Artemis European Growth Fund
Fund Manager's Comment
Data as at 30 September 2010
Sentiment on the world economy continues to fluctuate. A few months ago, investors convinced themselves that we were about to witness a double dip recession. In the meantime, with some perkier data points coming out of China and a firming in metal prices to match, investors are now thinking that all we are witnessing is a mid-cycle pause for breath. Such a shift in expectations is perfectly normal – but mostly random. It would seem that the more convincing trend is that investors are spending less of their time getting worked up about economic matters. The result is that share prices are starting to diverge less as a result of the company’s perceived riskiness, and more in relation to the divergence in fundamentals. This is a trend we seem to be benefiting from.
Co-Fund Manager
Peter Saacke
Co-Manager of the Artemis European Growth Fund Fund since 1 December 2002
Awards
European Growth PDFKey Facts
| IMA Sector | Europe Excluding UK |
|---|---|
| Sedol Number | 0660084 |
| Fund Size (offer basis) | £340.0m |
| Historic yield | 1.30% |
| Unit offer price | 176.54p |
| Unit bid price | 167.19p |
| Valuation (UK business days) | 12:00 |
| Minimum lump sum investment | £1,000 |
|---|---|
| Minimum monthly investment | £50 |
| Launch | 7 March 2001 |
| Launch price | 100p |
| Preliminary charge | 5.25% |
| Annual Management Fee | 1.50% |
| Unit type | Accumulation |
| Accumulation date | 31 May |
| Total Expense Ratio | 1.61% |
Data as at 30 September 2010.
Performance
| Since Launch* | 5 Years | 3 Years | 1 Year | 6 Months | |
|---|---|---|---|---|---|
| European Growth Fund (TR)† | 76.0 | -3.9 | -31.7 | 2.9 | -2.9 |
| FTSE Europe ex UK (TR)† | 43.4 | 36.2 | -5.0 | 1.6 | -2.8 |
| Sector Average | 33.6 | 27.2 | -8.1 | 0.9 | -3.5 |
| Position in Sector | 5 | 80 | 91 | 30 | 38 |
| Funds in Sector | 63 | 81 | 92 | 107 | 109 |
| Quartile | 1 | 4 | 4 | 2 | 2 |
Please remember that past performance is not a guide to the future.
*Data from 7 March 2001. Source: Lipper Limited, bid to bid in sterling with net income reinvested to 30 September 2010. All figures show total returns. †Percentage Growth. Sector is IMA Europe (ex UK).
Percentage Growth
Artemis European Growth Fund Fund 12 Months to 31 December 2009
| 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|
| 2.9 | 0.0 | -33.6 | 24.3 | 13.1 |
Further Discrete Performance periods.
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 30 September 2010.
Data from 7 March 2001. Source Lipper Limited, bid to bid in sterling with net income reinvested to 30 September 2010.
Asset Allocation*
*Without cash. Source: Internal
Top Ten Holdings*
| Société Générale | 4.4% |
|---|---|
| BNP Paribas | 4.0% |
| ING Groep | 3.8% |
| UBS | 3.3% |
| Bayerische Motoren Werk | 2.9% |
| Daimler | 2.5% |
| Nutreco | 2.5% |
| ENEL | 2.4% |
| Natixis | 2.3% |
| Clariant | 2.3% |
* Without cash.
Source: Internal.
Market Sector Split*
| Banks | 22.8% |
|---|---|
| Automobiles & Parts | 11.7% |
| Chemicals | 10.6% |
| Industrial Goods & Services | 7.6% |
| Utilities | 6.9% |
| Telecommunications | 6.3% |
| Insurance | 6.0% |
| Food & Beverage | 4.4% |
| Healthcare | 3.9% |
| Other | 19.8% |
* 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.
