Artemis European Opportunities I GBP Hedged

A core European ex UK equity fund run in a risk-averse fashion.

  • 121.49p
    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.

  • 139.89p
    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?

  • 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!

  • 0.75%
    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).

  • 0.86%
    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.

  • 0.00%
    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 17 September 2021, fund data last updated 28 March 2018

The fund’s aim is to provide investors with long-term growth by investing in large and mid-cap European (ex UK) equities. Managers Mark Page and Laurent Millet have a risk-averse approach, building their portfolio around a core of quality companies that have stable franchises and can deliver fast, consistent growth over a number of years. However, they are pragmatic and will buy lower quality businesses if they offer significantly higher returns.

Fund summary

Sector Europe Excluding UK
Structure UNIT TRUST
Launched October, 2011
Size £0m
Yield 0.00%
Charging basis Income
Dividends paid 30 Jun

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.86%

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Investment process

The fund’s investible universe is around 600 Europe (ex UK) equities with a market cap of above €1bn. Within this the managers look for companies where they can forecast a value in five years’ time. They calculate an IRR over this period, based on earnings growth, dividends and change in valuation. They focus on the companies with the highest projected returns but they also look for quality, as this gives them greater confidence that this return will be realised. Quality companies are defined as those with stable, dominant franchises and distinct competitive advantages. On a quantitative basis they will have high returns on equity, resilient cashflows, strong balance sheets, and offer fast, consistent growth. The managers often buy quality stocks after a run of poor share price performance where little has fundamentally changed. However, they are pragmatic, and when they believe quality is too expensive they will invest in lower quality companies, provided they offer higher returns.

Manager research

Average monthly relative returns

  • 16/17 0.03%
  • 17/18 0.32%
  • 18/19 -0.66%
  • 19/20 -0.17%
  • 20/21 -0.08%

Bestinvest MRI

  • 3 years -0.30%
  • 5 years -0.11%
  • Career 0.04%
  • 3 years 12.70%
  • 5 years 39.70%
  • Career 90.50%

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

Mark Page / Laurent Millet

Page joined Artemis in September 2011 to co-manage the Artemis European Opportunities Fund. He came from LV= Asset Management where he was head of European equities from 2001. Prior to that he worked at Schroders from 1990-2001, initially as a fund manager and ultimately becoming a director of Schroders Investment Management International and deputy head of one of its global equity teams. Millet joined Artemis in July 2011 to help manage the Artemis European Opportunities Fund. A French national, he is a CFA charterholder. He came to Artemis from LV= Asset Management where he was a European fund manager from 2007, working in Mark Page’s team. Before that he worked as an equity analyst and strategist for a number of leading institutions in Europe.

Track record

Mark Page / Laurent Millet has 13.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.04%. During the worst period of relative performance (from August 2018 - March 2021) there was a decline of 13% relative to the index. The worst absolute loss has been 38%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 91%.

Periods of worst performance

Absolute -38.00% (October 2007 - February 2009)
Relative -13.00% (August 2018 - March 2021)

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 January 2020

5.6654% Roche Hldg Ag
3.5249% Novo Nordisk A/S
3.3915% Unilever Nv
3.1981% Bayer Ag
3.1496% Air Liquide(L`)
3.0283% Danone
2.763% Koninklijke Ahold Delhaize Nv
2.6243% Sampo Oyj
2.6231% Inditex
2.6199% Nordea Bank Abp
Source: Trustnet

Sector breakdown

Pharmaceuticals 14.00%
Support Services 11.00%
Food & Drug Retailers 7.00%
Banks 7.00%
Financials 6.00%
Industrials 6.00%
Consumer Goods 5.00%
Media 5.00%
Building & Construction 5.00%
Software 4.00%

Portfolio

40-50 stocks with an active weight per share of 1-2.5%, so typical positions sizes will be between 1% and 5%.

Key Investor Information - Income

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Key Investor Information - Accumulation

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