Artemis Capital Fund
Fund Manager's Comment
Data as at 29 January 2010
As much as we would like to focus on stock-picking, we are still in a “macro-driven market”. Witness Greece’s plight and President Obama’s banking regulation. As long as macro drives the market, investors and companies will have limited visibility about the main drivers behind corporate performance: end demand for their products, the capital expenditure cycle and the broader economic business cycle. The views on the economic cycle continue to be very polarised amongst investors.
Turning to the actual news flow from companies, the picture is positive. We are in the midst of companies reporting results for the year of 2009 and in general, more companies are saying “things were better than expected” than the opposite. Few profit warnings. The fact that the market hasn’t rallied on the back of it can say two things: either it is all “priced in”, that is to say investors are not bowled over by the better numbers because these were all expected and priced in; or investors are focussing on macro, rather than bottom-up.
We use the reporting season as a timely tool for a bit of early spring-cleaning. Overall this hasn’t led to major changes in the portfolio, although we have taken a bit of ‘risk’ out of it by decreasing our mining and financials overweight while adding to Imperial Tobacco and AstraZeneca.
Fund Manager
Jacob de Tusch-Lec
Manager of the Artemis Capital Fund Fund since 1 January 2006
Awards
Capital PDF| IMA Sector | UK All Companies |
|---|---|
| Sedol Number | 0679552 |
| Fund Size (offer basis) | £400.9m |
| Historic yield | 2.20% |
| Unit offer price | 683.54p |
| Unit bid price | 646.44p |
| Valuation (UK business days) | 12:00 |
| Minimum lump sum investment | £1,000 |
|---|---|
| Minimum monthly investment | £50 |
| Launch | 23 December 1986 |
| Launch price | 50p |
| Preliminary charge | 5.00% |
| Annual Management Fee | 1.50% |
| Unit type | Accumulation |
| Accumulation date | 7 June |
| Total Expense Ratio | 1.66% |
Data as at 29 January 2010.
Performance
| Since Launch* | 5 Years | 3 Years | 1 Year | 6 Months | |
|---|---|---|---|---|---|
| Capital Fund (TR)† | 1260.9 | 3.0 | -31.4 | 21.9 | 10.3 |
| FTSE All-Share (TR)† | 656.6 | 30.2 | -7.2 | 33.2 | 14.7 |
| FTSE 100 (TR)† | 649.9 | 28.8 | -5.8 | 30.4 | 14.3 |
| Sector Average | 554.5 | 21.4 | -12.4 | 32.9 | 14.2 |
| Position in Sector | 5 | 218 | 272 | 284 | 294 |
| Funds in Sector | 46 | 236 | 281 | 308 | 311 |
| Quartile | 1 | 4 | 4 | 4 | 4 |
Please remember that past performance is not a guide to the future.
* Data from 23 December 1986. Source: Lipper Limited, bid to bid in sterling with net income reinvested to 29 January 2010. All figures show total returns. †Percentage Growth. Sector is IMA UK All Companies.
Percentage Growth
Artemis Capital Fund Fund 12 Months to 30 September 2009
| 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|
| 20.9 | -40.2 | -2.0 | 21.3 | 26.4 |
Source: Lipper Limited, bid to bid in sterling with net income reinvested. All figures show total returns.
Value of £1,000 invested at Launch to 29 January 2010.
Data from 23 December 1986. Source Lipper Limited, bid to bid in sterling with net income reinvested to 29 January 2010.
Asset Allocation*
*Without cash. Source: Internal
Top Ten Holdings*
| BP | 7.2% |
|---|---|
| IG Group | 4.1% |
| Xstrata | 3.9% |
| Barclays | 3.7% |
| AstraZeneca | 3.1% |
| Anglo American | 2.8% |
| HSBC | 2.6% |
| Next | 2.5% |
| International Personal Finance | 2.4% |
| Tullett Prebon | 2.2% |
* Without cash.
Source: Internal.
Market Sector Split*
| Banks | 17.6% |
|---|---|
| Oil & Gas | 16.8% |
| Basic Resources | 14.0% |
| Industrial Goods & Services | 10.0% |
| Financial Services | 9.6% |
| Retail | 7.1% |
| Healthcare | 4.3% |
| Travel & Leisure | 4.0% |
| Technology | 3.6% |
| Other | 13.0% |
* Without cash.
Sector classification: FTSE Acturaries
Source: Internal.
% Variance†*
| IG Group | 4.0% |
|---|---|
| Xstrata | 2.5% |
| International Personal Finance | 2.3% |
| Next | 2.3% |
| Tullett Prebon | 2.1% |
| Ladbrokes | 1.9% |
| GKN | 1.9% |
| Apache | 1.9% |
| Credit Suisse | 1.9% |
| Barclays | 1.7% |
† Positive variance between stock % held in the Fund versus FTSE All-Share. Without cash source: Internal.
Risk Warning
Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk), 25 The North Colonnade, Canary Wharf, London E14 5HS and is a member of the IMA. Artemis Fund Managers Ltd is a member of the Artemis Marketing Group. We only market our own unit trusts. The value of an investment, and any income from it, can fall as well as rise as result of market and currency fluctuations and you may not get back the amount originally invested.
All data is sourced internally unless otherwise stated.
The historic yield reflects distributions declared over the past twelve months as a percentage of the mid-market unit price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions.
