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Private investors

Artemis VCT plc

All data as at 31 March 2016 except where specified
  • Summary
  • Performance
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The fund’s aims

The company’s objective is to achieve long-term capital and income growth and to generate tax free capital and income distributions.

Investment policy

The company's policy is to invest in a diversified portfolio of growth orientated companies across a broad range of industries, with a particular emphasis on companies whose shares are traded on AiM. Investments will also be in companies whose shares are traded on ISDX markets and unquoted companies. The company's portfolio is managed in order to meet the requirements of section 274 of the Income Tax Act 2007 that, inter alia, require at least 70% of the investments to be qualifying holdings, of which 30% must be in eligible shares. Subject to maintaining a prudent margin of safety over the 70% level, the company's remaining assets may be invested in cash or money market deposits, fixed interest securities, unit trusts or UK listed securities without regard to the market capitalisation of such companies.

Ordinary shares

Share price (ordinary)59.50p
Net asset value68.90p
(Discount)/Premium on diluted NAV(13.6)%

Important security alert

Artemis has been made aware of some shareholders receiving telephone calls from individuals claiming to be brokers who wish to purchase VCT shares at a significant premium in exchange for a bond. So far as Artemis is aware, this offer is not genuine.
Should you receive any calls similar to this, please let us know by calling our Client Services Team on 0800 092 2051.
You may also wish to notify the Financial Conduct Authority or the Metropolitan Police.
For more information on share fraud and boiler room scams please see the following from the FCA.'Important security alert

http://www.fca.org.uk/consumers/scams/investment-scams/share-fraud-and-boiler-room-scams

Fund manager’s update

March is traditionally busy with lots of results and trading statements. Pleasingly, the general tone from our companies was upbeat with trading largely on track.

Pleasingly, the general tone from our companies was upbeat with trading largely on track.

There is too much news to go into great detail but we would highlight the pre-close trading update from Fulcrum Utility Services. The management team is pursuing a multi-utility strategy. As well as a long list of new contracts, they talked about the launch of Fulcrum’s electricity connection service. Progress is such that profit expectations for the year have risen by 25%. The company’s share price went up by more than 50% in March alone.

There were also announcements of small acquisitions from Judges Scientific and Keywords Studios. Cohort and Instem, meanwhile, announced they had won new contracts.

The flow of new deals has been quiet lately. Our most recent, gear4music, was back in June 2015. Although the share price has moved little since, the company has made strong progress. A trading update in March confirmed it had beaten expectations for the financial year with revenue growing by 46%. This is despite having no London showroom - about which gear4music is being, as one might hope, highly selective.

Late last year, new rules came in governing what a VCT can invest in. We are pleased to report we have now bought our first holding under these rules. Yu Energy is a new supplier targeting small businesses. The company has made great strides in its early years and the proceeds from the initial puplic offering (IPO) should fund further growth. We look forward to reporting Yu’s progress in the future.

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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 VCT plc, and any income from them, can fall as well as rise 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.

Investment in a VCT carries a higher risk than many other forms of investment and potential investors are strongly advised to seek professional advice.

In particular, a VCT’s shares although listed may be difficult to realise and a VCT’s underlying investments in the securities of smaller or unquoted companies and in companies in specialist sectors can involve greater risk than investment in larger, more established firms. Existing tax levels and reliefs may change and the value of reliefs depends on individual circumstances. If a VCT loses its H M Revenue & Customs approval tax reliefs previously obtained may be lost.

This information is issued by Artemis Fund Managers Limited which is authorised and regulated by the Financial Conduct Authority (www.fca.org.uk), 25 The North Colonnade, Canary Wharf, London E14 5HS.

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 a VCT.

UK personal investors

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