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Artemis Capital Fund

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UK Equity Fund using the SmartGARP process. One of Three ... Fund manager sentiment. Source: Internal. 4. BUY STOCKS. which are growing faster than average ... – PowerPoint PPT presentation

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Title: Artemis Capital Fund


1
Artemis Capital Fund
Mark Tyndall
Jacob de Tusch-Lec
April 2006
2
Artemis Capital Fund
  • UK Equity Fund using the SmartGARP process
  • One of Three Artemis SmartGARP funds
  • Global, European UK
  • FTSE All-Share Index Benchmark
  • Benchmark aware, not benchmark-driven
  • Up to 20 non-UK stocks in the portfolio

3
Artemis SmartGARP Process
500 UK Stocks 500 Overseas Stocks
200 Economists
300 Fund Managers
2,000 Analysts
  • Growth
  • Value
  • Earnings revisions
  • Price Momentum
  • Economic variables e.g. yield curve slopes and
    GDP growth
  • Fund manager sentiment

75 Filters
6 Categories
Reality Check Risk Control
Decision
Capturing Common Sense in a Systematic Fashion
Source Internal.
4
Artemis SmartGARP Philosophy
  • BUY STOCKS
  • which are growing faster than average
  • which are less highly valued than average
  • where earnings forecasts are going up
  • AVOID
  • everything else

5
Hunting for Profit Clusters
  • Dont pick stocks to fit a theme or top down
    beliefs
  • Discover investment and macro themes from the
    stocks highlighted by SmartGARP
  • Current Themes
  • Large Caps looking relatively better vs. Mid Caps
  • Mining and Industrials seeing significant
    earnings upgrades
  • UK Banks European Credit Cycle in Shape
  • Corporate Spending and Capex picking up
  • The biggest sector overweights are in Mining,
    Industrials, and Banks
  • The biggest sector underweights are in Food
    Beverages, Health Care, and Insurance

6
FTSE100 vs. FTSE250 The Gap Opening
Source JCF as at 23rd April 2006.
7
Result Big Cap Exposure on the Rise
Source Internal as at 31st March 2006.
8
UKs Top 25 SmartGARP Scorers
Of the 25 highest scoring UK SmartGARP stocks, 10
are Industrials and 9 are from the Basic
Resources Sector.
100 good 0 bad
Source Internal as at 21st April 2006.
9
Stock Clusters Mining Stocks

Red Line 12mth forward EPS relative to FTSE
Allshare EPS Black Line price relative to FTSE
Allshare Index.Source Datastream, 21st April
2006.
10
Stock Clusters Industrials Capex Story

Red Line 12mth forward EPS relative to DJ World
Index EPS Black Line price relative to DJ
World Index. Source Datastream, 21st April 2006.
11
Investing in Non-UK Companies

Red Line 12mth forward EPS relative to DJ World
Index EPS Black Line price relative to DJ
World Index. Source Datastream, 21st April 2006.
12
Artemis Capital Fund
  • UK Equity Fund using the SmartGARP process
  • One of Three Artemis SmartGARP funds
  • Global, European UK
  • FTSE All-Share Index Benchmark
  • Benchmark aware, not benchmark-driven
  • Up to 20 non-UK stocks in the portfolio


as at 21st April 2006.
13
Artemis Capital Fund Performance

Source Datastream, 21st April 2006 Benchmark is
FTSE Allshare.
14
Important Notice
  • This document is issued by Artemis Investment
    Management Limited which is authorised and
    regulated by the Financial Services Authority.
    This document is intended solely for
    institutional investors and professional advisers
    authorised under the Financial Services and
    Markets Act 2000 and should not be passed, either
    in whole or in part, to private investors who
    would be unable to place any reliance on the
    information contained herein.
  • Any research or analysis contained in this
    document has been procured by Artemis for its own
    use and may be acted on in that connection. The
    contents of the document are based on sources of
    information believed to be reliable however,
    save to the extent required by applicable law or
    regulations, no guarantee, warranty or
    representation is given as to its accuracy or
    completeness. The document may include
    forward-looking statements which are based on
    Artemiss current opinions, expectations and
    projections. It is provided to you only
    incidentally, and any opinions expressed are
    subject to change without notice.
  • Artemis and the Artemis Coin are trademarks of
    Artemis Investment Management Limited.

1200/04/06/KM
15
Top 20 Holdings by Score
100 good 0 bad
Source Internal as at 21st April 2006.
16
Our Sector Bets Today
Declining score corresponds with negative sector
spreads
Source Internal as at 21st April 2006.
17
Risk Aversion
Risk Appetite Quite Strong at the Moment...

Source Datastream and Internal as at 21st April
2006.
18
Risk Aversion (II)
Any increase in risk aversion would probably
favour FTSE 100

Source Datastream as at 21st of April 2006.
19
Reasons to Be Cheerful ... Dividend Growth
Source Datastream as at 21st of April 2006.
20
Reasons to Be Cheerful ... PE-Multiples
Source Datastream as at 21st of April 2006.
21
Stellar EPS Growth... As Good as it Gets?
Source Datastream as at 21st of April 2006.
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