Artemis Global Growth Fund
Fund Manager's Comment
Data as at 30 April 2012
After a strong start to the year, global equities drifted in April as concerns about the sustainability of Spain’s public finances resurfaced and the recent run of stronger-than-expected US economic data came to an end. The market fell by 2.7%, unsurprisingly led by Spain (-12%), but also Italy (-9%) and France (-6%). The US and UK market were little changed and a few emerging market countries managed to perform quite well (Thailand +4%, China +3%). At the sector level, banks were weakest, but technology also underperformed amidst profit taking in spite of a string of better than expected results (e.g. Apple and Microsoft).
The most important change in the fund’s positioning was prompted by SmartGARP®, our proprietary stock screening tool, getting ever more positive about the prospects of companies geared into the global business cycle, notably industrials and chemicals. Accordingly we increased our exposure to industrials by almost 5%, buying the likes of SKF, Paccar, Parker Hannifin and Metso. In chemicals we added BASF, Eastman Chemical and Rockwood. Since Europe has an abundance of such globally exposed cyclicals, a corrollary of these changes was that our exposure to European equities has risen. Our purchases were funded by sales in healthcare and construction, selling the likes of Aetna, Mylan, Hmana and China Shanshui Cement after disappointing results, and taking profits in Abbot and Chicago Bridge and Iron.
These changes leave the fund with material overweights in banks and industrials and large underweights in tech and healthcare. Regionally, we remain very keen on emerging markets, but are now also overweight Europe, with offsetting underweights in all other regions.
Fund Manager
Peter Saacke
Manager of the Artemis Global Growth Fund Fund since 1 January 2004
Awards
Global Growth PDFKey Facts
| IMA Sector | Global |
|---|---|
| Sedol Number | 0679574 |
| Fund Size (offer basis) | £123.1m |
| Historic yield | 0.9% |
| Unit offer price | 115.82p |
| Unit bid price | 109.57p |
| 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 | 1.73% |
Data as at 30 April 2012.
Performance
| Since Launch* | 5 Years | 3 Years | 1 Year | 6 Months | |
|---|---|---|---|---|---|
| Global Growth Fund (TR)† | 130.7 | -7.9 | 43.5 | -4.1 | 4.7 |
| MSCI AC World NR GBP*† | 282.6 | 10.8 | 38.7 | -3.2 | 6.4 |
| Sector Average | 259.1 | 6.0 | 36.5 | -5.0 | 3.5 |
| Position in Sector | 37 | 132 | 48 | 82 | 77 |
| Funds in Sector | 38 | 149 | 179 | 196 | 207 |
| Quartile | 4 | 4 | 2 | 2 | 2 |
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 April 2012. 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
| 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|
| -1.9 | 14.3 | 37.4 | -37.6 | 5.3 |
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 April 2012.
Data from 29 June 1990. Source Lipper Limited, bid to bid in sterling with net income reinvested to 30 April 2012.
Asset Allocation*
*Without cash. Source: Internal
Top Ten Holdings*
| US Bancorp | 2.7% |
|---|---|
| Betsson | 2.5% |
| Industrial & Commercial Bank of China | 2.2% |
| China Mobile | 2.1% |
| China Construction Bank | 1.8% |
| McKesson | 1.5% |
| Macys | 1.4% |
| Duerr | 1.3% |
| Great Wall Motor Company | 1.2% |
| Wells Fargo & Company | 1.1% |
* Without cash.
Source: Internal.
Market Sector Split*
| Banks | 18.5% |
|---|---|
| Capital Goods | 14.2% |
| Materials | 7.8% |
| Automobiles & Components | 7.4% |
| Telecommunication Services | 6.0% |
| Energy | 5.2% |
| Insurance | 4.2% |
| Utilities | 4.1% |
| Consumer Services | 4.0% |
| Other | 28.6% |
* 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.
