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Institutions and charities

Artemis US Smaller Companies 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 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, 24 February 2017
Mid price (GBP acc shares)175.60p
Historic yield (GBP acc shares)0.00%

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 gained 1.2% over January, strongly outperforming the Russell 2000 which fell 1.4% as investors took profits following very strong performance from small and mid cap stocks over 2016.

The top contributor to the fund’s performance was Exact Science, a specialist in screening for cancer, which pre-announced strong quarterly numbers.

Indicators for both consumer and corporate confidence reached new highs in January in anticipation of lower taxes, increased spending on infrastructure and the prospect of deregulation. The fund benefited from its exposure to financials: our holdings in online brokerage E-Trade and alternative asset manager Fortress Investment were among the top contributors to performance.

Technology stocks recovered over the month, having lagged the broad performance of the market since the election. Our holding in Take Two (video games) continued to perform well, as well as Mercury Systems (defence-related technology) and Advanced Energy Industries (semi-conductors). 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 benefited from this. The top contributor to the fund’s performance was Exact Science, a specialist in screening for cancer, which pre-announced strong quarterly numbers.

On the negative side energy holdings Oasis Pete and Rice Energy gave back the gains of the previous month. Exposure to Swift (transportation) detracted from performance as the company’s results failed to convince. We continue to believe that increased economic activity and the fundamentals for the industry will be supportive going forward.

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 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 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 December39.1%10.7%n/an/an/a
20172016201520142013
12 months to 31 January53.7%-1.9%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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