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Private investors

Artemis VCT plc

All data as at 31 December 2015 except where specified
  • Summary
  • Performance
  • Composition
  • Key facts
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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)60.00p
Net asset value66.44p
(Discount)/Premium on diluted NAV(9.7)%

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

Fulcrum Utility Services was the greatest contributor to performance this month, rising 41% to 28p. A trading statement in September predicted good results but, at more than 30%, the scale of the upgrade to profits exceeded our expectations. The shares still offer value but we have realised some profits due to the weighting to Fulcrum in the portfolio. Included in the disposal were two million shares bought when they were in the doldrums - at 6.6p.

Cohort’s shares drifted lower in December but we took comfort from the company’s interim results. Although its acquisition of EID, one of Portugal’s leading high-tech businesses, is taking longer than expected, Cohort’s existing subsidiaries continue to perform well.

Cohort’s shares drifted lower in December but we took comfort from the company’s interim results. Although its acquisition of EID, one of Portugal’s leading high-tech businesses, is taking longer than expected, Cohort’s existing subsidiaries continue to perform well. The UK government’s recent Strategic Defence and Security Review was supportive. Meanwhile, a strong order book underpins forecasted profits forecasts for the full year.

Pressure Technology’s shareholders saw their investments halve in value in 2015. In December, the annual results highlighted the tough conditions the company is facing, with operating profit falling 58%. The cylinder and precision-machined component divisions are under pressure so the group is depending on the alternative energy business to deliver stable profits. Here there are signs of encouragement: the growing demand worldwide for renewable energy is providing a strong pipeline of potential orders.

Finally, Advanced Medical Solutions issued a pre-close trading update: despite the weak euro, both revenue and profit are expected to be in line with forecasts. A number of new products received regulatory approval in 2015, leaving the company well placed for the year ahead.

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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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