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Private investors

Artemis Alpha Trust plc

All data as at 28 February 2017 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)270.00p
Share price (subscription)2.25p
Dividend yield1.4%

Fund manager review

The Company’s portfolio has little in common with the wider UK market: less than 2% of its holdings are the large-caps that dominate movements in broad market indices. So the fact that the rise in its net asset value in February broadly matched the 3.1% increase in the FTSE All-Share was a matter of coincidence. Gains in the wider UK market were led by mega-cap multinational Unilever, which briefly attracted the attentions of Kraft Heinz. In contrast, the Company’s gains reflected positive news from its eclectic portfolio of small companies. As stockpickers, we spend our time looking for businesses that have the potential to grow over the long term by exploiting their own profitable niches.

As stockpickers, we spend our time looking for businesses that have the potential to grow over the long term by exploiting their own profitable niches.

One of the largest contributors to the increase in the Company’s net asset value this month was Avation, the aircraft leasing company. A strong set of interim results, in which it reported a 46% increase in earnings, pushed its shares 14% higher. There was also heartening news from Hurricane Energy, one of the Company’s largest holdings - and one of its strongest performers in recent months. It said earlier estimates of the size of its Lancaster field (near Shetland) had probably been too conservative and that it expects a ‘material uplift’ in anticipated reserves. Meanwhile, Sheffield-based housebuilder and developer M J Gleeson reported an increase in interim pre-tax profits and noted that reservations are at record levels, helping its shares to move 6% higher in the month.

Value of £100 invested at launch to 28 February 2017

Value of £100 invested at launch to 28 February 2017

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 28 February 2017. 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.[BR/][BR/]

UK personal investors

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