Fund Manager's Comment
Data as at 30 June 2009
Over the month we had a higher level of transactions than usual. The main purchase was of Providence Resources, who have raised funds to create further gas storage in the Irish Sea. We raised cash in the sector by selling Valiant Resources. In the financials sector we have started selling Liontrust and Polar Capital to start new holdings in Evolution Group, the well established stockbroker. It has built its earnings base during the downturn by investing in a fixed interest business and by increasing its traditional stockbroking business. We have also bought a holding in Hargreaves Lansdown, which offers good earnings growth from its very resilient and highly regarded financial services business. Having supported a rights issue for Ceramic Fuel Cells which contributed to a strong recovery in the share price, we have now sold our holding. With the proceeds, we started a holding in Debenhams.
We expect the UK stockmarket to start to adjust to the conflicting signals coming from the economy. The high level of government indebtness continues to be a major unresolved issue, and the impact of the credit crisis is yet to be fully felt by the wider economy. But the recovery in both the crude oil and palm oil price has been positive for the portfolio. We expect this to continue in the short term.
Investment Policy
The Company's investment portfolio comprises mainly UK and selected international equities, with the potential for investment in limited liability hedge funds, cash and bonds, unquoted investments, derivative instruments and other investments and securities as appropriate.
| Directors | Registered Office | Registrars |
|---|---|---|
| S E C Miller (Chairman) D J Barron T Cross Brown A D Dalrymple C E W Peel |
Cassini House 57 St James's Street London SW1A 1LD Company No:253644 |
Capita Registrars The Registry 34 Beckenham Road Beckenham Kent BR3 4TU |
Alpha Trust PDFKey Facts
| Portfolio Yield | 1.80% |
|---|---|
| Gross Dividend Yield | 1.40% |
| Net Gearing | £0m |
| Fund Size (Net Assets) | £63.4m |
| Fund Size (Market Cap) | £53.1m |
| NAV - Basic | 208.38p |
| NAV - Diluted | 192.31p |
| Share Price | 172.50p |
| (Discount)/Premium | (10.3%) |
| Sedol number | 0435594 |
|---|---|
| ISIN | GB0004355946 |
| Ticker | ATS/LON |
| Launch | 16 October 1998 |
| No. of Shares in issue | 30,404,988 |
| Management Fee | 0.75% (on market cap) |
Data as at 30 June 2009
Performance†
| Since Launch*** | 3 Years | 1 Year | 6 Months | 1 Month | |
|---|---|---|---|---|---|
| Artemis Alpha Trust NAV* | 209.2 | -0.2 |
-23.8 | 19.5 | -1.2 |
| Artemis Alpha Trust Share Price** | 126.7 | -10.6 | -24.4 | 19.7 | -2.0 |
| FTSE All Share Index** | 29.4 | -18.2 | -20.5 | 0.8 | -3.2 |
All data as at 30 June 2009. All figures show total returns. † Percentage Growth. * Source: Internal. ** Lipper Limited. The comparative index changed when Artemis took over the management of the Trust on 1 June 2003. *** Data from 19 October 1998.
Percentage Growth - 12 Months to 30 June 2009
| 2005 | 2006 | 2007 | 2008 | 2009 |
|---|---|---|---|---|
| 42.4 | 7.3 | 16.6 | 1.5 | -24.4 |
Source: Lipper Limited, bid to bid in sterling with net income reinvested. All figures show total returns. Past performance is not a guide to future performance.
Share Price and NAV Performance (in pence)
* Data from 19 October 1998. Source: Internal as at 30 June 2009.
% Growth (over the month)
* Data from 29 May 2009 to 30 June 2009. Source: Internal.
Asset Allocation*
Top Ten Holdings*
| Company | Business Activity | % Fund |
|---|---|---|
| Vostok Energy | Russian Gas Interests | 15.3 |
| New Britain Palm Oil | Production of Crude Palm Oil | 6.6 |
| Salamander Energy | South East Asian based Oil & Gas Exploration | 6.2 |
| Hurricane Exploration | North Sea based Oil & Gas Exploration | 5.4 |
| Booker Group | Catering & Retail Wholesaler | 3.9 |
| REA Holdings | Production of Crude Palm Oil | 3.0 |
| Geopark Holdings | Oil & Gas Exploration in Argentina & Chile | 2.9 |
| Close Brothers Group | Merchant Bank & Asset Management | 2.6 |
| Playtech | Online Gaming Software | 2.5 |
| Providence Resources | Irish Oil & Gas Company | 2.4 |
* Source: Internal. Without Cash.
Market Sector Split*
| Oil & Gas Producers | 37.4% |
|---|---|
| General Financial | 10.7% |
| Food Producers | 9.6% |
| Industrial Engineering | 7.0% |
| Aerospace & Defence | 4.5% |
| Food & Drug Retailers | 3.9% |
| General Retailers | 3.8% |
| Real Estate | 3.3% |
| Non-Life Insurance | 3.0% |
| Other | 16.8% |
* Source: Internal. Without Cash.
Geographical Breakdown*
| UK | 78.0% |
|---|---|
| Papua New Guinea | 6.6% |
| Canada | 2.9% |
| Bermuda | 2.9% |
| Denmark | 2.4% |
| USA | 1.9% |
| Cyprus | 1.9% |
| Indonesia | 0.7% |
| India | 0.5% |
| Other | 2.2% |
* Source: Internal. Without Cash.
Other Information
Audit Committee: Terms of Reference Management Engagement Committee: Terms of Reference Nomination Committee: Terms of Reference Company Announcements External Site (opens in a new window) View AGM Proxy Voting (6 September 2007 to 11 September 2008) View Interim Management Statement (31 January 2009) 2009 Annual Report & Accounts (30 April 2009) 2008 Annual Report & Accounts (30 April 2008) 2007 Annual Report & Accounts (30 April 2007) 2006 Annual Report & Accounts (30 April 2006) 2008 Interim Report & Accounts (31 October 2008) 2007 Interim Report & Accounts (31 October 2007) 2006 Interim Report & Accounts (31 October 2006) Risk Warning
This factsheet has been issued by Artemis Investment Management Ltd, which is authorised and regulated by the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. It does not constitute an offer, invitation or solicitation to deal in securities. The value of shares in an investment trust, and any income from them, can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investments in the securities of smaller companies and in companies in specialist sectors can involve greater risk than investment in larger, more established firms. Likewise investments in emerging markets may be considered higher risk than those in established markets. Investment trusts may borrow money in order to make further investments, which is known as 'gearing'. This can enhance investment returns in rising markets but conversely may reduce returns in falling markets. All data internal unless otherwise stated.
