Artemis Global Growth Fund
Fund Manager's Comment
Data as at 30 October 2009
After significant gains in the previous six months, global equity markets suffered a small setback in October. While the start of the Q3 earnings results season was constructive, profit-taking in stocks that had performed particularly well was widespread. Emerging markets outperformed once again, yet individual country performance was quite varied with Chinese equities outperforming Indian equities by more than 10%. Similarly, sector performance lacked a consistent theme: some cyclical sectors such as resources outperformed while others, notably tech, underperformed; dispersion amongst defensives was also significant, with staples outperforming utilities by 6.5%.
During the month the fund’s gradual move into the more cyclical sectors and regions of the global equity market continued. We increased our overweights in autos and basic resources with purchases in car parts makers Autoliv and Koito Manufacturing and miners Freeport McMoran and Lundin Mining. Regionally, we added to our holdings in emerging markets and Japan, funded through sales in Europe and North America. The fund’s principal bets are to be overweight banks and basic resources and underweight tech and food & beverages. Regionally, we are overweight emerging market and Japanese stocks at the expense of North American equities.
Awards
Global Growth PDFKey Facts
| IMA Sector | Global Growth |
|---|---|
| Sedol Number | 0679574 |
| Fund Size (offer basis) | £187.4m |
| Historic yield | 0.90% |
| Unit offer price | 89.17p |
| Unit bid price | 84.36p |
| Valuation (UK business days) | 12:00 |
| Minimum lump sum investment | £1,000 |
|---|---|
| Minimum monthly investment | £50 |
| Launch | 29 June 1990 |
| Launch price | 50p |
| Preliminary charge | 5.25% |
| Annual Management Fee | 1.50% |
| Unit type | Accumulation |
| Accumulation date | 7 June |
| Total Expense Ratio | 1.64% |
Data as at 30 October 2009.
Performance
| Since Launch* | 5 Years | 3 Years | 1 Year | 6 Months | |
|---|---|---|---|---|---|
| Global Growth Fund (TR)† | 77.6 | 38.8 | -14.6 | 6.6 | 10.5 |
| MSCI World-Net $ (TR)† | 210.5 | 26.6 | -4.1 | 16.1 | 12.6 |
| Sector Average | 204.3 | 33.6 | -2.0 | 25.0 | 15.7 |
| Position in Sector | 40 | 47 | 145 | 186 | 182 |
| Funds in Sector | 41 | 135 | 155 | 186 | 193 |
| Quartile | 4 | 2 | 4 | 4 | 4 |
Please remember that past performance is not a guide to the future.
* Data from 29 June 1990. Source: Lipper Limited, bid to bid in sterling with net income reinvested to 30 October 2009. All figures show total returns. †Percentage Growth. Sector is IMA Global Growth.
Percentage Growth
Artemis Global Growth Fund Fund 12 Months to 31 December 2009
| 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|
| -10.3 | -25.2 | 36.3 | 6.1 | 48.2 |
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 October 2009.
Data from 29 June 1990. Source Lipper Limited, bid to bid in sterling with net income reinvested to 30 October 2009.
Asset Allocation*
*Without cash. Source: Internal
Top Ten Holdings*
| Apache Corporation | 2.6% |
|---|---|
| Credit Suisse | 2.6% |
| Sanofi-Aventis | 2.4% |
| Roche Holding | 2.2% |
| Banco Santander | 2.2% |
| Freeport-McMoran | 1.7% |
| Goldman Sachs | 1.7% |
| Devon Energy | 1.4% |
| JPMorgan Chase & Co | 1.3% |
| British American Tobacco | 1.3% |
* Without cash.
Source: Internal.
Market Sector Split*
| Materials | 21.4% |
|---|---|
| Banks | 14.8% |
| Energy | 10.3% |
| Pharmaceuticals, Biotechnology & Life Sciences | 8.5% |
| Automobiles & Components | 8.0% |
| Diversified Financials | 7.2% |
| Capital Goods | 5.8% |
| Retailing | 4.0% |
| Technology Hardware & Equipment | 2.9% |
| Other | 17.1% |
* 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.
A significant proportion of the Fund may be invested in emerging markets. Investments in emerging markets can involve greater risk than is customarily associated with more mature markets 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.
