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Private investors

Artemis European Growth Fund

All data as at 31 January 2017 except where specified
  • Summary
  • About the fund
  • Performance (class R)
  • Performance (class I)
  • Composition
  • Key facts
  • Investment insights
  • Literature
  • How to invest


The fund’s aims

The fund aims to provide long-term capital growth through investment principally in companies in Europe (excluding the UK).

Current prices and yield
(class R)

As at noon, 24 February 2017
Bid price (acc units)300.02p
Offer price (acc units)316.56p
Historic yield (acc units)0.98%

Investment information
(class R)

Minimum lump sum investment£1,000
Ongoing charge (acc units)1.64%

The initial charge is currently waived. The ongoing charge includes the annual management charge of 1.5% 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 managers’ update

We made minor changes to the portfolio in January. We reduced our holdings in Rubis, Siemens, Interpump and KBC and bought Enel, Raiffeisen Bank, EDP and Lundbeck. Our objective is to retain our tilt towards value stocks whose profits are growing by more than investors were expecting. In contrast, the majority of investors in European stocks are still focused on owning safe-but-dull ‘bond proxies’ (companies whose predictable cashflows make them a good substitute for bonds). With economic growth reasonable and profits recovering in Europe, it is possible that value and recovery stocks will perform well. If so, there is a big crowd of investors who, having underperformed in 2016, are liable to shift towards our unloved stocks. As such we are hoping for a re-rating of our holdings.

With economic growth reasonable and profits recovering in Europe, it is possible that value and recovery stocks will perform well.

We are overweight in autos, oils, banks and basic resources. Despite delivering good growth, these sectors are typically undervalued and under-owned. We own comparatively little in the healthcare and food sectors, where value is poor and profit forecasts are heading lower.

21 December 2016

Artemis European Growth Fund: Where to find value …

Many attractive growth stocks have been overlooked as investors have focused on bond proxies. They are trading at very attractive valuations, says Philip Wolstencroft, manager of the Artemis European Growth 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 7 March 2001. Source Lipper Limited, accumulation units, bid to bid 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 R)

20162015201420132012
12 months to 31 December20.3%6.6%-2.5%36.6%21.1%
20172016201520142013
12 months to 31 January27.1%-0.9%4.7%18.1%25.9%
Please remember that past performance is not a guide to the future. Source: Lipper Limited, accumulation units, bid to bid in sterling. All figures show total returns with dividends reinvested.

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Artemis European Growth Fund: Where to find value …





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About the fund

The Artemis European Growth Fund seeks long-term capital growth by investing in attractively-valued growth companies from across Europe.

It draws on SmartGARP®, Artemis’ in-house software tool that screens companies finances to identify potential winners and promotes timely and objective decision-making.

  • Rigorous stock screening: SmartGARP combats ‘information overload’ by focusing the fund managers’
    attention on the European companies with the most attractive financial characteristics.
  • European focus: the fund invests across Europe, covering a broad spread of countries and market sectors.
  • Objective clarity: SmartGARP provides a fact-based framework for comparing the relative attractions of stocks in different markets and sectors across Europe. It also promotes timely – and frequently against-the-trend – decision-making.
  • Subjective insight: before investing, the managers undertake further detailed research to ensure that the investment story behind a SmartGARP recommendation is real.

Reasons to consider

The fund may be suitable for investors looking for:

  • long-term capital growth
  • exposure to the growth potential of  European companies
  • an objective, systematic approach to investment
  • experienced fund managers with a proven performance record

Introducing the fund

Philip Wolstencroft introduces the Artemis European Growth Fund and outlines how he and fellow manager Peter Saacke make investment decisions.

Risk considerations

Before making an investment, investors should consider the level of risk they’re comfortable taking with their money.

  • This fund invests mostly in larger European companies, primarily substantial stable businesses. The managers carefully scrutinise companies before investing, looking for those that will deliver good returns over the longer term.
  • Investors should be aware, though, that the usual risks of investing in stocks and shares apply – companies and stockmarkets can go through periods of turbulence and the value of your investment can fall.
  • This fund’s ‘SRRI’ risk rating, a measure of how volatile the fund’s performance has been over time, is currently 6, in a range of 1 (lower risk) to 7 (higher risk).

More detailed information on fund risks is included in the ‘risk warnings’ section below.

Risk warnings

To ensure you understand whether this fund is suitable for you, please read the Key Investor Information Document, which is available, along with the fund’s Prospectus, from artemis.co.uk.

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 historic yield reflects distribution payments declared by the fund over the previous year as a percentage of its mid-market unit price. It does not include any preliminary charge. Investors may be subject to tax on the distribution payments that they receive.

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.

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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