Artemis Global Growth Fund
Fund Manager's Comment
Data as at 30 June 2010
May’s volatility in global equity markets continued into June, with the market ending down 3.5% on the month after having been up almost 4% earlier on. Strong import and export figures from China, the announcement to let the remnimbi appreciate (albeit slowly) and the decision to publish stress test results for European banks were not enough to offset the effects of a string of weaker than expected economic releases. These ranged from disappointing US payrolls to fresh lows in new homes sales.
While it is becoming increasingly apparent that the global economy is going through a soft patch, the gap between companies able to cope with/thrive in the current environment versus those still struggling is becoming ever greater. This may not bode too well for equity market returns in the near term, but should be a particularly fruitful environment for stockpickers with a longer term perspective.
Over the course of the month the overall shape of the fund has not changed much, but there has been a fair amount of switching within sectors. We switched some of our holdings in drugmakers Mylan, Stada and Novartis into smaller names such as Par Pharma and Impax Laboratories. Moreover, we sold our holding in Nippon Synthetic Chemicals and invested the proceeds in Germany’s Lanxess, making the latter one of our biggest holdings. We remain overweight emerging markets (notably Turkey, China and South Korea) and underweight North America. We prefer investments in the chemical and auto sectors to those in technology and healthcare.
Fund Manager
Peter Saacke
Manager of the Artemis Global Growth Fund Fund since 1 January 2004
Awards
Global Growth PDFKey Facts
| IMA Sector | Global Growth |
|---|---|
| Sedol Number | 0679574 |
| Fund Size (offer basis) | £145.2m |
| Historic yield | 0.70% |
| Unit offer price | 91.94p |
| Unit bid price | 86.98p |
| 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 | 1.61% |
Data as at 30 June 2010.
Performance
| Since Launch* | 5 Years | 3 Years | 1 Year | 6 Months | |
|---|---|---|---|---|---|
| Global Growth Fund (TR)† | 83.1 | 11.4 | -29.2 | 16.6 | -3.3 |
| MSCI World-Net $ (TR)† | 226.9 | 20.2 | -6.9 | 21.3 | -2.7 |
| Sector Average | 215.4 | 23.3 | -8.2 | 20.3 | -2.6 |
| Position in Sector | 42 | 113 | 160 | 145 | 121 |
| Funds in Sector | 42 | 134 | 162 | 191 | 195 |
| Quartile | 4 | 4 | 4 | 4 | 3 |
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 June 2010. 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
| 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|
| 16.6 | -36.3 | -4.8 | 26.7 | 24.2 |
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 2010.
Data from 29 June 1990. Source Lipper Limited, bid to bid in sterling with net income reinvested to 30 June 2010.
Asset Allocation*
*Without cash. Source: Internal
Top Ten Holdings*
| Chevron | 2.5% |
|---|---|
| Rhodia | 2.1% |
| Koninklijke Philips Electron | 2.0% |
| Lanxess | 1.8% |
| Exxon Mobil | 1.5% |
| Centrica | 1.4% |
| Aeropostale | 1.3% |
| ConocoPhillips | 1.2% |
| AstraZeneca | 1.2% |
| CNOOC | 1.2% |
* Without cash.
Source: Internal.
Market Sector Split*
| Materials | 20.0% |
|---|---|
| Banks | 12.7% |
| Energy | 9.1% |
| Automobiles & Components | 9.0% |
| Technology Hardware & Equipment | 8.7% |
| Capital Goods | 7.8% |
| Retailing | 7.0% |
| Pharmaceuticals, Biotechnology & Life Sciences | 5.0% |
| Telecommunication Services | 3.4% |
| Other | 17.3% |
* 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 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.
