Artemis Strategic Bond Fund

Document Sample
Artemis Strategic Bond Fund Powered By Docstoc
					Artemis Fund Review




                                                                                                                                         Fund Managers
                                                                                                                                         James Foster & Alex Ralph
                                                                                                                                         Managers of this Fund effective since launch.

   Artemis Strategic Bond Fund
   The Fund’s Aims & Objective                                        Fund Manager’s Comment
   The Artemis Strategic Bond Fund seeks to                           Government Bonds - European interest rates rose on 1st December. The prospect of this unsettled the
   achieve a total return by investing                                markets initially as the scale of the overall tightening was debated. As it was concluded that the
   predominantly in fixed income markets.                             overall move would be small, yields rallied to broadly unchanged for the month. Further rises in US
                                                                      rates were shrugged off and bond yields fell as markets started to factor in the peak of rates. The UK
                                                                      performed remarkably well as it is perceived to be the safest haven with rates due to fall.
                                                                      Investment Grade - A good month for spreads with most bonds performing well. Strong equity markets
                                                                      helped but also the LBO scares diminished. For instance the TeleDenmark purchase by private equity
                                                                      was accompanied with a bond buyback at par. This was a big shock.
                                                                      High Yield - A very strong month with the greater takeover and corporate activity benefiting the
                                                                      fund. The Wind deal was successfully priced. This was a very big deal which once absorbed set the
                                                                      market off to the races!

Data as at 30th November 2005

   Key Facts                                                           Performance                                  Since Launch*                   3 months               1 month
   IMA Sector                             UK Other Bond                Stategic Bond Fund†                                         2.8                      1.2                    1.0
   Sedol - Quarterly Dist                     B09DMK3
                                                                       iboxx Sterling non gilt†                                    2.1                      0.9                    1.3
   Sedol - Quarterly Acc                       B09DMJ2
   Fund size (Offer basis)                      £26.8m                 Sector Average †                                            2.3                      0.5                    0.9
   Net running yield*                             5.26%                Position in Sector                                          16                       12                     19
   Net redemption yield*                          4.92%                Funds in Sector                                             48                       48                     48
   Unit offer price (Class Q dist. units)        53.87p                Quartile                                                      2                        1                      2
   Unit bid price (Class Q dist. units)          50.92p
   Unit offer price (Class Q acc. units)         54.41p            Please remember that past performance is not a guide to the future. *Data from 30th June 2005, due to the fixed
   Unit bid price (Class Q acc. units)           51.42p            price period of the Fund. Source: Lipper Limited, bid to bid in sterling with net income reinvested to
   Minimum lump sum investment                    £1000            30th November 2005. All figures show total returns. † Percentage Growth. Sector is UK Other Bond.
   Minimum monthly investment                        £50
   Launch                                   1 June 2005                Percentage Growth Artemis Strategic Bond Fund 12 Months to 30th September
   Launch price                                      50p                                    2001                2002               2003               2004                2005
   Preliminary charge                             5.25%
                                                                                                n/a                n/a                n/a                 n/a                n/a
   Periodic management fee                          1.0%
   Unit type                      Accumulation, Income             Source: Lipper Limited, bid to bid in sterling with net income reinvested. All figures show total returns.
   Distribution pay dates (Class Q units) 31 May, 31 Aug
                                      30 Nov, 28/29 Feb                Value of £1,000 Invested at Launch to 30th November 2005                                                       1,100
   Valuation (UK business days)                    12:00

   * Based on initial and annual management charges                                                                 Artemis Strategic Bond Fund (TR)


   Class M units are available for investments over                                                                                                                                   1,000
   £25,000. For more information please contact us.
                                                                                                                    iboxx Sterling non gilt (TR)
   Market Sector Split*                            % Fund

   Speciality & Other Finance                          18.1                                                                                                                           900
   Telecommunication Services                          11.3            Jun-05               Jul-05               Aug-05               Sep-05               Oct-05
   Banks                                                6.1
   Chemicals                                            6.1        Source: Lipper Limited, bid to bid in sterling with net income reinvested to 30th November 2005.
                                                                   Data from 30th June 2005, due to the fixed price period of the Fund. All figures show total return.
   Media and Entertainment                              5.9
   General Retailers                                    5.7           Asset Allocation*                                             Top Ten Holdings*                              % Fund
   Support Services                                     5.5                                                                         Wiltimber Loan Stock 9.57813 30/11/14                4.0
                                                                                  CCC 5.1%            A 14.2%
   Real Estate                                          5.4                                                                         Investec Tier 1 (UK) LP 7.0750%                      2.8
   Leisure and Hotels                                   4.2                 BBB                              AA 2.2%                Alstom 6.2500% (2010-03-03)                          2.6
   Other                                               31.7                 22.3%                             AAA 2.3%              Long Gilt Future (March 06)                          2.3
                                                                                                                                    Goldman Sachs 6.125% 2017                            2.3
                                                                                                                                    Westfield Finance 5.5% (2017)                        2.3
                                                                                                                                    Lloyds Bank 5.875% 2014                              2.2
                                                                                                                                    Carlsberg Finance 6.625% 2011                        2.2
                                                                            BB 20.6%                      B 33.3%
                                                                                                                                    First Hydro Finance Plc 9% (07/31/21)                2.2
   Source: Internal.                       * Without cash.                                                                          Citigroup 5.125% 2018                                2.1
                                                                       Source: Internal.                        * Without cash. Source: Internal.                              * Without cash.
Issued by Artemis Fund Managers Limited, which is authorised and regulated by the Financial Services Authority and is a member of the IMA. Artemis Fund Managers Limited is a
member of the Artemis Marketing Group. We only market our own unit trusts. Please remember that past performance is not a guide to future performance. The value of an investment
                                                                                                                                                                                               749/12/05/JL




and any income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. In order to offer a higher yield, a
proportion of the Artemis Strategic Bond Fund will be invested in higher risk securities that may increase the risk to your capital. In particular, there can be no assurance that capital
appreciation will occur in the early years as initial charges are levied on your investment and charges are not made uniformly throughout the life of your investment. Investments in
fixed interest securities and bonds are subject to credit and market risk. The value of the underlying assets and therefore the value of units in this Fund will be impacted by
                                                               Unit Trusts
    Broker Support 0800 092 2090                               Telephone Dealing 0800 092 2051
    Facsimile 020 7399 6498                                    Facsimile 0131 467 2981
    Email brokersupport@artemisfunds.com
                                                               Client Services 0800 092 2051
                                                               Facsimile 020 7399 6497
                                                               Email investorsupport@artemisfunds.com

                                                               Web www.artemisonline.co.uk




                                                                                                                Fig.2
                                                                                                                A typical
                                                                                                                PR OFIT




Risk Warning

This document is issued by Artemis Fund Managers Limited, which is authorised and regulated by the Financial Services Authority and is a member of the IMA. Artemis Fund
Managers Limited is a member of the Artemis Marketing Group. We only market our own unit trusts. Please remember that past performance is not a guide to future
performance. The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount
originally invested. In the interests of providing a level of income consistent with the aims of the Artemis Income Fund and the Artemis High Income Fund, the periodic
management charges are taken from capital. The effect of this will be to constrain ultimate capital growth over time. In order to offer a higher yield, a proportion of the
Artemis High Income Fund is invested in higher risk securities that may increase the risk to your capital. The yields quoted are running yields using all income including
interest (less income expenses) based on mid prices. Investment in the securities of smaller companies and in companies in specialist sectors can involve greater risk than
investment in larger, more established companies. The markets in such securities are often less liquid and subject to larger price fluctuations. In particular, there can be no
assurance that capital appreciation will occur in the early years as initial charges are levied on your investment and charges are not made uniformly throughout the life of
your investment. Tax assumptions may change if the law changes and the value of tax relief will depend on your individual circumstances. The eligibility to invest in an
Individual Savings Account (ISA) is dependent on individual circumstances and may be subject to future statutory change. Artemis Fund Managers Limited does not offer
investment advice. For your protection, telephone calls are usually recorded.
Performance statistics have been drawn from Lipper Limited (a Reuters Company) in sterling with net income reinvested to 31st October 2005
(North American Growth reinvested 3rd October 2005).

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:3
posted:10/13/2011
language:English
pages:2