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Private investors

Artemis Alpha Trust plc

All data as at 30 December 2016 except where specified
  • Summary
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The fund’s aims

The fund aims to achieve above average rates of total return over the longer term and to achieve a growing dividend stream.

Investment policy

The company's investment portfolio comprises mainly UK and selected international equities, with the potential for investment in limited liability hedge funds, cash and bonds, unquoted investments, derivative instruments and other investments and securities as appropriate.

Current prices

Share price (ordinary)248.38p
Share price (subscription)1.88p
Dividend yield1.6%

Fund manager review

A turbulent year ended on a reassuringly positive note. On balance, markets have decided that Donald Trump’s unlikely victory represents good news for equities - if not for bonds. Should he make good on them, his pledges to invest in infrastructure could supply a welcome reflationary boost to the global economy. Even the hawkish noises the US Federal Reserve made as it raised rates could not slow the post-election rally. Markets also welcomed word that Opec would be joined in its efforts to control supplies and support the price of crude by producers outside its cartel, including Russia. For now, higher oil prices are being viewed as good news and are contributing to the reflationary mood.

For now, higher oil prices are being viewed as good news and are contributing to the reflationary mood.

In part, the returns the Company produced in December were a result of these wider forces: the steepening yield curve and the rise in equity markets aided its holdings in wealth managers, while its energy stocks benefited from higher oil prices. Our focus, however, remained on stock-specific news - and in this respect, the last month of 2016 brought some welcome developments. Take Hurricane Energy, the biggest contributor to returns. While the rising price of crude helped, the chief reason for its 26% gain was the news that it has followed its recent success in its Lancaster field with similarly encouraging signs from preliminary drilling in the adjacent Lincoln field. Asset manager Liontrust, meanwhile, was helped by rising equity markets. But that its share price added 11% on the month was more to do with the scale it added to its business by acquiring Alliance Trust Savings, which will increase its assets under management by more than £2 billion.

Value of £100 invested at launch to 30 December 2016

Value of £100 invested at launch to 30 December 2016

Relative performance, value of £100 invested on 30 May 2003, the date Artemis was appointed as investment manager.
Source: Artemis/Lipper Limited, bid to bid in sterling with dividends reinvested. All figures show total returns. Past performance is not a guide to future performance.

Asset allocation

Asset allocation

Without cash. The figures above include adjustments to the unquoted investment holdings made after the period end. Source: Artemis as at 30 December 2016. Please note figures may not add up to 100% due to rounding.

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Risk warnings

Please ensure that you understand whether this fund is suitable for you. We recommend that you get independent financial advice before making any investment decisions.

This information does not constitute an offer, invitation or solicitation to deal in the securities of this fund.

The value of any investment, and any income from it, can rise and fall with movements in stockmarkets, currencies and interest rates. These can move irrationally and can be affected unpredictably by diverse factors, including political and economic events. This could mean that you won’t get back the amount you originally invested.

The fund’s past performance should not be considered a guide to future returns.

The fund may have a concentrated portfolio of investments. This can be more risky than spreading investments over a larger number of companies.

The fund may invest in emerging markets, which can involve greater risk than investing in developed markets. In particular, more volatility (sharper rises and falls in unit/share prices) can be expected.

The fund may invest in the shares of small and medium-sized companies. Shares in smaller companies carry more risk than larger, more established companies because they are often more volatile and, under some circumstances, harder to sell. In addition, information for reliably determining the value of smaller companies – and the risks that owning them entails – can be harder to come by.

The fund may borrow money to make further investments, an investment approach known as 'gearing'. This can enhance investment returns in rising markets but will reduce returns when markets fall.

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.

Financial advisers and retail investors: The company currently conducts its affairs so that the shares in issue can be recommended by financial advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (“FCA’s”) rules in relation to non-mainstream investment products and intends to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.

UK personal investors

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