Artemis New Enterprises Fund
Fund Manager's Comment
Data as at 30 June 2009
With the proposed merger with Artemis Special Situations Fund imminent, trading was kept to a minimum. Our approach has always been long-term investing, so trading in such a short timeframe would have been purely speculative in our eyes. The highlights in the month were recoveries in the share price of both Alterian and Kewill as investors digested positive results from both, pushing both stocks into the FTSE Small Cap index. The proposed acquisition of Borland by Micro Focus took a few twists and turns with counter-offers. But the economics of the deal justify, in our view, a raised bid and the existing business continues to perform well. System C is also enjoying positive trading momentum. Its trading update revealed profits to be at the top end of expectations.
Awards
Key Facts
| IMA Sector | Technology & Telecoms |
|---|---|
| Sedol Number | 0657406 |
| Fund Size (offer basis) | £25.5m |
| Historic yield | 0.00% |
| Unit offer price | 84.19p |
| Unit bid price | 78.58p |
| Valuation (UK business days) | 12:00 |
| Minimum lump sum investment | £1,000 |
|---|---|
| Minimum monthly investment | £50 |
| Launch | 6 June 2000 |
| Launch price | 100p |
| Preliminary charge | 5.25% |
| Annual Management Fee | 1.5% |
| Unit type | Accumulation |
| Accumulation date | 30 April |
| Total Expense Ratio | 2.07% |
Data as at 30 June 2009.
Performance
| Since Launch* | 5 Years | 3 Years | 1 Year | 6 Months | |
|---|---|---|---|---|---|
| New Enterprises Fund (CR)† | -17.3 | 1.6 | -0.1 | -6.6 | 9.3 |
| FTSE-techMARK 100 (CR)† | -63.2 | 14.6 | -0.8 | -12.2 | 10.2 |
| FTSE All-Share (CR)† | -30.2 | -2.5 | -26.8 | -23.9 | -1.7 |
| Sector Average | -67.0 | 6.3 | -0.9 | -2.4 | 14.6 |
| Position in Sector | 1 | 7 | 6 | 7 | 8 |
| Funds in Sector | 7 | 10 | 10 | 10 | 10 |
| Quartile | 1 | 3 | 3 | 3 | 4 |
Please remember that past performance is not a guide to the future.
* Data from 6 June 2000. Source: Lipper Limited, bid to bid in sterling to 30 June 2009. All figures show capital return. †Percentage Growth. Sector is IMA Technology & Telecoms.
Percentage Growth
Artemis New Enterprises Fund Fund 12 Months to 31 December 2009
| 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|
| -6.6 | -22.5 | 38.1 | -6.3 | 8.6 |
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 June 2009.
Data from 6 June 2000. Source Lipper Limited, bid to bid in sterling with net income reinvested to 30 June 2009. All figures show capital returns
Asset Allocation*
*Without cash. Source: Internal
Top Ten Holdings*
| Fidessa Group | 6.5% |
|---|---|
| Micro Focus | 5.6% |
| Vodafone | 4.8% |
| Craneware | 4.7% |
| BAE Systems | 4.6% |
| SAP | 4.5% |
| Accenture | 4.3% |
| Microsoft Corporation | 4.0% |
| Cobham | 3.9% |
| Arm Holdings | 3.8% |
* Without cash.
Source: Internal.
Market Sector Split*
| Technology | 71.3% |
|---|---|
| Industrial Goods & Services | 19.1% |
| Telecommunications | 8.2% |
| Financial Services | 1.1% |
| Media | 0.3% |
* 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 a result of market and currency fluctuations and you may not get back the amount originally invested. The Fund invests in technology related stocks which can be more volatile than investment in more established companies, meaning above average price movements both positive and negative can be expected.
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.
