skip to content.

Private investors

Artemis US Equity Fund

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

The fund’s aims

The fund aims to achieve long-term capital growth by investing principally in the shares of companies listed, quoted or traded in the United States of America.

Current prices and yield
(class I)

As at noon, 24 February 2017
Mid price (GBP acc shares)155.90p
Historic yield (GBP acc shares)0.29%

Investment information
(class I)

Minimum lump sum investment£250,000
Ongoing charge (GBP acc shares)1.00%

The initial charge is currently waived. The ongoing charge includes the annual management charge of 0.75% 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 manager’s update

The US equity market went up again in January (in dollar terms) as we saw the inauguration of Donald Trump. Indicators for both consumer and corporate confidence rose strongly on the promise of lower taxes, de-regulation and increased spending on infrastructure. These measures should in turn have a positive impact on economic activity and earnings.

Indicators for both consumer and corporate confidence rose strongly on the promise of lower taxes, de-regulation and increased spending on infrastructure.

The fund outperformed the index over the month, with both stock selection and sector allocation contributing. Having underperformed since the election, technology stocks fared better in January. The fund benefited through holding stocks such as Lam Research (semi-conductor equipment) and Take-Two Interactive (video games). The cable sector performed strongly on the back of rumoured consolidation, which we consider to be very likely. The fund’s holding in Liberty Broadband was the biggest contributor to performance over the month.

On the negative side, our holding in Spirit Airlines suffered after it announced uninspiring results and guidance on profits. There were also concerns about restrictions on air traffic following President Trump’s ban on travel from certain countries. The fund’s exposure to industrials was mixed: not holding General Electric was a positive, while exposure to Swift (transportation) detracted from performance as the company’s results failed to convince. Not holding Verizon (telecoms) was also beneficial as the stock suffered on the back of weak results.

In terms of activity, we have continued to add to financials by increasing our position in Bank of America. It is well-placed to benefit from increases in interest rates, from de-regulation and also from potentially better market-related activities. The fund’s main exposure to financials remains in regional banks. We have also continued to add to selected stocks involved with semiconductors and bought Applied Materials, a leading manufacturer of OLED screens.

As the market has performed very strongly since the election, it is likely that we will see more volatility ahead once the reality of Trump’s agenda and its implementation (or lack of) kicks in.

22 February 2016

US equities: In a (relatively) good position …

Investors in the US can feel (quietly) positive – as long as they avoid companies dependent on the health of the global economy. While the industrials sector and other exporters are holding back growth, a recession in the US is unlikely, Cormac tells Artemis’ Ross Leckie. That is why he and his colleagues are buying the dips – selectively.


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

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

Data from 19 September 2014. Source: Lipper Limited, class I GBP accumulation shares, mid to mid 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 I)

12 months to 31 December27.9%9.3%n/an/an/a
12 months to 31 January35.7%2.5%n/an/an/a
Please remember that past performance is not a guide to the future. Source: Lipper Limited, class I GBP accumulation shares, mid to mid in sterling. All figures show total returns with dividends reinvested. As the fund was launched on 19 September 2014, complete five year performance data is not yet available.

Email this article:

US equities: In a (relatively) good position …

Security Code

About the fund

The Artemis US Equity Fund aims to achieve long-term capital growth from a portfolio which consists primarily of large and medium-sized stocks from North America.

The fund may be suitable as a core holding for investors looking for well diversified exposure to the potential of America’s best large and medium-sized companies. Aiming to produce long-term capital returns in excess of the S&P 500 index, it invests in around 60 to 80 stocks.

Highly regarded manager Cormac Weldon has many years' experience as a US equity manager. He uses the Artemis US equity team’s research skills, combining detailed stock-specific research with big-picture economic and market analysis.

  • Core US equity fund: provides diversified exposure to America's best large and medium-sized companies.
  • An eye on risk: the manager pays as much attention to evaluating potential risk as he does to investment opportunity.
  • Robust investment process: a tested, research-led investment process that aims to perform through ups and downs in the stockmarket and economy.
  • Experienced team: collectively, Artemis’ US equity team has 56 years’ experience. Lead manager Cormac Weldon has over 20 years’ experience.

Reasons to consider

The fund may be suitable for investors looking for:

  • a core US equities holding
  • investment in large and medium-sized companies
  • the potential for capital growth
  • an experienced fund manager with a good performance record

Introducing the fund

Manager Cormac Weldon introduces the fund and explains his investment approach.

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 and medium-sized American companies, primarily bigger, stable businesses. The manager carefully scrutinises companies before investing, looking for those that he believes will deliver good returns over the longer term.
  • Investors should be aware, though, that the usual risks of investing in 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 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 additional expenses of the fund are currently capped at 0.25%. This has the effect of capping the ongoing charge for the class I shares issued by the fund at 1%. Artemis reserves the right to remove the cap without notice.

The historic yield reflects distribution payments declared by the fund over the previous year as a percentage of its mid-market unit/share 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.

UK personal investors

I confirm that I am a UK personal investor and that I agree to and will comply with the terms and conditions of use of this website.