Artemis UK Select Fund

Half-Yearly Report (unaudited) for the six months ended 30 June 2021 Keep up to date ...

... with the performance of this and other Artemis funds throughout the year on Artemis’ website

■ Monthly fund commentaries and factsheets ■ Market and fund insights ■ Fund briefings and research articles ■ The Hunters’ Tails, our weekly market newsletter ■ Daily fund prices ■ Fund literature artemisfunds.com General information Objective and investment policy

Company profile Objective To grow capital over a five year period.

Artemis is a leading UK-based fund manager, offering a range Investment What the fund • 80% to 100% in company shares. of funds which invest in the UK, Europe, the US and around policy invests in • Up to 20% in bonds, cash and near cash, other transferable securities, other funds the world. (up to 10%) managed by Artemis and third party funds, money market instruments, As a dedicated, active investment house, we specialise in and derivatives. investment management for both retail and institutional Use of The fund may use derivatives: investors across Europe. derivatives • for investment purposes to achieve the fund objective, including by taking long and Independent and owner-managed, Artemis opened short positions for business in 1997. Its aim was, and still is, exemplary • to produce additional income or growth • for efficient portfolio management investment performance and client service. All Artemis’ purposes to reduce risk and manage the staff share these two precepts – and the same flair and fund efficiently. enthusiasm for fund management. Where the United Kingdom, including companies in fund invests other countries that are headquartered or The firm now manages some £27.9 billion* across a range have a significant part of their activities in of funds, two investment trusts and both pooled and the United Kingdom. segregated institutional portfolios. Industries the • Any fund invests in Our managers invest in their own and their colleagues’ funds. Other • Total short exposures to equity derivatives This has been a basic tenet of the Artemis approach since limitations will not exceed 10% of the fund. the firm started. It means that interests of our fund managers specific to this fund are directly aligned with those of our investors. Investment • The fund is actively managed. * Source: Artemis as at 31 July 2021. strategy • The manager generates ideas from a number of sources of information, detailed financial analysis and wider economic analysis. A systematic approach is used to collect, assess, Fund status and cross-reference this information. • A company’s valuation relative to the industry in which it Artemis UK Select Fund (formerly the Artemis UK Growth operates is also considered. • While considering factors which are unique to a company, Fund) was constituted by a Trust Deed dated 17 March 1998 the manager seeks companies whose valuations are overly and is an authorised unit trust scheme under the Financial conservative in relation to their peers and that provide attractive opportunities for a future upgrade. Services and Markets Act 2000. The fund belongs to the • Short positions can be taken where stock-specific insight category of UCITS schemes as defined in the Collective identifies an over-valued company. Investment Schemes Sourcebook (‘COLL’) of the Financial Benchmarks • FTSE All-Share Index TR Conduct Authority (‘FCA’). A widely-used indicator of the performance of the UK stockmarket, in which the fund invests. It acts as a ‘comparator benchmark’ against which the fund’s Buying and selling performance can be compared. Management of the fund is not restricted by this benchmark. Units may be bought and sold by contacting the manager • IA UK All Companies NR A group of other asset managers’ funds that invest in by telephone, at the address on page 5 or via the website similar asset types as this fund, collated by the Investment artemisfunds.com. Valuation of the fund takes place each Association. It acts as a ‘comparator benchmark’ against which the fund’s performance can be compared. business day at 12 noon on a forward pricing basis. Investors Management of the fund is not restricted by this are reminded that past performance is not a guarantee of benchmark. performance in the future and that the price of units and the revenue from them can fall as well as rise.

3 Risk and reward profile Other information Prospectus Potentially lower rewards Potentially higher rewards Lower risk Higher risk Copies of the most recent Prospectus are available free of charge from the manager at the address on page 5.

Tax information reporting ̥ The fund is in the category shown due to historic volatility (how much and how quickly the value of shares UK tax legislation requires fund managers to provide in the fund may have risen and fallen in the past due to information to HM Revenue & Customs (‘HMRC’) on certain movements in markets, currencies and interest rates). It investors who purchase units in unit trusts. Accordingly, the may not be a reliable indication of the future risk profile fund may have to provide information annually to HMRC on of the fund. the tax residencies of those unitholders that are tax resident ̥ The risk category has been calculated using historic data outwith the UK, in those countries that have signed up to and may not be a reliable indicator of the fund’s future the OECD’s (‘Organisation for Economic Co-operation and risk profile. Development’) Common Reporting Standard for Automatic ̥ A risk indicator of “1” does not mean that the investment Exchange of Financial Account Information (the ‘Common is “risk free”. Reporting Standard’), or the United States (under the Foreign Account Tax Compliance Act, ‘FATCA’). The risk indicator may not fully take into account the following risks and the following may affect fund All new unitholders that invest in the fund must complete performance: a certification form as part of the application form. Existing unitholders may also be contacted by the Registrar should any ̥ Market volatility risk: The value of the fund and any income from it can fall or rise because of movements extra information be needed to correctly determine their tax in stockmarkets, currencies and interest rates, residence. Failure to provide this information may result in the each of which can move irrationally and be affected account being reported to HMRC. unpredictably by diverse factors, including political and For further information, please see HMRC’s Quick Guide: economic events. Automatic Exchange of Information – information for account ̥ Currency risk: The fund’s assets may be priced in holders: gov.uk/government/publications/exchange-of currencies other than the fund base currency. Changes information- account-holders. in currency exchange rates can therefore affect the fund’s value. Value assessment Please refer to the fund’s prospectus for full details of these Artemis Fund Managers Limited (AFML) has conducted a and other risks which are applicable to this fund. detailed assessment on whether its funds are providing value to unitholders in response to newly introduced regulations. AFML must publish publicly on an annual basis, a statement setting out a summary of the outcome of the process and whether or not AFML believes the payments out of the scheme property are justified in the context of the overall value delivered to unitholders. Composite reports on Assessment of Value have been published via the website artemisfunds.com.

4 Manager Report of the manager Artemis Fund Managers Limited * We hereby approve the Half-Yearly Report of the Artemis UK Cassini House Select Fund for the six months ended 30 June 2021 on behalf 57 St James’s Street of Artemis Fund Managers Limited in accordance with the London SW1A 1LD requirements of COLL as issued and amended by the FCA.

Dealing information: Artemis Fund Managers Limited M J Murray L E Cairney PO Box 9688 Chelmsford CM99 2AE Director Director Telephone: 0800 092 2051 Artemis Fund Managers Limited London Website: artemisfunds.com 25 August 2021 Investment adviser Artemis Investment Management LLP * Cassini House 57 St James’s Street London SW1A 1LD

Trustee and Depositary J.P. Morgan Europe Limited † 25 Bank Street Canary Wharf London E14 5JP

Registrar SS&C Financial Services International Limited * SS&C House St Nicholas Lane Basildon Essex SS15 5FS

Auditor Ernst & Young LLP Atria One 144 Morrison Street Edinburgh EH3 8EX

* Authorised and regulated by the FCA, 12 Endeavour Square, London E20 1JN. † Authorised by the Prudential Regulation Authority (‘PRA’), 20 Moorgate, London EC2R 6DA and regulated by the PRA and the FCA.

5 Investment review

̥ The fund returned 14.0%* versus the FTSE All-Share’s In the equity market, the anticipation that economic activity 11.1%*. would rebound as lockdowns eased meant that domestic ̥ Our domestic earners and economically sensitive stocks earners, commodity producers and economically sensitive performed well. ‘cyclical’ stocks have been the relative winners, aided by ̥ As economies began to reopen, we favour companies strong rises in their earnings. In addition, as expectations who have strengthened their competitive positions for economic growth improved, bond yields (briefly) rose, during the crisis. helping financial stocks while providing a further headwind to the performance of highly rated ‘growth’ stocks (shares in Review – As markets looked past the pandemic… companies whose earnings are growing faster than average tend to do well when bond yields are falling). All of these Although we began the year confident that vaccinations trends fitted well with our positioning and, in combination would allow a return to something close to normality in 2021, with some positive stock-specific news, have resulted in the concerns around vaccine supplies, logistics and take-up fund returning 14.0% versus an 11.1% return from the FTSE levels made it hard to judge the precise distance to the All-Share index. light at the end of the tunnel. The prospect of an indefinite period spent juggling home working with home schooling Markets, however rarely travel in a straight line and towards through the dark months of winter felt like embarking on an the end of the reporting period the rapid spread of the Delta endurance test. variant of the virus saw investors becoming more cautious. Rising case numbers and a delay in the final stage of the Six months later, that test appears to be over: real-world data re-opening saw many of the ‘winners’ in the first part of the shows that the vaccines work: deaths and hospitalisations in year coming under pressure as investors questioned the the UK are materially lower than they were in the first waves trajectory of the recovery. of pandemic, despite the emergence of the more contagious Delta variant. The vaccination programme has been an Contributors – Profitable bets in online gaming … undoubted success and the majority of restrictions on human interaction and economic activity are being removed. Two of the biggest contributors to the fund’s outperformance Consumers have responded enthusiastically, spending at over the period came from online gaming companies Entain higher levels than they were this time a year ago. And, as the and . The key to success in the online gambling year has progressed, the UK’s companies – particularly those world is technology and, in Entain and 888, we believe we with a focus on domestic demand – have generally reported own two of the best technology platforms in the industry. strong trading. Many have given three or even four positive When Covid compelled high-street bookmakers to close their trading updates already this year. doors, the multi-channel nature of Entain’s business allowed its customers to switch to its online offering. Meanwhile, US Chart 1: The last six months have seen the fund adding to its land-based casino operators are realising the importance of outperformance since the 2016 Brexit vote online gaming in the newly regulated US market. Earlier this

120 year, Entain received a bid from MGM, its US joint-venture partner. We believe the bid fundamentally undervalued Entain and we supported the management’s decision to turn 100 it down. With the US market continuing to grow rapidly, we expect MGM to return to the table with an improved bid. Artemis UK Select I Acc GBP 80 888, meanwhile entered an exclusive partnership with Sports Illustrated (on sports) in the US – we think this creates a 60 fecund pool of target customers.

The most spectacular advance over the period was posted 40 by motor retailer Lookers, which has upgraded its profit Percentage return Percentage forecasts three times since the New Year and whose shares 20 gained 120%. More flexible working practices and reduced demand for public transport have increased demand for FTSE All-Share TR 0 cars just as the global shortage of microchips has led to restrictions in the supply of new vehicles. As a result, prices

-20 for both new and second-hand cars have risen, boosting Jun 16 Apr 17 Feb 18 Dec 18 Oct 19 Aug 20 Jun 21 Lookers’ margins and profits. Although some of these gains Source: Lipper Limited, class I accumulation units, in sterling with will prove temporary once supply conditions ease, the income reinvested to 30 June 2021, net of all charges. productivity gains achieved in response to Covid, such as

Past performance is not a guide to the future. * Source: Artemis/Lipper Limited, class I accumulation units, in sterling with income reinvested to 30 June 2021, net of all charges. Performance does not take account of any costs incurred when investors buy or sell the fund. Returns may vary as a result of currency fluctuations. This class may have charges or a hedging approach different from those in the sector benchmark, the IA’s UK All Companies sector.

6 unaccompanied test drives and virtual document signing, Chart 2: As capacity continues to exit the pub and should be retained. restaurant sector, survivors - such as Mitchells & Butlers - should have an opportunity to increase their market share. In the construction and building materials area, Number of licensed premises in UK continues to fall and both provided very encouraging trading updates: they expect profits for the current year Casual dining -17% to beat their 2019 levels. At the same time, the cash they restaurant conserved through the crisis has left them with materially better balance sheets than they had before the pandemic. -8% Restaurant This is something we believe has yet to be fully rewarded by the market. -8% Bar restaurant As the fund’s returns over the last six months suggest, good news from our holdings outweighed the bad by a significant -7% Nightclub margin. Inevitably, however, not everything worked out. Two of the biggest negatives were our holdings in airlines Jet2 and Ryanair, where a combination of the emergence of the -6% Community pub Delta variant and the UK government’s strict but inconsistent policy on international travel weighed on the confidence -6% High street pub of investors and consumers alike and disrupted another summer travel season. Both companies have strong enough balance sheets to weather a further delay in re-opening and -4% Food pub we take encouragement from the fact that US domestic air travel is already back to close to 2019 levels. We fully believe Source: CGA and Alix Partners MRM March 2021. in the medium-term recovery of the airlines and believe these Elsewhere, we added to Anglo American. Part of the attraction businesses will emerge from the pandemic with improved lies in the diverse mix of commodities it produces. The market shares and stronger competitive positions. recovery in demand for commodities from China, coupled with The one disappointment to emerge from the otherwise rapidly rising penetration of electric vehicles (EV) has seen excellent results season came from . The issue here prices of copper and related metals surge, so widening the gap was not, however, the well-publicised legal wrangling over between the mining companies’ actual cashflows and analysts’ business interruption insurance in the UK. (Following the estimates. Every quarter that commodity prices remain at Supreme Court’s ruling on policy wordings at the start of the elevated levels generates vast amounts of excess cash that year, we are hopeful that Hiscox can put this issue into the transforms the capital-return prospects. The investment case, rear-view mirror.) Instead, the main surprise came from its however, is more than just about extraordinary excess cash it US retail operations, where it indicated that growth would be is generating. It has also developed the massive Quellaveco lower than expected. In search of higher returns, it is shifting copper mine in Peru, which is set to come on-stream in its focus towards smaller businesses. This looks sensible the near term. Given demand the vast quantities of copper in the medium term given the huge size and fragmented that will be needed to make electric vehicles, this should nature of the small-and-medium enterprise (SME) insurance contribute to earnings for years to come. market in the US. But it will require some upfront investment In the chemicals sector, we started a new holding in in technology and marketing to accelerate growth. We have , which makes aqueous chemicals for the coatings, retained our holding. textile, paper and synthetic latex glove industries (among others). Immediately prior to the pandemic it had acquired Activity – Hunting profits in pubs (and copper and Omnova Solutions, a complementary business, adding a US chemicals)… operation of scale to complement its existing footprint in Europe and Asia. The timing of this deal may not have been The biggest addition to the portfolio over the last six ideal – but the strategic logic was sound and the full benefits months has been Mitchells & Butlers, the pub company. will start to show through as sales recover. In the meantime, Pre-Covid, its management team had been successfully its business in Asia has been reporting record profits, as re-invigorating the estate through refurbishment and the demand for latex gloves globally has been exceptionally creation of new formats such as Miller & Carter. The last 18 strong. Although profits from this division are unlikely to be months have clearly been tough for the company and for the sustainable at current levels, the exceptional cash generation wider industry. But with England having lifted all remaining will leave the company with a stronger balance sheet than it restrictions on the hospitality industry, trading is rebounding had before the crisis, and post the Omnova deal, a significantly sharply. In time, we suspect it should be able to exceed its better business. historic sales high watermarks, aided by the significant capacity that has left the market. Sales included saying adieu to Arrow Global, a debt- management company, after a successful bid from TDR Capital. We believe the bid drastically undervalued the company’s potential. Unfortunately, the board (and other shareholders) seemed to think otherwise.

7 For some time now, we have had a large weighting in the cashflows we believe are undervalued and that have the housebuilders. We still see this as an industry that will ability to grow over time. Encouragingly, we see a long list benefit from changes in demand for living space provoked of attractive opportunities across a broad range of sectors, by the pandemic and which is being aided by low mortgage allowing us to construct a well-diversified portfolio of stocks rates and accommodative government policy. But after some with attractive growth profiles. sharp moves in share prices, we shuffled the deck by selling Ed Legget and Ambrose Faulks Countryside, whose valuation multiple felt a little over- Fund managers extended relative to some of its peers.

Outlook – As economies reopen and savings are spent… Our top-down views are largely unchanged: we continue to believe that vaccination programmes provide a path to global recovery. Over the last few months the emergence of the Delta variant has raised concerns that there will be a further wave of Covid and more restrictions to come. Having seen the way in which the Alpha (Kent) variant spread across the world at the start of the year, a similar trend looks likely to be repeated now. While this is an unwelcome development, the good news is that the vaccines clearly work in providing protection against severe disease and, so far, data seems to support this. Now, in Western Europe policymakers have the option to remove restrictions without overwhelming their health services.

Although the spike in cases following England’s ‘reopening’ is a cause for concern, the ongoing rollout of the vaccines combined with a rapidly building natural immunity in the younger, unvaccinated cohort of the population should result in case numbers naturally starting to decline as the summer progresses.

The exact trajectory of the pandemic remains uncertain, but it is clear that economic activity has rebounded strongly as restrictions have been lifted. From a bottom-up perspective, the UK’s corporate earnings season has been exceptionally strong, driving earnings upgrades across the market with the result that UK companies look cheaper relative to their underlying earnings than they did at the start of the year. A helpful dynamic is that this rapid recovery in sales is encountering the leaner cost bases companies adopted in response to the pandemic. We expect this to continue as the businesses we hold emerge strongly from the pandemic and take share from their weakened rivals.

For now, the debate around inflation continues to dominate headlines and, in turn, drives sharp moves within the stockmarket. Because we are close to a potential inflection point in monetary policy, even the most minor utterance of a central banker – and the smallest positive or negative surprise in economic data – is magnified in terms of market reaction. Standing back from the short-term noise, we remain confident that the economic recovery is well set and continue to believe that the consensus underestimates the potential for the substantial consumer and corporate savings built up during the crisis to support economic growth as we go into 2022 and 2023. In time this will lead to a reduction in unconventional monetary policy and a rise in interest rates.

In the meantime, we remain disciplined in our investment philosophy, namely looking for companies whose free

8 Investment information Ten largest purchases and sales for the six months ended 30 June 2021

Cost Proceeds Purchases £’000 Sales £’000 Mitchells & Butlers 30,662 Arrow Global Group 17,143 Anglo American 18,076 13,217 Synthomer 16,290 AstraZeneca 12,445 Natwest Group 12,521 Entain 9,471 10,911 Flutter Entertainment 7,951 10,382 International Consolidated Airlines Group 6,215 Next 9,582 Group 4,631 WH Smith 8,293 Jet2 3,735 BP 8,194 St James's Place 2,615 Royal Dutch Shell B shares 7,216 M&G 2,407

Portfolio statement as at 30 June 2021 Valuation % of net Investment Holding £’000 assets Equities 99.63% (96.92%) Basic Materials 8.45% (6.11%) Anglo American 1,390,000 39,907 3.23 Bodycote 3,500,000 29,487 2.39 Rio Tinto 300,000 17,985 1.46 Synthomer 3,400,000 16,980 1.37 104,359 8.45 Consumer Discretionary 30.97% (28.78%) 888 Holdings 9,500,000 36,328 2.94 Holdings 3,500,000 14,875 1.20 Entain 2,964,272 51,445 4.16 Flutter Entertainment 40,000 5,288 0.43 Howden Joinery Group 1,650,000 13,546 1.10 International Consolidated Airlines Group 13,600,000 23,601 1.91 Jet2# 2,050,000 24,190 1.96 Lookers 32,347,161 22,999 1.86 Mitchells & Butlers 10,650,000 29,501 2.39 National Express Group 6,400,000 17,126 1.38 Next 270,307 21,197 1.71 Persimmon 350,000 10,304 0.83 Redrow 4,400,000 27,042 2.19 Ryanair Holdings 1,150,000 15,417 1.25 2,250,000 26,404 2.14 Group 2,700,000 22,248 1.80 WH Smith 1,350,000 21,236 1.72 382,747 30.97 Consumer Staples 6.80% (8.95%) British American Tobacco 1,850,000 51,680 4.18 Tesco 14,500,000 32,284 2.62 83,964 6.80 Energy 1.22% (0.00%) BP 2,500,000 7,841 0.64 Royal Dutch Shell B shares 500,000 6,975 0.56 Thungela Resources 139,000 270 0.02 15,086 1.22

9 Global exposure* Valuation % of net Investment Holding £’000 £’000 assets Financials 32.00% (32.95%) 3i Group 5,180,000 60,891 4.93 Barclays 31,750,000 53,937 4.36 Conduit Holdings 2,500,000 12,975 1.05 Hiscox 2,400,000 20,318 1.64 Intermediate Capital Group 1,650,000 35,525 2.87 International Personal Finance 11,000,000 14,234 1.15 Legal & General Group 8,600,000 22,197 1.80 M&G 11,000,000 25,080 2.03 Man Group 12,482,005 22,280 1.80 Natwest Group 6,000,000 12,108 0.98 Numis# 1,263,347 4,523 0.37 Provident Financial 5,262,967 12,073 0.98 Prudential 2,700,000 37,516 3.03 Quilter 14,500,000 21,598 1.75 St James's Place 1,700,000 25,058 2.03 Virgin Money UK 7,698,385 15,170 1.23 395,483 32.00 Healthcare 2.99% (4.13%) AstraZeneca 425,000 36,941 2.99 36,941 2.99 Industrials 16.66% (15.75%) Ashtead Group 400,000 21,472 1.74 DS Smith 7,250,000 30,349 2.46 Melrose Industries 22,000,000 33,495 2.71 Morgan Sindall Group 1,250,000 27,000 2.18 Oxford Instruments 2,300,895 53,611 4.34 Tyman 6,900,000 31,671 2.56 Weir Group 450,000 8,318 0.67 205,916 16.66 Real Estate 0.54% (0.25%) LondonMetric Property 2,877,144 6,663 0.54 6,663 0.54 Equities total 1,231,159 99.63 Contracts for Difference 0.07% (0.09%) Consumer Discretionary 0.06% (0.01%) Tui (3,550,000) (12,881) 749 0.06 (12,881) 749 0.06 Consumer Staples 0.00% (0.00%) Fevertree Drinks # (100,000) (2,568) 61 – (2,568) 61 – Industrials 0.01% (0.08%) Rentokil Initial (650,000) (3,223) 29 – Spirax-Sarco Engineering (95,000) (12,930) 52 0.01 (16,153) 81 0.01 Contracts for Difference total (31,602) 891 0.07 Investment assets 1,232,050 99.70 Net other assets 3,769 0.30 Net assets attributable to unitholders 1,235,819 100.00 The comparative percentage figures in brackets are as at 31 December 2020. # Security listed on the Alternative Investment Market (‘AIM’). * Global exposure has been calculated in line with the guidelines issued by the European Securities and Markets Authority (‘ESMA’) and represents the market value of an equivalent position in the underlying investment of each derivative contract. For all other asset types the percentage of net assets has been calculated based on the valuation of each holding.

10 Financial statements

Statement of total return for the six months ended 30 June 2021

30 June 2021 30 June 2020 £’000 £’000 £’000 £’000 Income Net capital gains/(losses) 131,367 (156,443) Revenue 15,370 8,377 Expenses (5,248) (3,376) Interest payable and similar charges (551) (884) Net revenue before taxation 9,571 4,117 Taxation 10 (320) Net revenue after taxation 9,581 3,797 Total return before distributions 140,948 (152,646) Distributions 473 159 Change in net assets attributable to unitholders from investment activities 141,421 (152,487)

Statement of change in net assets attributable to unitholders for the six months ended 30 June 2021

30 June 2021 30 June 2020 £’000 £’000 £’000 £’000 Opening net assets attributable to unitholders 975,895 812,556 Amounts receivable on issue of units 178,564 74,466 Amounts payable on cancellation of units (60,117) (41,097) 118,447 33,369 Dilution adjustment 56 135 Change in net assets attributable to unitholders from investment activities 141,421 (152,487) Closing net assets attributable to unitholders 1,235,819 693,573

Balance sheet as at 30 June 2021

30 June 2021 31 December 2020 £’000 £’000 Assets Fixed assets Investments 1,232,050 946,800 Current assets Debtors 3,872 4,124 Cash and cash equivalents 4,474 31,502 Total current assets 8,346 35,626 Total assets 1,240,396 982,426 Liabilities Creditors Distribution payable - 3,464 Other creditors 4,577 3,067 Total creditors 4,577 6,531 Total liabilities 4,577 6,531 Net assets attributable to unitholders 1,235,819 975,895

11 1. Basis of preparation The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Investment Management Association in May 2014.

The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2020 as set out therein.

2. Post balance sheet events There were no significant post balance sheet events subsequent to the period end.

12 Fund sizes & net asset values Class I accumulation performance

Net asset Net asset Since 5 3 1 6 Date value of value per Units Performance launch * years years year months fund (£) unit (p) in issue Artemis UK Select 31 December 2018 590,594,187 Fund ** 700.6 87.8 28.0 48.7 14.0

G distribution * 445.81 2,978,640 Artemis UK Select Fund *** 702.1 85.2 28.4 49.7 14.4 I distribution 433.82 2,583,527 FTSE All-Share I accumulation 477.13 80,498,279 Index 207.2 36.9 6.3 21.5 11.1

R accumulation 448.36 40,598,886 UK All Companies Sector Average 251.6 48.5 10.9 27.6 11.8 31 December 2019 812,556,008 Position in sector 3/68 19/203 19/213 15/220 46/220 G distribution 572.22 25,122,635 Quartile 1 1 1 1 1 I distribution 555.30 3,138,963 Past performance is not a guide to the future. I accumulation 632.94 69,668,759 * Source: Artemis/Lipper Limited, data from 3 April 1998 to 1 R accumulation 590.34 35,641,557 September 2010 reflects class R accumulation units and from 1 September 2010 reflects class I accumulation units, in sterling with 31 December 2020 975,894,570 dividends reinvested to 30 June 2021. All performance figures show total returns with dividends and/or income reinvested, net of all C accumulation ** 620.82 3,320,689 charges. Performance does not take account of any costs incurred G distribution 596.92 29,485,852 when investors buy or sell the fund. Returns may vary as a result of currency fluctuations if the investor’s currency is different to that of I distribution 577.70 6,337,567 the class. This class may have charges or a hedging approach different from those in the IA UK All Companies sector benchmark. I accumulation 668.95 83,719,338 ** Value at 12 noon valuation point R accumulation 619.24 29,490,270 *** Value at close of business Class I accumulation is disclosed as it is the primary share class. 30 June 2021 1,235,819,473

C accumulation 706.36 4,251,567

G distribution 681.83 28,033,724

I distribution 659.02 8,257,345

I accumulation 762.81 99,614,755

R accumulation 703.50 28,479,783

* Launched 10 August 2018. ** Launched 13 March 2020.

Ongoing charges

Class 30 June 2021

C accumulation 1.29%

G distribution 0.57%

I distribution 0.84%

I accumulation 0.84%

R accumulation 1.59%

Ongoing charges shows the annual operating expenses of each unit class as a percentage of the average net assets of that class for the preceding 12 months.

13 Artemis Fund Managers Limited Cassini House, 57 St James’s Street, London SW1A 1LD 6th floor, Exchange Plaza, 50 Lothian Road, Edinburgh EH3 9BY

Sales Support 0800 092 2090 Facsimile 020 7399 6498

Client Services 0800 092 2051 Facsimile 0845 076 2290

Website www.artemisfunds.com