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Private investors

Artemis Global Select 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 objective of the fund is to achieve long term capital growth primarily from a portfolio of global equities that the manager considers to demonstrate leading positions in their sectors.

Current prices and yield
(class R)

As at noon, 24 February 2017
Bid price (acc units)92.78p
Offer price (acc units)97.84p
Historic yield (acc units)0.00%

Investment information
(class R)

Minimum lump sum investment£1,000
Ongoing charge (acc units)1.68%

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

Equity markets started the year strongly. Our portfolios modestly lagged the rising market. Although most of the fund’s investments are not greatly affected by political change, holdings in US banks and producers of shale oil should benefit from Trump’s policies. Others may benefit from lower rates of corporate tax. In contrast, attempts to unwind Obamacare seem more problematic so we have further reduced exposure to US healthcare companies.

We believe this means the portfolio is well balanced to cope with a year of rising interest rates and to benefit from the expansionary policies being introduced in larger economies.

The results season helps to return the market’s focus to company fundamentals. Economic growth worldwide is currently quite healthy, even in Europe. Results from LVMH, Comcast and Boston Scientific have all been reassuring. Two of the smaller holdings in the portfolio, Line Corporation and DeNA, had disappointing earnings and have been sold.

We have rebalanced the portfolio in recent months to prevent the average multiple on which its holdings trade relative to underlying cashflows increasing. This inevitably involves selling holdings in fashionable parts of the market (such as consumer staples) and reinvesting in out-of-fashion sectors (such as financials). We believe this means the portfolio is well balanced to cope with a year of rising interest rates and to benefit from the expansionary policies being introduced in larger economies. That said, the portfolio’s positioning continues to prioritise the protection of capital in case of market volatility.

14 February 2017

Global equities: Looking for cyclical opportunities …

Simon Edelsten, manager of the Artemis Global Select Fund, has been looking at cyclical stocks. He talks to Artemis’ Vik Heerah about increasing the fund’s holdings in financials and in Japan.

Value of £1,000 invested at launch to 31 January 2017

Value of £1,000 invested at launch to 31 January 2017

Data from 16 June 2011. 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)

12 months to 31 December23.8%9.3%9.3%20.7%11.9%
12 months to 31 January29.4%2.4%16.2%8.3%16.0%
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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Global equities: Looking for cyclical opportunities …

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About the fund

The Artemis Global Select Fund aims to grow real wealth by investing in quality stocks worldwide: companies with strong market positions, excellent finances and the ability to maintain profitable product prices over time.

Regardless of the short-term economic environment, these companies have the financial resources and market positions to grow and prosper. 

  • Quality stocks: to identify attractive investments, the team identifies a number of long-term global growth themes. They then construct a diversified portfolio of high-quality companies that can benefit from these themes over the long term.
  • Value-conscious stock-picking: strong companies only represent good investments when they are bought at the right price. A disciplined approach to valuation ensures that the managers exercise patience, investing only at the right price.
  • Long-term prospects: rather than short-term trading, the managers invest for the long run. They look to build a resilient portfolio of companies that can prosper irrespective of the economic cycle.
  • Short-term protection: the managers will hold up to 20% of the portfolio’s assets in cash when unsustainable valuation levels are reached, with the aim of offering capital protection should markets fall.

Reasons to consider

The fund may be suitable for investors looking for:

  • exposure to leading companies around the world
  • the potential for long-term capital growth
  • the prospect of capital protection in periods of market turbulence
  • an experienced fund management team with a good record

Introducing the fund

Simon Edelsten introduces the Artemis Global Select Fund and outlines how he and his co-managers choose sectors and companies to invest in.

Risk considerations

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

  • This fund invests in a relatively small number of high-quality companies around the world, primarily substantial stable businesses. The managers carefully scrutinise companies before investing, looking for those that will deliver good returns from long-term growth trends
  • 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 go up and down.
  • In addition, a proportion of the fund’s investments may be in emerging markets, which can be more volatile than mature markets.
  • In more difficult times, the managers will seek to protect capital by selling some investments and holding cash instead.
  • This fund’s ‘SRRI’ risk rating, a measure of how volatile the fund’s performance has been over time, is currently 5, 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

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 prices) can be expected.

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.

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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