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Private Investors

Artemis VCT plc

All data as at 28 November 2014 except where specified
  • Summary
  • Performance
  • Composition
  • Key facts
  • Investment insights
  • Literature
  • How to invest

Summary

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 price64.00p
Net asset value71.89p
(Discount)/Premium(11.00%)

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

Although the falling price of oil took centre stage in November, a profits warning from MyCelx Technologies, which provides water treatment solutions to the energy industry, did not appear to be related to the lower oil price. The contract delays it is experiencing are not uncommon in early-stage businesses. So the timing of the profits warning was simply unfortunate. However, given that MyCelx needs further funding, this is an unhelpful backdrop to say the least. In terms of other companies in the portfolio with exposure to the oil price, Pressure Technologies stands out. We sold a small part of the holding at the start of November (as much as liquidity would allow). With this in mind, we must admit to being slightly nervous ahead of the company’s results next month.

There was better news, however, from Advanced Computer Software. Having built a sizeable business through a series of astute acquisitions since its IPO in August 2008, the company, led by chief executive Vin Murria, announced a recommended takeover from a private equity firm

There was better news, however, from Advanced Computer Software. Having built a sizeable business through a series of astute acquisitions since its IPO in August 2008, the company, led by chief executive Vin Murria, announced a recommended takeover from a private equity firm. The price is attractive and we intend to follow the board’s recommendation in accepting the bid. We extend our thanks to Vin and her team for the substantial value they have created for ourselves and other shareholders from an IPO price of 17 pence to the offer price of 140 pence.

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Performance

Performance

Since launch*5 years3 years1 year6 months
Artemis VCT Plc NAV30.0%71.0%62.3%13.6%1.5%
Artemis VCT share price11.5%82.9%86.9%15.5%0.1%
Please remember that past performance is not a guide to the future. All data as at 28 November 2014. All figures show total returns. Source: Artemis. * Data from 24 March 2005, the close of the offer period.

Percentage growth

20142013201220112010
12 months to 30 September23.1%30.3%6.0%3.7%3.7%
20142013201220112010
12 months to 30 November15.5%37.2%17.9%-9.8%8.5%
Please remember that past performance is not a guide to the future. All data as at 28 November 2014. All figures show total returns. Source: Artemis.

Share price NAV performance

Share price NAV performance

Relative performance, value of £100 invested on 24 March 2005, the close of the offer period, to 28 November 2014. Source: Artemis.

Performance change over the past month (%)

Performance change over the past month (%)

Source: Artemis, bid to bid in sterling with net income reinvested. All figures show total returns.


Composition

Top ten holdings

CompanyBusiness activity% holding
CohortTechnical services for defence and security markets7.9%
Proactis HoldingsSpecialist spend control software provider7.9%
Advanced Medical SolutionsAdvanced wound care solutions6.6%
Pressure TechnologiesDesigner and manufacturer of high pressure cylinders6.1%
Amino TechnologiesDigital entertainment solutions for in-home multimedia5.0%
Oxford Nanopore TechnologiesDNA sequencing technology company4.9%
Advanced Computer SoftwareProvider of healthcare and business management software and IT services4.8%
Dods GroupPolitical publishing & media group4.7%
AbcamProducer and on-line distributor of research grade antibodies4.2%
NasstarProvider of hosted desktop and IT applications3.8%
Without cash. Source: Artemis as at 28 November 2014.

Market sector split

Sector% holding
Technology30.6%
Industrials28.7%
Healthcare23.6%
Consumer Services10.0%
Financials5.2%
Oil & Gas1.7%
Consumer Goods0.2%
Without cash. Source: Artemis as at 28 November 2014. Please note that figures may not add up to 100% due to rounding.

Asset allocation

Asset allocation

Source: Artemis as at 28 November 2014. Please note figures may not add up to 100% due to rounding.


Key Facts

Investment information

Launch24 March 2005
Fund size (net assets)£39.7m
Fund Size (Market cap)£35.3m
Shares In Issue55,169,513
Net asset value71.89p
(Discount)/Premium(11.00%)
Management fee1.75% (on market cap)
Ongoing charges2.20%
Company announcementsArtemis AIM VCT plc

Artemis VCT plc

Corporate information

DirectorsF E Wollocombe (Chairman),
C M Paterson,
E D Murray
You can contact the Chairman with any views or questions on the company: email

fiona.wollocombe@artemisfunds.com
Registered office42 Melville Street
Edinburgh EH3 7HA
Registered numberSC270952
RegistrarsEquiniti
34 South Gyle Crescent
Edinburgh EH12 9EB
SEDOLB02WQ94
ISINGB00B02WQ947
TickerAAM LN

Fund managers

Manager

Andy Gray

Since July 2006

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

29 May 2014
News
Artemis VCT plc review, six months to 31 March 2014
Investment manager Andy Gray reports a continuation of the positive performance enjoyed last year, with the Company’s net asset value increasing by 23.8% on a total return basis.
12 Dec 2013
News
Artemis VCT plc reports 24.9% net asset value return over the financial year
In his latest investment manager’s review, Andy Gray is pleased to report that patience and a long-term approach have been rewarded.
29 May 2013
News
Artemis VCT plc reports 9.2% net asset value return over the six months to 31 March 2013
Investment manager Andy Gray reports on an “encouraging” performance over the six months to 31 March 2013, with a 9.2% NAV return.
13 Dec 2012
News
Artemis VCT plc reports 2.4% net asset value return over the financial year
In his annual review, Andy Gray reports that his strategy of supporting proven management teams who adopt a ‘buy and build’ approach to developing their businesses has helped contribute to the company’s 2.4% net asset value total return over the past year.

Fund literature finder

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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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