Artemis European Growth R

Managed by Philip Wolstencroft using his proprietary SmartGARP stock ranking system.

  • 280.89p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 5.25% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.50%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.64%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 2.20%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 21 September 2020, fund data last updated 02 April 2014

The objective of the fund is to achieve long-term capital growth through investment principally in companies in Europe (ex the UK). The fund invests across the capitalisation spectrum and has no restrictions by either industry or geographical split. The fund manager deploys the self-developed SmartGARP quantitative screen to identify stocks with the highest overall score across a number of factors. The process tends to perform best in directional markets but to underperform at market turning points.

Fund summary

Sector Europe Excluding UK
Structure UNIT TRUST
Launched March, 2001
Size £123m
Yield 2.20%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 5.25%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.64%

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Investment process

The SmartGARP quantitative model (Sentiment, Momentum, Accruals, Revisions, Top Down + Growth at a Reasonable Price) scans a universe of 2000 European Equities. The process gathers more than 100 pieces of stock specific data per company, 36 economic points and 28 separate sector weightings. This data is used to score the stocks in the universe, with the top ranked companies going into the portfolio. The process is normally 90% quantitative with the remainder coming from the manager, however he does have complete control over portfolio construction and an override where he thinks it is appropriate. 80% of performance is likely to come from stock selection, the remainder from sector selection. The investment process is designed to identify growing companies at a good price with a particular emphasis on earnings revisions, which is double weighted in the SmartGARP system.

Manager research

Average monthly relative returns

  • 15/16 -0.05%
  • 16/17 0.41%
  • 17/18 -0.58%
  • 18/19 -0.64%
  • 19/20 -0.96%

Bestinvest MRI

  • 3 years -0.73%
  • 5 years -0.36%
  • Career 0.05%
  • 3 years 5.70%
  • 5 years 14.00%
  • Career 88.50%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Philip Wolstencroft

A 1985 Economics graduate, Wolstencroft's career began as an analyst with the British Rail Pension Fund. He moved to WorldInvest in 1986 where his fund manager career started. From 1989-91, he was Global Strategist for County NatWest and in 1991 he moved to Smith NewCourt (Merrill Lynch from 1995), initially as Head of UK Equity Strategy, and later he became head of Pan European Equity Strategy, where he was rated as one of the top analysts in his field. He joined Artemis in early 2001 and created SmartGARP, the Artemis quantitative investment process. He was later joined by Peter Saacke, who he worked with for some of his time at Merrill Lynch.

Track record

Philip Wolstencroft has 19.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.05%. During the worst period of relative performance (from April 2006 - July 2020) there was a decline of 40% relative to the index. The worst absolute loss has been 53%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 89%.

Periods of worst performance

Absolute -53.00% (October 2007 - February 2009)
Relative -40.00% (April 2006 - July 2020)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

6.0348% Enel Spa
4.516% Sanofi
4.2241% Eiffage Sa
4.0045% Koninklijke Ahold Delhaize Nv
3.7869% Unipol Gruppo Spa
3.2356% Asr Nederland Nv
3.0937% Nn Group Nv
2.8132% Deutsche Telekom Ag
2.4853% Bawag Group Ag
2.4298% Betsson
Source: Trustnet

Sector breakdown

Pharmaceuticals 10.00%
Building & Construction 9.00%
Insurance 9.00%
Banks 8.00%
Life Insurance 7.00%
Electricity Supply 7.00%
Financials 7.00%
Food & Drug Retailers 6.00%
Travel 4.00%
Oil & Gas Exploration & Production 4.00%

Portfolio

100-150 stocks, with the top 10 accounting for approximately a third of the fund

Constraints

Minimum 40% in large caps and max 10% within Emerging Europe. Sector exposures must be within +/-10% of the benchmark.

Key Investor Information

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