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Private investors

Artemis VCT plc

All data as at 30 December 2016 except where specified
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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)68.50p
Net asset value69.52p
(Discount)/Premium on diluted NAV(1.5)%

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

Fund manager’s update

With only a few weeks of the year remaining, we made our second qualifying investment of 2016 (the first was Yu Group back in March). ECSC plc is an UK-based cyber security company providing consulting and managed security services to over 200 clients across the UK. The recent proliferation of high-profile security breaches has made cyber security a strategic issue for companies. ECSC intends to use the proceeds from its IPO to scale up the business and capitalise on this opportunity to meet predicted growth in its market. Its strong record gives us confidence that this can be delivered and we look forward to reporting on their progress in the months and years ahead.

ECSC intends to use the proceeds from its IPO to scale up the business and capitalise on this opportunity to meet predicted growth in its market.

We ended 2016 with ULS Technology as our largest holding. In December, it announced the acquisition of Conveyancing Alliance for an initial consideration of £7.2m (there is also an earn-out agreement). To us, the deal looks to offer strong strategic and financial logic and should both grow and further diversify the business. So the appreciation in its share price that followed the announcement of the deal looks well founded.

We place a great deal of emphasis on the quality of management teams, so Proactis’ announcement that chief executive Rod Jones will retire deserves comment. He has been instrumental in the M&A strategy that has built Proactis to its current size and has delivered significant shareholder value in the process. We are grateful and wish him well. With the current finance director Tim Sykes stepping into the role after a 12-month handover, we are confident that the company can continue to build on the strong foundations Mr Jones has established.

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Risk warnings

Please ensure that you understand whether this fund is suitable for you. We recommend that you get independent financial advice before making any investment decisions.

This information does not constitute an offer, invitation or solicitation to deal in the securities of this fund.

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 the shares of small and medium-sized companies. Shares in smaller companies carry more risk than larger, more established companies because they are often more volatile and, under some circumstances, harder to sell. In addition, information for reliably determining the value of smaller companies – and the risks that owning them entails – can be harder to come by.

Investing in a venture capital trust (VCT) carries a higher risk than many other forms of investment. Potential investors are therefore strongly advised to seek professional advice. In particular, shares in a VCT may be difficult to sell. Tax policy towards VCTs may change and any tax relief may depend on an individual's circumstances.

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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