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Private investors

Artemis VCT plc

All data as at 31 July 2015 except where specified
  • Summary
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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 price62.00p
Net asset value70.17p
(Discount)/Premium(11.6)%

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

Trading updates in July were rather mixed. Cautious statements from companies whose customers operate in the oil and gas industry came as no surprise. For example, MyCelx, which has developed a new type of oil filter, and global surveillance technology group Synetics, are still suffering from difficult end markets. This could persist for some time.

Trading updates in July were rather mixed.

Elsewhere, cloud computing provider Nasstar encountered a number of small but unrelated issues that will, on aggregate, have a negative impact on earnings. These problems seem unlikely to recur so we remain confident in the company’s long-term strategy - and its management - despite the downgrades.

ClearStar also lowered its earnings projections. It is accelerating investment in sales and in its technology platform. Although this will be beneficial to the longer-term health of the company, which provides employers with background checks and drug screening, it comes at the expense of profits in the short term. A year ago, Abcam embarked on a similar strategy and it is now being rewarded: a positive trading update showed faster top-line growth as the investments the company has made begin to deliver. We expect to see a similar outcome from ClearStar.

Trading patterns at Judges Scientific remain rather volatile but there has been an encouraging pick-up in order activity after a slow start to 2015. This recovery will need to be sustained if the shares are to be re-rated and regain the levels seen previously.

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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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