Fund Manager's Comment
Data as at 30 June 2009
The month started with a disappointing AGM statement from Advanced Medical Solutions: de-stocking by partners saw profits weighted towards the second half. The shares fell on the news. But after a positive meeting with management, we retain our confidence in the business and have taken the opportunity to increase our holding. Glisten also had a turbulent month with the board uncovering some accounting issues that failed to reflect underlying profitability. We had been selling the shares due to concerns about forthcoming banking covenant tests. Sadly, we hadn’t sold as much as we would have liked.
On a brighter note the Concateno take-over was finally announced with Inverness Medical announcing a bid at 121p. Secondly, on positive results Synergy Health saw their share price recover after a period of weakness.
Investment Objective
The Company’s objective is to achieve long-term capital and income growth and to generate tax free capital and income distributions.
Investment Policy
The Company’s policy is to invest in a diversified portfolio of growth orientated companies across a broad range of industries, with a particular emphasis on companies whose shares are traded on AIM. Investments will also be in companies whose shares are traded on PLUS Markets and unquoted companies.
The Company’s portfolio is managed in order to meet the requirements of section 274 of the Income Tax Act 2007 that, inter alia, require at least 70% of the investments to be qualifying holdings, of which 30% must be in eligible shares. Subject to maintaining a prudent margin of safety over the 30% level, the Company’s remaining assets may be invested in cash or money market deposits, fixed interest securities, unit trusts or UK listed securities without regard to the market capitalisation of such companies.
| Directors | Registered Office | Registrars |
|---|---|---|
| F E Wollocombe (Chairman)
R A Field E D Murray C M Paterson |
42 Melville Street Edinburgh EH3 7HA Company No: SC270952 |
Equiniti 1st Floor, 34 South Gyle Crescent, South Gyle Business Park, Edinburgh EH12 9EB |
Key Facts
| Fund size (Net assets) |
£40.4m |
|---|---|
| Fund size (Market cap) |
£34.8m |
| NAV | 59.73p |
| Share Price | 51.50p |
| (Discount)/Premium | (13.8)% |
| Shares in issue | 67,595,255 |
| Management Fee | 1.4%* (on market cap) |
| Sedol Number | B02WQ94 |
|---|---|
| ISIN | GB00B02WQ947 |
| Ticker | AAM/LON |
| Launch | December 2004 |
*Greater of 1.4% per annum of the average monthly net asset value of the Company and 25% of the increase in the net asset value of the Company over each performance period.
Data as at 30 June 2009
Performance†
| Since Launch*** | 3 Years | 1 Year | 6 Months | 1 Month | |
|---|---|---|---|---|---|
| Artemis VCT plc NAV* | -31.4 | -30.3 | -27.5 | -2.1 | -0.2 |
| Artemis VCT Share Price** | -46.1 | -38.3 | -29.5 | -2.3 | 6.2 |
| FTSE AiM Index** | -50.5 | -48.9 | -43.9 | 35.5 | 1.9 |
| FTSE All-Share Index** | 2.4 | -18.1 | -20.5 | 0.8 |
-3.2 |
All data as at 30 June 2009. All figures show total returns.
†Percentage growth. * Source: Internal.
** Source: Lipper Limited. The FTSE AiM is a recognised index of companies, however, as the Company is managed as a venture capital trust, not all index constituents will be suitable investments for its portfolio. In addition, the Company has the ability to invest in certain companies not included in the index. As a result there may be some divergence between the Company's performance and that of the index. *** Data from 24 March 2005, the close of the offer period. Past performance is not a guide to future performance
Percentage Growth 12 Months to 30 June 2009
| 2005 | 2006 | 2007 | 2008 | 2009 |
|---|---|---|---|---|
| n/a | -2.6 | -6.6 | -6.3 | -29.5 |
Source: Lipper Limited. All figures show total returns and are based on the performance of the share price.
Share Price and NAV Performance (in pence)
Data from 24 March 2005, the close of the offer period. Source: Internal as at 30 June 2009.
Top Ten Holdings*
| Company | Business Activity | % Fund |
|---|---|---|
| Advanced Medical Solutions | Advanced Wound Care Solutions | 4.9 |
| Craneware | Healthcare Revenue Management Software | 4.2 |
| Healthcare Locums | Healthcare Recruitment Services | 4.2 |
| Synergy Health | Decontamination & Sterilisation Services | 4.1 |
| Advanced Computer Software | Healthcare Software Provider | 4.1 |
| iQUR | Hepatitis C Detection & Treatment | 4.0 |
| Abcam | Producer of Research Grade Antibodies | 3.8 |
| Ilika | New Materials Research | 3.7 |
| FFastFill | Risk Management Software | 3.2 |
| Concateno | Drug Testing & Screening Services | 3.1 |
Source: Internal. Without Cash.
Market Sector Split*
% Fund |
|
|---|---|
| Software & Computer Services | 22.8 |
| Pharmaceuticals & Biotechnology | 19.5 |
| Healthcare Equipment & Services | 11.5 |
| Support Services | 9.0 |
| Electronic & Electrical Equipment | 8.8 |
| General Industrials | 7.9 |
| Oil & Gas Producers | 3.1 |
| General Financial | 3.1 |
| Investment Companies | 2.5 |
| Other | 11.8 |
* Source: Internal. Without Cash.
Proxy Voting
View Artemis AiM VCT plc EGM2 Proxy Voting (31 March 2009) View Artemis AiM VCT plc EGM1 Proxy Voting (20 March 2009) View Artemis AiM VCT2 plc AGM Proxy Voting (20 March 2009) View Artemis AiM VCT2 plc EGM Proxy Voting (20 March 2009) Report & Accounts
2009 Interim Report & Accounts (31 March 2009) 2008 Annual Report & Accounts (30 September 2008) 2007 Annual Report & Accounts (30 September 2007) 2006 Annual Report & Accounts (30 September 2006) 2005 Annual Report & Accounts (30 September 2005) 2008 Interim Report & Accounts (31 March 2008) 2007 Interim Report & Accounts (31 March 2007) 2006 Interim Report & Accounts (31 March 2006) Other Information
Audit Committee: Terms of Reference Nomination Committee: Terms of Reference Remuneration Committee: Terms of Reference Management Engagement Committee: Terms of Reference Artemis AiM VCT plc Company Announcements External Site (opens in a new window) Artemis VCT plc Company Announcements External Site (opens in a new window) View Interim Management Statement (31 December 2008) 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 a VCT, and any income from them, can fall as well as rise and you may not get back the amount originally invested. Investment in a VCT carries a higher risk than many other forms of investment and potential investors are strongly advised to seek professional advice. In particular, a VCT's shares although listed may be difficult to realise and a VCT's underlying investments in the securities of smaller or unquoted companies and in companies in specialist sectors can involve greater risk than investment in larger, more established firms. Existing tax levels and reliefs may change and the value of reliefs depends on individual circumstances. If a VCT loses its H M Revenue & Customs approval tax reliefs previously obtained may be lost.
