggest negative. We believe that pricing and demand will improve and that it will be able to benefit from the upcoming regulation of the industry: its larger size will give it a competitive edge. We retain the holding.

24 November 2016

Encouraging outlook for US smaller companies …

Reduced taxes and increased spending should boost the US economy. A range of smaller companies will benefit, according to Cormac Weldon, manager of the Artemis US Smaller Companies Fund.

Value of £1,000 invested at launch to 28 February 2017

Value of £1,000 invested at launch to 28 February 2017

Data from 27 October 2014. Source: Lipper Limited, class I GBP accumulation shares, mid to mid in sterling to 28 February 2017. All figures show total returns with dividends reinvested.

Asset allocation

Asset allocation

Source: Artemis as at 28 February 2017. Please note figures may not add up to 100% due to rounding.

Percentage growth (class I)

20162015201420132012
12 months to 31 December39.1%10.7%n/an/an/a
20172016201520142013
12 months to 28 February47.8%3.1%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 27 October 2014, complete five year performance data is not yet available.

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Encouraging outlook for US smaller companies …





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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 invest in the shares of small and medium sized companies.

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.

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