Artemis UK Special Situations 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 for efficient investors across Europe. derivatives portfolio management purposes to: • reduce risk Independent and owner-managed, Artemis opened • manage the fund efficiently. for business in 1997. Its aim was, and still is, exemplary investment performance and client service. All Artemis’ Where the , including companies in fund invests other countries that are headquartered or staff share these two precepts – and the same flair and have a significant part of their activities in enthusiasm for fund management. the United Kingdom. Industries the • Any The firm now manages some £27.9 billion* across a range fund invests in of funds, two investment trusts and both pooled and Other • None segregated institutional portfolios. limitations specific to Our managers invest in their own and their colleagues’ funds. this fund This has been a basic tenet of the Artemis approach since Investment • The fund is actively managed. the firm started. It means that interests of our fund managers strategy • A research-driven, bottom-up stock selection process is used to identify unrecognised growth potential in companies that are directly aligned with those of our investors. are often out-of-favour. • The manager seeks companies that are in recovery, need re- * Source: Artemis as at 31 July 2021. financing or are suffering from investor indifference (‘special situations’). These companies often have the potential to deliver significant capital growth. Fund status • Companies are assessed on the basis of absolute and relative valuation with consideration to potential upside. Artemis UK Special Situations Fund was constituted by a Trust Deed dated 25 & 28 February 2000 and is an authorised Benchmarks • FTSE All-Share Index TR A widely-used indicator of the performance of the unit trust scheme under the Financial Services and Markets UK stockmarket, in which the fund invests. It acts as Act 2000. The fund belongs to the category of UCITS a ‘comparator benchmark’ against which the fund’s performance can be compared. Management of the fund schemes as defined in the Collective Investment Schemes is not restricted by this benchmark. Sourcebook (‘COLL’) of the Financial Conduct Authority • IA UK All Companies NR A group of other asset managers’ funds that invest in (‘FCA’). similar asset types as this fund, collated by the Investment Association. It acts as a ‘comparator benchmark’ against which the fund’s performance can be compared. Buying and selling Management of the fund is not restricted by this benchmark. Units may be bought and sold by contacting the manager by telephone, at the address on page 5 or via the website artemisfunds.com. Valuation of the fund takes place each business day at 12 noon on a forward pricing basis. Investors are reminded that past performance is not a guarantee of 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 ̥ Special situations risk: The fund invests in companies Artemis Fund Managers Limited (AFML) has conducted a that are in recovery, need re-financing or are suffering detailed assessment on whether its funds are providing value to from lack of market attention (special situations). These unitholders in response to newly introduced regulations. AFML companies are subject to higher-than-average risk of must publish publicly on an annual basis, a statement setting capital loss. out a summary of the outcome of the process and whether or Please refer to the fund’s prospectus for full details of these not AFML believes the payments out of the scheme property and other risks which are applicable to this fund. 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 Cassini House UK Special Situations Fund for the six months ended 30 57 St James’s Street June 2021 on behalf of Artemis Fund Managers Limited in SW1A 1LD accordance with the requirements of COLL as issued and amended by the FCA. Dealing information: Artemis Fund Managers Limited PO Box 9688 M J Murray L E Cairney CM99 2AE Telephone: 0800 092 2051 Director Director Artemis Fund Managers Limited Website: artemisfunds.com London 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

̥ Amid economic and Covid uncertainty, our companies And here the news across the portfolio has been uniformly continued to deliver. positive. Having reduced (or removed) guidance on future ̥ The fund returned 12.9%* versus 11.1%* for the FTSE All- earnings during the early days of the pandemic, most Share index. companies have spent the past 12 months or so rebuilding ̥ The ‘easy’ part of the year is probably behind us. these forecasts. Indeed the speed with which earnings have recovered, often supported by reduced costs and by new ways Performance – As economies and profits recover of delivery, have surprised many. But it has not all been plain from the pandemic… sailing (or, in our case, a smooth flight)... In writing the outlook in the fund’s annual report six months ago, Review – Waiting for our airlines to take off… we slightly hedged our bets (a typical fund-manager tactic…). While we noted the progress being made in rolling out vaccines While speaking to a friend over a drink at Christmas (from the and in the economic recovery, we also introduced a note of requisite two metres) I was asked which shares had performed caution. In a sense, we were right on both counts. The pandemic best for us in 2020. “Airlines”, I replied. My friend looked at has continued and, just as we are about to return (at least in the me in surprise and asked how this could be given no-one was eyes of the politicians) to ‘normality’, the Delta variant caused flying. As we know, share prices tend to discount the future and an upsurge in cases. Inevitably, it is now being suggested that financial markets operate one step ahead of the real world. But we might be exiting lockdown too quickly. This clearly depends were last year’s gains misplaced? Although only time will tell, we on who you ask. With now two-thirds of the UK population still think the basic investment premise is logical. An industry ‘double-jabbed’ one would like to think the most vulnerable are that was once plagued by multiple low-cost entrants, state- now somewhat protected. And this appears to be supported by supported flag carriers and which has a highly operationally the lower level of hospitalisations and deaths. We are, however, geared business model (airlines have high fixed costs) may not dealing with the unknown, and as we write this report the seem to be the stuff of investment dreams. But with the demise prevalence of the virus among the young is increasing quickly. of marginal airlines such as Monarch and Flybe, and with the collapse of holiday company Thomas Cook, we had started to The other note of caution we expressed was how much of the witness a more rational environment in which the better players return to normality had already been priced by the stockmarket had an opportunity to win market share. We took the view that – and what a swift return to normality might mean for both the pressures exerted by the pandemic would ultimately clear inflation and interest rates. All of these issues have been front out the rest of the airline industry’s weaker players and restrict and centre of investors’ minds over the first half of the year. some underfunded larger players from expanding. So we bought Given the success of the stimulus provided by governments Jet2 and Ryanair, both of whom we believed would be able to and central banks, there were concerns that interest rates exploit this situation and take significant market share. Yet would have to rise sooner than previously thought – so yields while both holdings performed well last year, they have been the on government bonds rose markedly (yield is the return on largest drags on our performance this year. Does this change a bond relative to its price so rise when bonds lose some our view? of their appeal). We old folks, of course, still have to rub our eyes when we look at bond yields; these remain at incredibly As investors, we believe in the quote often attributed to Keynes low levels by historic standards. But that yields briefly edged “When my information changes, I alter my conclusions”. To this higher demonstrated the degree of concern over an economic point, however, our conclusion hasn’t changed. Both airlines overheating. remain well-financed (partly with our help). They therefore have the ability to respond as demand recovers and to invest So given all the concerns outlined above it may be a bit of a in more fuel-efficient aircraft. The competition, in contrast, surprise that our benchmark index, the FTSE All-Share, actually has amassed more debt and is retrenching. But the largest rose by 11.1%. The fund, meanwhile, did a little better, producing ‘unknown’ continues to be the virus and what it means for travel a return of 12.9%. restrictions this year and, indeed, for travel over the longer term. These healthy returns highlight the drawbacks of spending We had hoped that we would have more clarity on this given too much time focused on the macroeconomic environment: the level of vaccinations, but the Delta variant has muddied the commentators can instil all manner of fear by making waters. Currently we continue to hold both companies in the predictions that, more often than not, turn out to be completely belief that the long-term prize we envisaged last year still exists. wrong. As always, the single most important thing is what our But we are mindful of the fact that we are faced with just as companies are saying and what they have delivered. We once much uncertainty on the path of the virus as last year. again commend the employees and management teams of our The other main detractor during the period was Melrose. This is companies for the way they have managed their businesses interesting as it has recently sold the Nortek business – which through the pandemic. it acquired and improved – for more than double what it paid. This disposal significantly improves the strength of its balance

Past performance is not a guide to the future. *Source: Artemis/Lipper Limited, class I accumulation units, in sterling, to 30 June 2021. All figures show total returns with income reinvested, net of all charges. Performance does not take account of any costs incurred when investors buy or sell the fund. Our benchmark is the FTSE All-Share index. 6 sheet. Melrose is also seeing a decent rebound in its automotive In general, we still see decent value in our holdings but we business, which has significant potential to grow as production are being challenged by the valuations in a few areas. We of electric vehicles increases: it is the number-one supplier have already mentioned the gaming companies. The other of drivelines. It also has some strong technology in hydrogen challenge is posed by Ashtead. The shares have performed storage, another ‘green’ business. Although the aerospace very well for the fund over the last few years and deservedly business undoubtedly remains subdued, there have been more so – it demonstrated the strength of its offering during a very positive comments from the two main aircraft suppliers. The volatile year. However, we feel much of this is now reflected in management team currently at Melrose has delivered over a the price. We have significantly reduced the holding. number of years for the fund, so we have used weakness to add Finally, takeover activity has been a feature of the UK market to the position. this year and we received a bid approach for Sanne, the fund Our list of winners was as eclectic as ever. The sharp rise in administrator. In many ways this isn’t a complete surprise earnings enjoyed by online gaming companies are, we suppose, given activity in the sector and the high level of recurring not a complete surprise as punters trapped at home enjoyed a earnings. We await the outcome. We are slightly surprised we flutter. It is unlikely that the stellar growth rates they have seen haven’t actually received more bids for our holdings over the over the past 18 months can continue and we have taken profits period. Although we don’t invest in companies in the hope here, selling out of Flutter and reducing 888. they are acquired, we thought it would have been more of a feature given the level of activity in the UK market and the The world’s appetite for luxury watches continues unabated and modest valuation levels of the holdings in the portfolio. continues to grow. It’s interesting that the per consumption of Rolex watches is, for now, higher in the UK than in the US. We believe this offers a significant Our approach to ESG… growth opportunity for Watches of Switzerland Group as it We believe that the rehabilitation of any company’s financial expands in the US. Its management team aim to exploit this by performance runs in parallel with the improvement in its delivering a superior retailing experience than currently exists in environmental, social and governance (ESG) factors. Given the States. we invest predominately in turnaround or special situations (where historic ESG practices may not have been a focus) The biggest contributor to performance was , the key is the improved momentum of all these factors. the provider of ‘mobility solutions’. The merger of Redde and We engage with company management teams and expect Northgate is going well; significant synergies are being extracted. them to have a roadmap towards improvement. Within this The van-rental business continues to perform, helped by the framework we clearly assess the long-term implications of demand for those pesky white vans needed to make all our a number of factors on the long-term investment risk of a home deliveries. The Redde accident-support business has company’s business model. We utilise a number of external been hit due to its correlation to traffic volumes, which fell data providers as a second line of monitoring on this during lockdown(s). But traffic volumes are now rising again improvement and to highlight any issues we need to discuss and we believe the bounce back is only a question of time. And with companies directly. the company continues to evolve its model of offering different products and is expanding its fleet to include electric vans. We We have always had a high level of engagement with our still see value in the shares. company management teams – but the volatility of last Chart 1: Companies listed in the UK still appear cheaper year has offered us even greater contact. We have been (relative to their earnings, dividends and book value) than impressed with the way our companies have conducted those in other parts of the world. themselves during the pandemic, supporting their customers and employees and recognising the role they play in society. 0 We have also seen evidence of the longer-term focus -5 on environmental change. And where conditions have improved they have been quick to recognise the longer- MSCI UK vs. MSCI World -10 term implications of the pandemic, with companies such as

P B V and Watches of Switzerland setting up educational & -15 Y D

Median foundations. E , -20 We have not sold any positions during the period due to o n P /

concerns on ESG issues. We have, however, continued to i u m -25 reduce our exposure to industries that have clear headwinds p r e m

% -30 from the transition to new energy and therefore where the investment risk has increased. e r a g

v -35 A Within our portfolio, there are businesses at different stages -40 of delivery of their ESG targets. We own ‘green’ champions like and Spectris, whose products directly -45 support the development of electric vehicles, renewable 1989 1993 1997 2001 2005 2009 2013 2017 2021 energy and faster drug discovery. But we also own companies Source: MSCI, IBES, Morgan Stanley Research. that might be viewed as poor ESG candidates. At the same

7 time, however, we see a company like Melrose, which Chart 2: Input costs are going up. We want to be sure our supplies the automotive and aerospace markets, as a companies can pass that on… classic ‘improver’. Having taken over the underperforming Input and output price inflation % year-on-year GKN business, it has invested in electric-vehicle drive 12.0% systems and hydrogen-storage technology all the while becoming more efficient. These things take time but for us 10.0% Input PPI the improving momentum in its social output is as much 8.0% a measure of the overall success of its turnaround as financial metrics. 6.0%

Outlook – The much-needed return to 4.0% ‘normality’… 2.0% Output PPI The ‘easy’ part of the year is now behind us. We make this 0.0% statement not with an eye on seasonal trends or with our hands swirling around a recently acquired crystal ball - -2.0% but based on the following observations. The bounce in -4.0% stockmarkets from the lows of last year has been supported by record amounts of stimulus and the help of corporate -6.0% earnings expectations that were significantly reduced in the early days of the pandemic. -8.0% Jun 12 Sep 13 Dec 14 Mar 16 Jun 17 Sep 18 Dec 19 Mar 21

Corporates in general have spent the last 12 months Source: ONS rebuilding their forecasts and therefore provided excellent This isn’t a particularly negative call. We are only making earnings momentum. It is unlikely that this will continue at the observation that we have had a lot of good news on the the same rate. And as for stimulus? We have likely seen the economic recovery over the year to date and this is unlikely best of it. So one of the concerns that has started to worry to continue. At the same time, some valuations are looking investors is the prospect of reduced stimulus and even the more stretched. But we also expect the current rate of thought of interest rates rising sooner than expected (of vaccinations to continue and this in itself should speed up a course ‘sooner’ is probably still some time away…). much-needed return to normality. There are noises and musings from a few central bankers We also note that we have a decent number of investment that maybe the inflationary forces in the system are more ideas and that we are still very happy adding to a number of than transitory. We noted earlier that given the distortions our current holdings. We believe the UK stockmarket remains inherent in making year-on-year comparisons given the attractively valued in an international context and this is extremity of the situation in Q2 2020, it would take time being recognised by other companies and by private equity to see what the true figures will be. This will become more in the form of takeover bids. We expect the high level of M&A evident towards the year end. But we have heard from many activity to continue for the balance of the year. companies about the increase in raw material prices, labour costs and, of course, the oil price has risen. Derek Stuart and Andy Gray Fund managers Of course there are many factors at play here. The economic stimulus has been extreme and driven significant demand for a number of products. But at a time when the world is also suffering from less than fluid supply chains, under- production of certain products and, in the UK, increased complexity in cross-border trade. We are monitoring the situation and getting feedback from our holdings. Chart 2 highlights how much input costs have risen (albeit from a low comparator point) and we therefore need to make sure our companies can pass this on in terms of pricing. The good news is everyone recognises the problem.

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

Cost Proceeds Purchases £’000 Sales £’000 Pearson 12,501 BP 15,934 9,322 Flutter Entertainment 13,455 Smiths Group 9,058 Ashtead Group 13,181 AstraZeneca 8,051 11,455 Group 8,046 9,387 Associated British Foods 7,913 9,185 Restaurant Group 7,763 Watches of Switzerland Group 8,192 Imperial Brands 6,852 British American Tobacco 7,962 Quilter 6,162 7,458 IG Group Holdings 6,146 5,593

Portfolio statement as at 30 June 2021 Valuation % of net Investment Holding £’000 assets Equities 98.07% (98.36%) Basic Materials 7.16% (4.95%) Anglo American 794,356 22,806 3.63 1,044,104 8,796 1.40 Hill & Smith Holdings 538,983 8,031 1.28 1,071,541 5,351 0.85 44,984 7.16 Consumer Discretionary 20.69% (20.48%) 888 Holdings 2,090,251 7,993 1.27 Entain 776,797 13,481 2.15 J D Wetherspoon 1,472,421 17,227 2.74 Jet2 # 1,684,657 19,879 3.16 Pearson 1,574,576 13,038 2.08 Persimmon 401,513 11,821 1.88 Restaurant Group 7,643,228 9,768 1.55 Ryanair Holdings 782,643 10,492 1.67 Watches of Switzerland Group 2,153,922 17,748 2.83 WH Smith 541,304 8,515 1.36 129,962 20.69 Consumer Staples 12.47% (12.61%) Associated British Foods 869,277 19,280 3.07 British American Tobacco 413,990 11,565 1.84 Britvic 1,035,201 9,664 1.54 Imperial Brands 1,240,119 19,315 3.08 Tesco 8,306,530 18,494 2.94 78,318 12.47 Energy 1.76% (3.77%) BP 3,522,752 11,049 1.76 11,049 1.76 Financials 23.87% (22.35%) 3i Group 2,285,301 26,864 4.28 AdvancedAdvT 5,280,810 6,337 1.01 Barclays 13,459,660 22,865 3.64 Conduit Holdings 1,336,823 6,938 1.10

9 Valuation % of net Investment Holding £’000 assets IG Group Holdings 2,191,092 18,811 2.99 Intermediate Capital Group 712,001 15,329 2.44 M&G 4,755,228 10,842 1.73 Prudential 770,186 10,702 1.70 Quilter 9,975,950 14,859 2.37 Rok Entertainment Group ^ 410,914 - - Rok Global^ 66,096 - - Sanne Group 1,410,406 11,777 1.87 Sherborne Investors Guernsey C shares 7,822,252 4,654 0.74 149,978 23.87 Healthcare 6.07% (3.46%) AstraZeneca 361,378 31,411 5.00 ConvaTec Group 2,787,921 6,708 1.07 38,119 6.07 Industrials 21.76% (25.88%) Ashtead Group 148,117 7,951 1.27 Babcock International Group 2,664,086 7,694 1.22 Balfour Beatty 2,670,974 8,205 1.31 Johnson Service Group # 11,910,500 20,343 3.24 MBA Polymers ^ 2,105,625 - - Melrose Industries 7,659,640 11,662 1.86 Oxford Instruments 585,498 13,642 2.17 QinetiQ Group 5,100,001 17,371 2.76 Redde Northgate 4,924,726 19,748 3.14 Smiths Group 1,245,381 19,739 3.14 Spectris 317,275 10,337 1.65 136,692 21.76 Technology 2.82% (3.24%) 685,671 17,745 2.82 Intechnology ^ 21,937,940 - - 17,745 2.82 Telecommunications 1.47% (1.62%) BT Group 4,774,792 9,213 1.47 9,213 1.47 Equities total 616,060 98.07 Investment assets 616,060 98.07 Net other assets 12,132 1.93 Net assets attributable to unitholders 628,192 100.00 The comparative percentage figures in brackets are as at 31 December 2020. # Security listed on the Alternative Investment Market (‘AIM’). ^ Unlisted, suspended or delisted security.

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) 66,245 (124,604) Revenue 7,443 6,357 Expenses (3,805) (3,359) Net revenue before taxation 3,638 2,998 Taxation (2) 4 Net revenue after taxation 3,636 3,002 Total return before distributions 69,881 (121,602) Distributions 63 (165) Change in net assets attributable to unitholders from investment activities 69,944 (121,767)

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 544,139 639,395 Amounts receivable on issue of units 46,918 5,862 Amounts payable on cancellation of units (32,917) (45,373) 14,001 (39,511) Dilution adjustment 108 36 Change in net assets attributable to unitholders from investment activities 69,944 (121,767) Closing net assets attributable to unitholders 628,192 478,153

Balance sheet as at 30 June 2021

30 June 2021 31 December 2020 £’000 £’000 Assets Fixed assets Investments 616,060 535,241 Current assets Debtors 6,185 2,898 Cash and cash equivalents 9,976 7,038 Total current assets 16,161 9,936 Total assets 632,221 545,177 Liabilities Creditors Distribution payable - 119 Other creditors 4,029 919 Total creditors 4,029 1,038 Total liabilities 4,029 1,038 Net assets attributable to unitholders 628,192 544,139

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 31 December 2018 621,467,107 Special Situations Fund ** 739.0 49.7 19.6 39.0 12.9 I distribution 478.72 5,567,291 Artemis UK Special Situations I accumulation 550.91 44,656,525 Fund *** 741.7 46.7 20.0 40.1 13.5 R accumulation 508.08 68,650,199 FTSE All-Share Index TR 164.9 36.9 6.3 21.5 11.1 31 December 2019 639,395,482 IA UK All I distribution 600.27 2,122,959 Companies NR 194.0 48.5 10.9 27.6 11.8

I accumulation 705.80 33,694,643 Position in sector 1/80 82/203 48/213 34/220 56/220

R accumulation 646.07 60,184,907 Quartile 1 2 1 1 2 31 December 2020 544,139,459 Past performance is not a guide to the future. *Source: Artemis/Lipper Limited, data from 9 March 2000 to 7 C accumulation * 643.16 4,736,037 March 2008 reflects class R accumulation units, and from 7 March 2008 reflects class I accumulation units, in sterling with dividends I distribution 591.43 1,283,401 reinvested to 30 June 2021. All figures show total returns with income I accumulation 706.14 28,582,349 reinvested, net of all charges. Performance does not take account of any costs incurred when investors buy or sell the fund. Returns may R accumulation 641.53 47,426,781 vary as a result of currency fluctuations if the investor’s currency is different to that of the class. This class may have charges or a hedging 30 June 2021 628,191,725 approach different from those in the IA sector benchmark. C accumulation 724.91 5,923,756 ** Value at 12 noon valuation point. I distribution 668.23 1,226,871 *** Value at close of business. Class I accumulation is disclosed as it is the primary unit class. I accumulation 797.65 32,531,388

R accumulation 721.98 43,985,314

* Launched 13 March 2020.

Ongoing charges

Class 30 June 2021

C accumulation 1.31%

I distribution 0.86%

I accumulation 0.86%

R accumulation 1.61%

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

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Website www.artemisfunds.com