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Private investors

Artemis Alpha Trust plc

All data as at 31 October 2016 except where specified
  • Summary
  • Performance
  • Composition
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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)239.00p
Share price (subscription)1.88p
Dividend yield1.6%

Fund manager review

Led by large caps, particularly mining companies, the FTSE All-Share rose by 0.6% in October. Not all of the month’s news was positive, however. Addressing the Conservative Party’s annual conference, government ministers appeared to signal that a ‘hard’ Brexit was more likely than the market had hoped. So the recovery in domestically-focused shares seen over the summer went into reverse; and sterling fell. None of these developments were helpful for the Company’s short-term performance: large-caps account for just 2% of its portfolio; it has no holdings in the mining sector; and, because almost 60% of its assets are in small-caps, it has an inherent bias towards companies focused on the domestic economy. As a result, its net asset value fell by 1.4% on the month.

We aim to identify stocks whose products, services or intellectual property offer the prospect of superior growth over the longer term.

While this was disappointing, our goal is not to match short-term gyrations in the UK market. Instead, we aim to identify stocks whose products, services or intellectual property offer the prospect of superior growth over the longer term. Viewed from that perspective, the news that Summit Therapeutics had agreed a potentially lucrative licensing agreement was of more interest to us than the 9% gain in the mining sector. US-based Sarepta Therapeutics will distribute Summit’s treatments for Duchenne muscular dystrophy. Summit’s share prices rose by almost 50% in response.


Value of £100 invested at launch to 31 October 2016

Value of £100 invested at launch to 31 October 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 31 October 2016. Please note figures may not add up to 100% due to rounding.

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Risk warnings

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

The value of shares in Artemis Alpha Trust PLC, and any income from them, can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Stockmarket prices, currencies and interest rates can move irrationally and can be affected unpredictably by diverse factors, including political and economic events.

How the shares have performed in the past is not a guide to how they will perform in the future.

A proportion of the investment trust may be invested in emerging markets. Investment in emerging markets can involve greater risk than is customarily associated with more mature markets meaning above average price movements both positive and negative can be expected.

The investment trust may invest in the securities of smaller and/or medium sized companies. This can involve greater risk than is customarily associated with investment in larger, more established companies. The market for securities in smaller companies is often less liquid than that for securities in larger companies, meaning above average price movements both positive and negative can be expected.

The investment trust may borrow money in order to make further investments, which is known as 'gearing'. This can enhance investment returns in rising markets but conversely may reduce returns in falling markets.

FTSE International Limited (“FTSE”) © FTSE 2016. “FTSE®” is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE data is permitted without FTSE’s express written consent.

This information is issued by Artemis Fund Managers Limited which is authorised and regulated by the Financial Conduct Authority.

Financial advisers and retail investors

The Company currently conducts its affairs so that the ordinary and subscription 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 ordinary and subscription 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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