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Private investors

Artemis VCT plc

All data as at 31 October 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)67.00p
Net asset value75.80p
(Discount)/Premium on diluted NAV(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

With the pound falling to new multi-year lows against the US dollar and the euro, sterling’s weakness was a key focus for investors in October. We discussed our largest holding, gear4music, last month so won’t do so again. But we will highlight the fact that it enters the all-important Christmas trading period with a significant tailwind from this currency depreciation just as it is expanding into Europe.

Although Omega Diagnostics has also been helped by currency moves, the really interesting part of its trading update related to progress on their Visitect CD4 test for HIV.

AB Dynamics is another beneficiary of the weak pound. Its advanced testing systems are sold to automotive customers worldwide. Key markets include Europe, China, Korea and Japan. A trading update in October reassured investors that profits are expected to be in-line with expectations and construction of the new manufacturing facility remains on track, positioning it to continue the strong organic growth of recent years. We look forward to reading its full-year results and meeting its management in November.

Although Omega Diagnostics has also been helped by currency moves, the really interesting part of its trading update related to progress on their Visitect CD4 test for HIV. A final test design has now been selected, allowing them to progress to optimisation to achieve a robust manufacturing process and scalability ahead of external field trials and, we hope, regulatory approval.

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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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