Artemis opens offer period for new US fund range

Artemis has opened the offer period on its three new US equity funds. The funds have been in the works since managers Cormac Weldon and Stephen Moore left joined the firm in April from Threadneedle.

Artemis opens offer period for new US fund range

According to the group, the offer period for the three funds: the Artemis US Equity Fund, Artemis US Select Fund and the Artemis US Extended Alpha Fund will run until 22 September, until which date shares in the fund will be priced at £1 per share.

The first two funds, will be managed by Weldon, while the Extended Alpha Fund will be run by Moore.

According to Weldon, the US Equity Fund is aimed at investors with a low tolerance for risk, but “who still want access to the US market and all the exciting stock stories and developments in that market.”

“We manage the fund in such a way that the stock and sector bets aren’t too big while at the same time giving exposure to the stocks and sectors that we really like,” he added. The fund’s target is to outperform the S&P 500 and will be mainly invested in North American large and mid-cap stocks.

The US Select Fund, Weldon said, is designed to represent the group’s “best ideas” across the cap range.
According to the fact sheet, the fund will typically hold “40 to 60 companies – bear little relation to the index. Some of its holdings will be in smaller or less mature companies with superior long-term growth potential”.

But, at the same time, Weldon said, “we have to be risk aware, so we will use sector guide lines of plus or minus 10% and stock guide lines of plus or minus 5% against the S&P 500.”
The third fund managed by Moore is a Long/short 150/50 US equity fund, with a typical net exposure of 100%.

“This long/short structure allows manager Stephen Moore to use his stock-picking skills to profit from falling, as well as rising, share prices. It will typically maintain a positive net market exposure of 100% and hold around 150 individual stock positions across its long and short portfolios,” Artemis said.
 

  US Equity Fund US Select Fund US Extended Alpha Fund
Launch date 22-Sep-14 22-Sep-14 22-Sep-14
Manager Cormac Weldon Cormac Weldon Stephen Moore
Strategy Equity long only Equity long only Long/short equity
Benchmark S&P 500 S&P 500 S&P 500
IMA sector North America North America North America
Geographical focus North America North America North America
Structure OEIC OEIC OEIC
Share class Class I GBP accumulation Class I GBP accumulation Class I GBP accumulation
Management fee Class I: 0.75% Class I: 0.75% Class I: 0.75%
Ongoing charge (estimated) Class I: 1.00%  (including additional expenses capped at 0.25%) Class I: 1.00%  (including additional expenses capped at 0.25%) Class I: 1.00%  (including additional expenses capped at 0.25%)
Performance fee     20%, S&P 500 hurdle, high-water mark applied

 

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