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Private investors

Artemis VCT plc

All data as at 28 August 2015 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 price63.50p
Net asset value71.43p

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

We normally refrain from commenting directly on our monthly performance. Instead, we prefer to focus on what ultimately drives long-term returns - namely the activity and progress of the underlying investee companies. Given the sharp sell-off in August, when heavy falls in all UK indices filled the front pages, we feel we should make an exception.

A few of our larger holdings performed well too, countering more general weakness elsewhere. The largest of all, Proactis, issued a positive trading update: this reported the successful integration of recent deals and encouraging levels of new contracts.

Reassuringly the fund held up well during the sell-off and, despite some volatility, rose over the month as a whole. In recent months, our strategy has been to take profits in stocks that have performed well. This continued in the early part of August, with partial sales notably of Abcam and Amino Technologies. So, despite paying interim and special dividends in June, we were still holding about 10% cash when the market sold off in the second half of August.

A few of our larger holdings performed well too, countering more general weakness elsewhere. The largest of all, Proactis, issued a positive trading update: this reported the successful integration of recent deals and encouraging levels of new contracts. The company continues to look for further acquisitions. Cohort, another large holding, is pursuing a similar strategy. It completed the acquisition of a Portuguese defence business in August. This was quickly followed by news that another of its subsidiaries had won an important contract with the Ministry of Defence. Both Proactis and Cohort rose by around 15% during the month.

September is typically busy with companies reporting results. So we look forward, in our next factsheet, to resuming our normal practice of highlighting their progress.

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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 (, 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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