Fund Manager's Comment
Data as at 30 June 2009
Increasingly investors are talking of the ‘green shoots’ of recovery and companies are keen to talk up the prospects for the second half of this year. Nevertheless, companies are still finding that the recovery is pretty elusive, profit forecasts are still being cut, particularly in the cyclical sectors — and the share prices of these highly priced recovery stocks are starting to fade.
With corporate bond yields still falling, equity prices of the more defensive and the financial sectors are holding up. In the bank sector, we have switched out of those where estimates are slipping again and re-invested the proceeds in the likes of BNP, Dexia and Credit Suisse. We have also increased our exposure to the healthcare and utility sectors.
Pan European Equity PDFKey Facts
| Fund Size (EUR) | 3.8m |
|---|---|
| Fund Size (GBP) | 3.3m |
| Price EUR ( A Acc Shares) | 49.69 |
| Price GBP (A Acc Shares) | 42.38 |
| Price EUR (A Inc Shares) | 48.72 |
| Price GBP (A Inc Shares) | 41.55 |
| Minimum Lump Sum Investment | € 1,000 |
| Launch | 11 December 2006 |
| Launch Price (EUR) | 100 |
| Launch Price (GBP) | 67.69 |
| Initial Charge | 5.0% |
| Annual Management Charge | 1.5% |
| Unit Type | Accumulation/ Income |
| Currency Type | EUR/GBP |
| Valuation | Daily, 12pm UK/1pm Lux |
| ISIN (A EUR Acc) | LU0268337366 |
|---|---|
| Sedol (A EUR Acc) | B1J99R4 |
| Bloomberg (A EUR Acc) | ARPANEU LX |
| ISIN (I EUR Acc) | LU0268336475 |
| Sedol (I EUR Acc) | B1JD2P5 |
| Bloomberg (I EUR Acc) | ARPANEI LX |
Data as at 30 June 2009.
Performance
| Since Launch* | 1 Year | 6 Months | 3 Months | |
|---|---|---|---|---|
| Pan European A Acc € | -50.3 | -39.7 | 3.2 | 17.4 |
| MSCI Europe (TR) € | -36.4 | -25.9 | 6.7 | 19.2 |
| Excess Return | -13.9 | -13.8 | -3.5 | -1.8 |
| Sector Average | -38.0 | -26.5 | 6.8 | 17.8 |
| Position in Sector | 310 | 386 | 330 | 240 |
| Funds in Sector | 318 | 397 | 422 | 429 |
| Quartile | 4 | 4 | 4 | 3 |
Source: Lipper Limited, NAV to NAV in Euros with net income reinvested to 30 June 2009. * Data from 11 December 2006. The Artemis Pan European Equity Fund does not belong to an IMA sector. For comparative purposes 'sector average' is made up of Equity Europe funds domiciled in Luxembourg and Dublin. Please remember that past performance is not a guide to the future.
Value of €1000 Invested at Launch to 30 June 2009
Source: Lipper Limited, NAV to NAV in Euros with net income reinvested to 30 June 2009. Data from 11 December 2006.
Asset Allocation*
Top Ten Holdings*
| Royal Dutch Shell A | 3.8% |
|---|---|
| Sanofi-Aventis | 3.0% |
| BAE Systems | 2.9% |
| AstraZeneca | 2.7% |
| Autonomy Corporation | 2.6% |
| Deutsche Bank | 2.5% |
| Petrofac | 2.5% |
| Dexia | 2.0% |
| BNP Paribas | 1.9% |
| Prudential | 1.9% |
* Without cash.
Source: Internal.
Market Sector Split*
| Banks | 16.8% |
|---|---|
| Insurance | 13.9% |
| Energy | 11.8% |
| Capital Goods | 8.8% |
| Diversified Financials | 7.4% |
| Pharmaceuticals & Biotechnology | 7.1% |
| Consumer Services | 6.2% |
| Software & Services | 4.2% |
| Utilities | 3.2% |
| Other | 20.6% |
* Without cash.
Source: Internal.
Risk Warning
Artemis International SICAV is organised under the laws of the Grand Duchy of Luxembourg as a société d'investissement à capital variable (a "SICAV"). The Fund is an investment company which offers investors a choice between several classes of shares (each a "Class") in a number of sub-funds (each a "Sub-Fund"). Each Sub-Fund qualifies as a UCITS. This document is not an invitation to subscribe for shares in the Fund and is provided for information purposes only. Subscriptions for shares in the Fund can only be made on the basis of the current prospectus and simplified prospectus, copies of which can be obtained free of charge from Artemis Investment Management Ltd Cassini House, 57 St James’s Street, London SW1A 1LD. Shares in the Fund are not available for sale, nor should this document be considered available for distribution, in any jurisdiction in which the sale would be unlawful. Currently the Fund is registered for sale in France, Luxembourg, Sweden, Switzerland, the Netherlands and United Kingdom.
Past performance is not a guide to the future. The value of an investment, and any income from it, can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. 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.
