Artemis European Growth Fund Accumulation Units
HL comment
Our view on this Fund
The fund has underperformed in these extreme market conditions, but Philip Wolstencroft is confident that his investment technique will deliver long term outperformance. The fund’s exposure to banks has been lowered as he expects this sector to be vulnerable to further disappointments. The fund underwent some minor changes earlier this year resulting in a larger number of holdings. We hope this extra layer of diversification proves beneficial.
12-11-2008
Information from the fund manager
Please note: The information in this box has been provided by, and is issued by, the fund manager and not Hargreaves Lansdown.
HL group comment: Artemis
Our view on this Fund Management Group as a whole
Artemis was formed in 1997 and was basically the ex Ivory and Sime UK team. Responsible then for £2 billion, they had an excellent track record in investment trusts such as the ISIS Investment Trust. Since then assets under management have grown to £16.3 billion. In 2002 Artemis took over the ABN Amro fund range and althuogh ABN Amro has a large stake in the company, executive control remains with the original founder shareholders (i.e. Mark Tyndall, John Dodd, Derek Stuart, and Lindsay Whitelaw). All the fund managers have a stake in the business, and in addition their pension funds are invested into their own funds. As their own money is tied up in their funds, success for them is success for their investors. We would suggest this is a great incentive for them to continue achieving good performance.
13-09-2007
HL sector comment: Europe Excluding UK
Our view on this sector
Prospects for Europe look difficult with a strong Euro making exports uneconomical. The European Central Bank has finally reduced interest rates, although many argued this should have been done sooner. The European banking sector has also been caught up in the sub prime crisis. Despite this, there is value to be found for those investors looking at a long term investment.
20-11-2008