open/document-extraction
View Schema
This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.
Artemis UK Smaller
Companies Fund
Half-Yearly Report (unaudited)
for the six months ended 30 June 2026
Page 2
artemisfunds.com
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
■ Daily fund prices
■ Fund literature
Page 3
3
General information
Company profile
Artemis is a leading UK-based fund manager, offering a range of funds which invest in the UK, Europe, the US and around the world.
As a dedicated, active investment house, we specialise in investment management for both retail and institutional investors across Europe.
Independent and owner-managed, Artemis opened for business in 1997. Its aim was, and still is, exemplary investment performance and client service. All Artemis’ staff share these two precepts – and the same flair and enthusiasm for fund management.
The firm now manages some £43.8 billion* across a range of funds, two investment trusts and both pooled and segregated institutional portfolios.
Our managers invest in their own and their colleagues’ funds. This has been a basic tenet of the Artemis approach since the firm started. It means that interests of our fund managers are directly aligned with those of our investors.
* Source: Artemis as at 31 July 2026
Fund status
Artemis UK Smaller Companies Fund was constituted by a Trust Deed dated 17 March 1998 and is an authorised unit trust scheme under the Financial Services and Markets Act 2000. The fund belongs to the category of UK UCITS schemes as defined in the Collective Investment Schemes Sourcebook (‘COLL’) of the Financial Conduct Authority (‘FCA’).
Buying and selling
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 dealing day at 12 noon on a forward pricing basis. The current list of non-dealing days impacting the fund is published in the literature section of our website at www.artemisfunds.com. 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.
Objective and investment policy
Objective To grow capital over a five year period.
Investment policy
What the fund invests in • 80% to 100% in shares of smaller companies. • Up to 20% in bonds, cash and near cash, other transferable securities, other funds (up to 10%) managed by Artemis and third party funds, money market instruments, and derivatives.
Use of derivatives
The fund may use derivatives for efficient portfolio management purposes to: • reduce risk • manage the fund efficiently.
Where the fund invests • United Kingdom, including companies in other countries that are headquartered or have a significant part of their activities in the United Kingdom.
Industries the fund invests in • Any
Other limitations specific to this fund
• None
Investment strategy • The fund is actively managed. • The manager adopts a long-term investment approach. • The manager seeks to mostly invest in companies with predictable and/or growing cashflow streams which require little additional capital to sustain. • The manager identifies smaller companies with reference to their relative market capitalisation.
Benchmarks • Deutsche Numis Smaller Companies (-InvTrust) TR A widely-used indicator of the performance of the UK smaller companies stockmarket, in which the fund invests. It acts as a ‘comparator benchmark’ against which the fund’s performance can be compared. Management of the fund is not restricted by this benchmark. • IA UK Smaller Companies NR A group of other asset managers’ funds that invest in 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. Management of the fund is not restricted by this benchmark.
Page 4
4
Risk and reward profile
Potentially lower rewards Lower risk
Potentially higher rewards Higher risk
◼ The fund is in the category shown due to historic volatility (how much and how quickly the value of units in the fund may have risen and fallen in the past due to movements in markets, currencies and interest rates). It may not be a reliable indication of the future risk profile of the fund.
◼ The risk category has been calculated using historic data and may not be a reliable indicator of the fund’s future risk profile.
◼ A risk indicator of “1” does not mean that the investment is “risk free”.
The risk indicator may not fully take into account the following risks and the following may affect fund performance:
◼ Smaller companies risk: Investing in small companies can involve more risk than investing in larger, more established companies. Shares in smaller companies may not be as easy to sell, which can cause difficulty in valuing those shares. ◼ Market volatility risk: The value of the fund and any income from it can fall or rise because of movements in stockmarkets, currencies and interest rates, each of which can move irrationally and be affected unpredictably by diverse factors, including political and economic events. ◼ Currency risk: The fund’s assets may be priced in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the fund's value. ◼ Charges from capital risk: Where charges are taken wholly or partly out of a fund's capital, distributable income may be increased at the expense of capital, which may constrain or erode capital growth.
There was no change to the risk indicator in the six months ended 30 June 2026.
Please refer to the fund’s prospectus for full details of these and other risks which are applicable to this fund.
Other information
Prospectus
Copies of the most recent Prospectus are available free of charge from the manager at the address on page 5.
Tax information reporting
UK tax legislation requires fund managers to provide information to HM Revenue & Customs (‘HMRC’) on certain investors who purchase units in unit trusts. Accordingly, the fund may have to provide information annually to HMRC on the tax residencies of those unitholders that are tax resident outwith the UK, in those countries that have signed up to the OECD’s (‘Organisation for Economic Co-operation and Development’) Common Reporting Standard for Automatic Exchange of Financial Account Information (the ‘Common Reporting Standard’), or the United States (under the Foreign Account Tax Compliance Act, ‘FATCA’).
All new unitholders that invest in the fund must complete a certification form as part of the application form. Existing unitholders may also be contacted by the Registrar should any extra information be needed to correctly determine their tax residence. Failure to provide this information may result in the account being reported to HMRC.
For further information, please see HMRC’s Quick Guide: Automatic Exchange of Information – information for account holders: gov.uk/government/publications/exchange of information-account-holders.
Value assessment
Artemis Fund Managers Limited (‘AFML’) has conducted a detailed assessment on whether its funds are providing value to unitholders. 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.
Taskforce for Climate-Related Financial Disclosures (“TCFD”)
In accordance with the FCA’s requirements under the Environmental, Social and Governance Sourcebook, Artemis is required to publish disclosures consistent with the Taskforce on Climate-Related Financial Disclosures (“TCFD”) for the period 1 January 2025 to 31 December 2025. The entity-level TCFD report contains information about how Artemis manages climate-related risks and opportunities in investment portfolios and across its business operations and the product-level TCFD report contains certain climate related metrics required to be published for Artemis UK Smaller Companies Fund. These TCFD reports, which were published in June 2026, can be found in the literature section of our website at www.artemisfunds.com.
Page 5
5
Manager Artemis Fund Managers Limited * Cassini House 57 St James’s Street London SW1A 1LD
Dealing information: Artemis Fund Managers Limited Sunderland SR43 4BH Telephone: 0800 092 2051 Website: artemisfunds.com
Investment adviser Artemis Investment Management LLP * Cassini House 57 St James’s Street London SW1A 1LD
Trustee and Depositary Northern Trust Investor Services Limited * 50 Bank Street Canary Wharf London E14 5NT
Registrar Northern Trust UK Global Services SE † 50 Bank Street Canary Wharf London E14 5NT
Auditor Ernst & Young LLP Atria One 144 Morrison Street Edinburgh EH3 8EX
*Authorised and regulated by the Financial Conduct Authority. † Authorised by the Prudential Regulation Authority (‘PRA’), 20 Moorgate, London EC2R 6DA and regulated by the PRA and the FCA.
Report of the manager
We hereby approve the Half-Yearly Report of the Artemis UK Smaller Companies Fund for six months ended 30 June 2026 on behalf of Artemis Fund Managers Limited in accordance with the requirements of COLL as issued and amended by the FCA.
T Johnston S Dougall Director Director Artemis Fund Managers Limited London 27 August 2026
Page 6
6
Investment Review
Additions to the team
Anna Pugh joined Artemis' UK Smaller Companies team as an analyst in May. Anna, who has 11 years’ experience, previously worked at River Global Investors, where she focused on UK small-cap and micro-cap strategies. She has a first-class degree in economics from the University of Bath and is a CFA charterholder. Mark Niznik and William Tamworth who have been working together since 2015 continue to manage the fund.
Performance
Artemis UK Smaller Companies fell 1.6% during the six-month period, compared with gains of 1.8% from its Deutsche Numis UK Smaller Companies (-InvTrust) benchmark and 3.2% 1 from its IA UK Smaller Companies sector average.
Our performance over the past year has been poor. Crucially, however, this has been driven by a relative de-rating in the shares of the companies we invest in – their earnings have remained resilient. We believe the fund's holdings now appear extremely undervalued relative to the wider UK smaller companies market (which is itself undervalued relative to UK large caps).
Negatives
In response to growing competition in the energy and broadband markets, the management of Telecom Plus cut prices to increase the number of customers who use more than one of its services. Consumers who take multiple products are more valuable and stay for longer than those who only take one. Although this led to a 40% cut in earnings expectations, the shares were already weak and now trade on a single-digit price-to-earnings (p/e) multiple.
While first-half revenues at LBG Media (LADbible) grew strongly, there was a rapid shift away from high-margin Facebook revenues and towards lower-margin direct ones. Although the speed of change prompted a downgrade to expectations, reducing its dependence on Facebook should ultimately improve the quality of LBG’s earnings.
Results at identity verification company GB Group were in line with expectations, but the company opted to increase investment in its GBG Go product, prompting a 10% earnings downgrade for 2027. The business is not growing fast enough to generate the operating leverage required to fund additional investment without downgrading future profits. However, management is confident the investment will pay off in the long term.
Positives
Computacenter announced Q1 results were significantly ahead of expectations, boosted by demand from US technology groups building data centres. It was promoted to the FTSE 100 later in the period.
Spread-betting platform IG Group benefited from higher trading volumes on the back of increased volatility in the first quarter. It also said its new products had attracted more first-time customers. We took some profits.
Halfords saw a 10% earnings upgrade in June on the back of strong sales growth and higher margins. Again, we trimmed our position slightly.
There was growth in each of the four primary markets of consumer goods company PZ Cussons , prompting an increase in earnings expectations.
Purchases
We increased our exposure to medical device manufacturer NIOX , which had lagged the market despite strong results. We also added to our new holding in DiscoverIE , which designs and manufactures specialist electrical components. These components typically represent a small portion of the total end-product costs and can be expensive to substitute out mid-way through the life cycle of the equipment. The shares had been weak despite (modest) earnings upgrades and we felt that the prospect of double-digit earnings and cashflow growth was not being reflected in the valuation (more than a 6% free cashflow yield).
One new addition to the portfolio was Workspace , a provider of flexible office space. We expect its new chief executive, Charlie Green (who co-founded The Office Group), to bring greater focus to the portfolio by selling off non-core properties and increasing occupancy rates by investing in existing sites rather than discounting rents. There is unlikely to be a quick fix to its problems, but with the shares trading at a 60% discount to underlying asset value, we feel the risk/ reward trade-off is compelling, particularly given the fund has little exposure to the real estate sector.
We also started a new holding in Tristel , which supplies chlorine dioxide for high-level disinfection of medical devices (for example ultrasound probes) in hospitals. Although the shares are not especially cheap (around a 5% free cashflow yield or 20x p/e), it has attractive financial characteristics. The company is growing revenues at 10 to 15% (all organically) and makes an 82% gross margin, which drives strong earnings growth. It is in the early stages of entering the US market, which has the potential to transform its business.
Past performance is not a guide to the future. 1 Artemis/Lipper Limited, class I accumulation, in sterling. All figures show total returns with dividends and/or income reinvested, 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 if the investor’s currency is different to that of the class.
Page 7
7
Sales
We sold Morgan Advanced Materials whose share price had risen despite persistent earnings downgrades.
Following the recommended £2bn cash bid by private equity firm Permira, we sold our remaining holding in JTC . We also sold out of SSP where we felt the rally in the shares did not reflect the concerns we had about its accounting. Costs are being treated as 'exceptional' (and therefore not affecting the ‘underlying’ profits) and profits are not being converted into cash due to higher capitalised intangible costs. We were not comfortable with its use of supplier finance deals, which improve the headline leverage and cashflows but not the economic reality.
We took some profits in Secure Trust Bank , Serco , Coats and Keller . Outlook
Valuations on a different planet
There is currently plenty of talk of a bubble in equity markets, with Panmure Liberum noting the cyclically adjusted p/e ('CAPE') ratio for the S&P 500 is at its highest since the turn of the century. Meanwhile, SpaceX’s IPO valuation of approximately $2 trillion was equivalent to 100 times its historic sales.
Yet UK small caps are on a different planet. Valuations of smaller companies are low relative to their own history. They are low relative to those of larger companies. And they are only a third of the level of companies in the US. Meanwhile, the dividend yield for the FTSE 250 has climbed above that of the FTSE 100 for the first time in more than 20 years.
Iran ‘resolution’ is positive
At the start of Q2, we felt a prolonged war between Iran and the US represented the biggest threat to UK small caps. Although the outcome of this conflict is still far from certain, there appears to be a reduced likelihood of the worst-case scenarios materialising. This means oil & gas prices are likely to be lower, which should be positive for UK consumers. Expectations the Bank of England will raise interest rates are fading. In fact, we think the next movement in rates is more likely to be down than up.
Political uncertainty remains, but may be overstated
Although Andy Burnham has just been named prime minister, what happens next is unclear. To us it seems probable that:
◼ Unlike Liz Truss, he will not need the market to tell him further borrowing risks instability and will be forced to operate within the current fiscal constraints. Given bond yields in the UK trade at higher levels than the rest of the G7, there is a significant prize to be won if Burnham can convince markets that he can be a fiscally responsible prime minister. By committing to borrow less, he could use the interest saving to spend more.
◼ He will pursue policies that stimulate economic growth. The housing market would be the most obvious area for targeted support as it would require little (if any) government spending. There has also been renewed speculation about using tax incentives for pensions and ISAs to promote investment in UK equities.
Improving economic outlook
The outlook for the UK economy has improved, but consumer stocks remain firmly out of favour. Halfords offers a useful example of what can happen when a stock in an unloved area of the market does better (or less badly) than expected: a 10% earnings upgrade in June prompted a 30% increase in its share price.
More buybacks, but a (temporary) pause in M&A
A record number of our portfolio holdings bought back shares over the first half of the year. We see this as evidence that their boards are 1) taking a more positive view on the outlook, 2) believe they have surplus capital and 3) see their shares as being materially undervalued.
Interestingly, H1 2026 was the first six-month period since 2019 in which there were no takeover bids for our holdings. Given that the median company in our fund trades on a free cashflow yield of 9%, offers double-digit earnings growth and is forecast to have no net debt, further approaches are surely just a matter of time.
Mark Niznik, k, William Tamworth and Anna Pugh Fund managers
Page 8
8
Investment information
Ten largest purchases and sales for the six months ended 30 June 2026
Purchases
Cost £’000 Sales
Proceeds £’000 Workspace Group 5,2 7 2 Morgan Advanced Materials 6,56 7 Tristel 5, 1 52 Secure Trust Bank 6,096 DiscoverIE Group 4 , 7 0 4 IG Group 5,60 1 NIOX Group 4 ,5 3 9 JTC 5,600 AB Dynamics 3 ,962 Serco Group 5, 3 60 Avon Technologies 3 ,9 4 7 SSP Group 5,2 1 8 Keystone Law Group 2,909 Keller Group 4 ,525 Telecom Plus 2, 7 56 Halfords Group 3 , 7 4 1 Jadestone Energy 2, 3 9 1 Coats Group 3 , 4 25 Tatton Asset Management 2,378 Mears Group 3,373
Portfolio statement as at 30 June 2026
Holding
Valuation £ '000
% of net assets Equities 98.34% ( 99.80% ) Basic Materials 1.55% ( 1.58% ) Central Asia Metals # 2,401,578 3,206 0.6 1 Victrex 855,412 4,931 0.9 4 8,137 1 .55 Communication Services 4.60% (4 (4.65% ) 4imprint Group 278,675 10,409 1 .99 Bloomsbury Publishing 1,181,089 7,358 1 . 4 1 Future 1,660,927 5,081 0.9 7 M&C Saatchi # 900,000 1,224 0.23 24,072 4.60 Consumer Discretionary 25.50% ( 28.23% ) AB Dynamics # 373,202 3,967 0. 7 6 Barratt Redrow 976,330 2,742 0.52 Coats Group 11,408,182 8,973 1 . 7 2 DFS Furniture 4,660,471 6,501 1 .2 4 Dunelm Group 845,188 6,762 1 .29 Ebiquity # 11,135,085 1,180 0.23 Fuller Smith & Turner 'A' 964,914 7,092 1 .36 Halfords Group 2,967,966 6,997 1 .3 4 Hollywood Bowl Group 4,003,179 11,089 2. 1 2 J D Wetherspoon 899,946 6,225 1 . 1 9 JET2 # 299,206 3,965 0. 7 6 LBG Media # 6,440,870 2,109 0. 4 0 MJ Gleeson 2,218,221 5,529 1 .06 Moonpig Group 6,812,343 16,574 3. 1 7 Next 15 Group # 2,864,564 7,276 1 .39 On the Beach Group 4,680,215 8,181 1 .5 7 Victorian Plumbing Group # 13,391,574 10,519 2.0 1 Warpaint London # 1,524,369 3,011 0.58 YouGov # 3,200,514 6,888 1 .32 Young & Co's Brewery 1,108,590 7,694 1 . 4 7 133,274 25.50 Consumer Staples 4.61% (4 (4.29% ) Greggs 330,404 5,316 1 .02 Hilton Food Group 1,149,813 5,950 1 . 1 4
Page 9
9
Holding
Valuation £‘000
% of net assets Equities 98.34% (99.80%) (continued) Consumer Staples 4.61% (4.29%) (continued) PZ Cussons 10,224,954 10,573 2.02 REA Holdings 2,022,530 2,225 0. 4 3 24,064 4.6 1 Energy 3.06% ( 2.47% ) Ashtead Technology Holdings 1,564,010 6,506 1 .25 Energean 706,505 4,848 0.93 Jadestone Energy # 16,268,860 4,596 0.88 15,950 3.06 Financials 10.19% ( 11.37% ) Brooks Macdonald Group 580,438 7,415 1 . 4 2 IG Group 337,909 6,211 1 . 1 9 IntegraFin Holdings 4,152,195 14,865 2.8 4 Secure Trust Bank 651,475 9,492 1 .82 Tatton Asset Management # 1,391,875 10,453 2.00 Vanquis Banking Group 4,078,641 4,805 0.92 53,241 1 0. 1 9 Health Care 3.64% ( 1.54% ) AOTI # 5,247,896 3,228 0.6 1 Eco Animal Health Group # 1,687,647 1,494 0.29 NIOX Group # 15,770,601 8,989 1 . 7 2 Tristel # 1,337,863 5,331 1 .02 19,042 3.64 Industrials 22.09% ( 24.07% ) Avon Technologies 226,662 3,978 0. 7 6 Chemring Group 1,531,218 7,863 1 .5 1 GlobalData 7,465,372 5,857 1 . 1 2 Keller Group 236,466 6,330 1 .2 1 Keystone Law Group # 541,054 2,900 0.56 Mears Group 3,050,542 12,431 2.38 Morgan Sindall Group 178,459 8,782 1 .68 Norcros 2,841,123 8,481 1 .62 Restore # 4,431,660 11,810 2.26 RWS Holdings # 9,290,020 6,707 1 .28 Science Group # 1,073,239 6,278 1 .20 Serco Group 3,154,234 7,047 1 .35 Severfield 17,969,628 6,204 1 . 1 9 SIG 24,577,562 2,069 0. 4 0 Wilmington 4,260,659 11,482 2.20 Zigup 1,560,980 7,149 1 .3 7 115,368 22.09 Real Estate 3.22% ( 2.71% ) Harworth Group 4,425,002 5,540 1 .06 Henry Boot 3,573,335 5,959 1 . 1 4 Workspace Group 1,533,041 5,338 1 .02 16,837 3.22 Technology 16.29% ( 14.79% ) accesso Technology Group # 1,201,476 3,884 0. 7 4 Beeks Financial Cloud Group # 2,902,630 5,950 1 . 1 4 Computacenter 188,285 8,098 1 .55 DiscoverIE Group 1,381,618 9,409 1 .80 FDM Group Holdings 2,270,336 2,375 0. 4 5 GB Group 6,964,364 13,845 2.65
Page 10
10
Holding
Valuation £‘000
% of net assets Equities 98.34% (99.80%) (continued) Technology 16.29% (14.79%) (continued) MONY Group 8,673,239 16,184 3. 1 0 NCC Group 9,248,714 11,283 2. 1 6 Netcall # 4,934,348 5,749 1 . 1 0 TT Electronics 7,230,307 8,351 1 .60 85,128 1 6.29 Telecommunications 2.11% ( 2.15% ) Gamma Communications 1,312,800 11,031 2. 11 11,031 2. 11 Utilities 1.48% ( 1.95% ) Telecom Plus 1,007,805 7,750 1 . 4 8 7,750 1 .48 Equities total 513,894 98.34 Investment assets 513,894 98.34 Net other assets 8,656 1 .66 Net assets attributable to unitholders 522,550 1 00.00 The comparative percentage figures in brackets are as at 31 December 2025. # Security listed on the Alternative Investment Market (‘AIM’).
Page 11
11
Financial statements
Statement of total return for the six months ended 30 June 2026
30 June 2026 30 June 2025 £'000 £'000 £'000 £'000
Income Net capital (losses)/gains (16,046) 35,719 Revenue 10,529 8,701 Expenses (2,711) (2,654) Interest payable and similar expenses – (2) Net revenue before taxation 7,818 6,045 Taxation – (9) Net revenue after taxation 7,818 6,036 Total return before distributions (8,228) 41,755 Distributions (214) 101 Change in net assets attributable to unitholders from investment activities (8,442) 41,856
Statement of change in net assets attributable to unitholders for the six months ended 30 June 2026
30 June 2026 30 June 2025 £'000 £'000 £'000 £'000 Opening net assets attributable to unitholders 559,113 479,211 Issue of units 47,850 117,551 Cancellation of units (76,087) (81,766) (28,237) 35,785 Dilution adjustment 116 495 Change in net assets attributable to unitholders from investment activities (8,442) 41,856 Closing net assets attributable to unitholders 522,550 557,347
Balance sheet as at 30 June 2026
30 June 2026 £'000
31 December 2025 £'000 Assets Investments 513,894 557,985 Current assets Amounts receivable 10,850 1,113 Cash and cash equivalents 7,355 1,805 Total assets 532,099 560,903 Liabilities Current liabilities: Distribution payable – 526 Other amounts payable 9,549 1,264 Total liabilities 9,549 1,790 Net assets attributable to unitholders 522,550 559,113
Page 12
12
1. Basis of preparation The interim financial statements have been prepared in accordance with FRS 104, which applies the recognition and measurement principles of FRS 102 but requires only selected disclosures appropriate to an interim financial report. Accordingly, these interim financial statements do not include all of the information and disclosures required in a full set of annual financial statements prepared in accordance with FRS 102. The financial statements have been prepared on a going concern basis. The manager believes that the fund has adequate resources to continue in operational existence for the foreseeable future. No material events have been identified that may cast significant doubt about the fund’s ability to continue as a going concern for a period of twelve months from the date the financial statements are authorised for issue. The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2025, except for the adoption of the 2025 IA Statement of Recommended Practice (SORP) relating to the valuation of investments. In accordance with the 2025 IA SORP and the amended FRS 102 requirements, investments are measured at fair value using the mid-market price (being the price within the bid-ask spread that is most representative of fair value). This change in valuation technique has been applied prospectively on adoption of the SORP and, accordingly, comparative figures have not been restated. Where appropriate, the last regular valuation point has been used as a suitable indicator of fair value at the period end.
2. Related party transactions The manager is deemed to be a related party. All transactions and balances associated with the manager are disclosed within the statement of total return, statement of change in net assets attributable to unitholders and the balance sheet on page 11 including all issues and cancellations where the manager acted as principal. The balance due to the manager as at 30 June 2026 in respect of these transactions was £950,000 (31 December 2025: £790,000).
3. Fair value hierarchy All investments are designated at fair value through profit or loss on initial recognition. The following table provides an analysis of these investments based on the fair value hierarchy in accordance with FRS 102 which reflects the reliability and significance of the information used to measure their fair value. The disclosure is split into the following categories: Level 1 – Investments with unadjusted quoted prices in an active market; Level 2 – Investments whose fair value is based on inputs other than quoted prices that are either directly or indirectly observable; Level 3 – Investments whose fair value is based on inputs that are unobservable (i.e. for which market data is unavailable).
30 June 2026 31 December 2025 Assets £'000
Liabilities £'000
Assets £'000
Liabilities £'000 Level 1 Equities 513,894 – 557,985 Total 513,894 – 557,985 –
4. Post balance sheet event There were no significant post balance sheet events subsequent to the period end.
Page 13
13
Fund sizes & net asset values
Date
Net asset value of fund (£)
Net asset value per unit (p)
Units in issue 31 December 2023 369,7 1 4,435 C accumulation 1 , 940.90 1 , 7 1 2 , 236 I distribution 1 , 734.29 376 , 433 I accumulation 2 , 1 2 1 .66 1 0 , 1 46 , 862 R accumulation 1 , 9 1 8.54 5 , 977 , 0 1 6 31 December 2024 479,2 1 0,842 C accumulation 2 , 11 6.24 1 , 605 , 1 3 1 I distribution 1 , 849.23 799 , 958 I accumulation 2 , 323.74 1 3 , 1 40 , 973 R accumulation 2 , 085.64 5 , 997 , 332 S accumulation * 96.94 5 , 000 31 December 2025 559, 11 3,426 C accumulation 2 , 222.94 1 , 464 , 1 02 I distribution 1 , 894.49 923 , 1 4 1 I accumulation 2 , 45 1 .93 1 3 , 540 , 206 R accumulation 2 , 1 84.20 5 , 286 , 233 S accumulation 1 02.38 60 , 1 86 , 53 1 30 June 2026 522,549,688 C accumulation 2 , 1 90.60 1 , 404 , 498 I distribution 1 , 87 1 .29 929 , 94 1 I accumulation 2 , 42 1 .60 1 2 , 284 , 026 R accumulation 2 , 1 49.26 4 , 480 , 085 S accumulation 1 0 1 . 1 7 73 , 3 11 , 67 1 Z accumulation ** 96.37 6 , 699 , 096 * Launched 12 December 2024. ** Launched 29 January 2026.
Ongoing charges
Class 30 June 2026 C accumulation 1.310% I distribution 0.860% I accumulation 0.860% R accumulation 1.610% S accumulation 0.760% Z accumulation * 0.110% 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. * Ongoing charges shows the estimated annual operating expenses as a percentage of the average net assets of that class since launch. The annual management fee is subject to a separate agreement with the Manager and is not paid from the Net Asset Value of the Class Z Units.
Class I accumulation performance
Since launch *
10 years
5 years
3 years
1 year
6 months Artemis UK Smaller Companies Fund ** 2,417.7 111.2 13.6 23.6 (4.2 ) (1.6 ) Artemis UK Smaller Companies Fund *** 2,427.3 107.4 13.1 23.1 (4.8 ) (2.4 ) Deutsche Numis Smaller Companies (-Inv Trust) Index 797.6 97.4 17.9 36.3 7.1 1.8 IA UK Smaller Companies average 758.0 87.7 (13.4 ) 19.1 2.4 3.2 Position in sector 1/13 10/36 4/42 18/42 35/43 40/43 Quartile 1 2 1 2 4 4 Past performance is not a guide to the future.
* Source: Artemis/Lipper Limited, data from 3 April 1998 to 1 September 2010 reflects class R accumulation units, and from 1 September 2010 to 30 June 2026 reflects class I accumulation units. All figures show total returns with dividends and/or income reinvested, 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 if the investor’s currency is different to that of the class. This class may have charges or a hedging approach different from those in the IA sector benchmark. ** Value at 12 noon valuation point. *** Value at close of business.
Class I accumulation is disclosed as it is the primary unit class.
Page 14
Artemis Fund Managers Limited Cassini House, 57 St James’s Street, London SW1A 1LD 6th floor, Exchange Plaza, 50 Lothian Road, Edinburgh EH3 9BY
Client Services 0800 092 2051 Facsimile 0207 643 3708
Website www.artemisfunds.com
Truncated: This annotation is too large to fit.
View the raw JSON.
{
"annotation_id": "5123c8e5-dfa3-4a7d-b201-9f78696ac6ab",
"date_created": "2026-10-23T21:46:04.679000Z",
"date_modified": "2026-10-23T21:46:04.679000Z",
"file_hash": "9e9b546017656d81bef66dedf61dcb83f0c8a50d1be722b37852b086aba25552",
"private": false,
"record": {
"attributes": {
"chunk_type": "page_range",
"end_page": 14,
"start_page": 1
},
"blocks": [
{
"block_type": "box",
"box": {
"height": 23,
"width": 354,
"x": 563,
"y": 342
},
"id": "7f3122f7-b738-41ef-b112-3262b7659081",
"page_number": 1,
"text": "Artemis UK Smaller"
},
{
"block_type": "box",
"box": {
"height": 28,
"width": 201,
"x": 566,
"y": 377
},
"id": "7ff764ae-eb81-4389-acfb-bd00f6122f65",
"page_number": 1,
"text": "Companies"
},
{
"block_type": "box",
"box": {
"height": 23,
"width": 90,
"x": 767,
"y": 375
},
"id": "53b0c19e-4e03-463b-83c4-9d9adf871327",
"page_number": 1,
"text": "Fund"
},
{
"block_type": "box",
"box": {
"height": 15,
"width": 269,
"x": 566,
"y": 451
},
"id": "bcb96952-d345-4e80-aa49-3fa68ecb6104",
"page_number": 1,
"text": "Half-Yearly Report (unaudited)"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 260,
"x": 565,
"y": 473
},
"id": "0dbe38d0-2f0a-44de-baa0-5e72731c7a72",
"page_number": 1,
"text": "for the six months ended 30 June 2026"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 161,
"x": 353,
"y": 916
},
"id": "9ca5fd2c-7883-4452-8c9b-2beb6771b5b0",
"page_number": 2,
"text": "artemisfunds.com"
},
{
"block_type": "box",
"box": {
"height": 23,
"width": 243,
"x": 110,
"y": 474
},
"id": "0ad3c861-9a32-48cb-82c6-adb087e95ca1",
"page_number": 2,
"text": "Keep up to date \u2026"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 371,
"x": 110,
"y": 517
},
"id": "7a51a467-a0dd-43cb-804a-0897a9b0f334",
"page_number": 2,
"text": "... with the performance of this and other"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 345,
"x": 109,
"y": 538
},
"id": "ae4020b2-929f-49cc-8d6b-c78658b63416",
"page_number": 2,
"text": "Artemis funds throughout the year on"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 149,
"x": 109,
"y": 558
},
"id": "332d9ffa-88a6-485a-bf4f-398803ccb8b6",
"page_number": 2,
"text": "Artemis\u2019 website"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 8,
"x": 103,
"y": 829
},
"id": "f2d21a3b-ec81-4f44-82a7-ec6499a18b87",
"page_number": 2,
"text": "\u25a0"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 328,
"x": 131,
"y": 827
},
"id": "27852542-5d61-47ca-83a8-88686a76580d",
"page_number": 2,
"text": "Monthly fund commentaries and factsheets"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 8,
"x": 103,
"y": 849
},
"id": "377c1b2b-8da4-41a1-9123-7615d5d6ecbb",
"page_number": 2,
"text": "\u25a0"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 185,
"x": 131,
"y": 847
},
"id": "b635889c-0ccf-407a-a2df-5f476699ff41",
"page_number": 2,
"text": "Market and fund insights"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 8,
"x": 103,
"y": 869
},
"id": "a7eba715-3f75-4dd2-9a87-6427db9f3018",
"page_number": 2,
"text": "\u25a0"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 267,
"x": 131,
"y": 867
},
"id": "90339b27-8c29-4ba2-9ece-b07c0874c10b",
"page_number": 2,
"text": "Fund briefings and research articles"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 8,
"x": 103,
"y": 889
},
"id": "469502af-968b-4bff-b6c7-9b209c272295",
"page_number": 2,
"text": "\u25a0"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 123,
"x": 131,
"y": 887
},
"id": "09c2a081-58c9-467c-bce4-ca3f25910e41",
"page_number": 2,
"text": "Daily fund prices"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 8,
"x": 103,
"y": 909
},
"id": "5b361aba-7477-48f0-9d6a-fab3b82b2555",
"page_number": 2,
"text": "\u25a0"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 108,
"x": 131,
"y": 907
},
"id": "e7371e02-46ae-4e65-8923-bacb25167d97",
"page_number": 2,
"text": "Fund literature"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 6,
"x": 496,
"y": 979
},
"id": "78109fd0-f69f-4667-8075-ae2da1a9654b",
"page_number": 3,
"text": "3"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 256,
"x": 72,
"y": 67
},
"id": "128101ae-4b67-4184-84a4-eb58d603ddbe",
"page_number": 3,
"text": "General information"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 131,
"x": 72,
"y": 100
},
"id": "238d1eb4-59fd-4c1e-82c2-2bae7ac2f8e2",
"page_number": 3,
"text": "Company profile"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 411,
"x": 71,
"y": 123
},
"id": "14c76832-36b0-4a4d-8235-dd53fd5e087b",
"page_number": 3,
"text": "Artemis is a leading UK-based fund manager, offering a range"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 395,
"x": 72,
"y": 138
},
"id": "c67e3836-b574-4394-a193-97ae595ac988",
"page_number": 3,
"text": "of funds which invest in the UK, Europe, the US and around"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 67,
"x": 71,
"y": 153
},
"id": "03c7f1e0-ea7b-4233-8a18-1f858e4021b5",
"page_number": 3,
"text": "the world."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 386,
"x": 71,
"y": 176
},
"id": "69e8db1b-b26f-4bd5-81fd-717cbf222c37",
"page_number": 3,
"text": "As a dedicated, active investment house, we specialise in"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 379,
"x": 72,
"y": 191
},
"id": "891a1bf9-84cf-4f6b-ae0c-042dbe7b3540",
"page_number": 3,
"text": "investment management for both retail and institutional"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 164,
"x": 72,
"y": 206
},
"id": "1961693b-b86b-4d26-9e1f-cf916a75b8ef",
"page_number": 3,
"text": "investors across Europe."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 344,
"x": 72,
"y": 229
},
"id": "a4618f02-6bd3-4faa-9056-a33c149ae7ff",
"page_number": 3,
"text": "Independent and owner-managed, Artemis opened"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 364,
"x": 71,
"y": 244
},
"id": "87ff9d98-4639-47f0-b234-5ae0b32cd157",
"page_number": 3,
"text": "for business in 1997. Its aim was, and still is, exemplary"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 374,
"x": 72,
"y": 259
},
"id": "607b17f4-526a-4fca-9655-d0fead7aa5d4",
"page_number": 3,
"text": "investment performance and client service. All Artemis\u2019"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 369,
"x": 72,
"y": 274
},
"id": "beffead6-1271-4771-8365-96379c89260c",
"page_number": 3,
"text": "staff share these two precepts \u2013 and the same flair and"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 232,
"x": 72,
"y": 288
},
"id": "87f226b3-fbf1-475e-bb4d-83f55af68ff5",
"page_number": 3,
"text": "enthusiasm for fund management."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 405,
"x": 71,
"y": 312
},
"id": "ea117e8a-92d8-4345-9159-04659cad0b37",
"page_number": 3,
"text": "The firm now manages some \u00a343.8 billion* across a range of"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 416,
"x": 71,
"y": 327
},
"id": "a84ee523-7605-4828-8a2c-59f4f8de0e13",
"page_number": 3,
"text": "funds, two investment trusts and both pooled and segregated"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 153,
"x": 72,
"y": 341
},
"id": "2962fb12-82b7-49e3-9470-57c76580079f",
"page_number": 3,
"text": "institutional portfolios."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 411,
"x": 72,
"y": 365
},
"id": "15807e3f-052d-49e8-97ac-d67dc6790327",
"page_number": 3,
"text": "Our managers invest in their own and their colleagues\u2019 funds."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 391,
"x": 71,
"y": 380
},
"id": "1fb43741-d516-4504-b7fa-23491c5f936d",
"page_number": 3,
"text": "This has been a basic tenet of the Artemis approach since"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 414,
"x": 71,
"y": 394
},
"id": "ab9d4372-e1bb-4eee-b7c1-9fd87f971900",
"page_number": 3,
"text": "the firm started. It means that interests of our fund managers"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 315,
"x": 72,
"y": 409
},
"id": "c94030a0-e75b-451b-9133-b6d81ebb5bc5",
"page_number": 3,
"text": "are directly aligned with those of our investors."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 211,
"x": 72,
"y": 430
},
"id": "d457e299-9419-42da-bc4c-5087b4a1ad8e",
"page_number": 3,
"text": "* Source: Artemis as at 31 July 2026"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 89,
"x": 72,
"y": 462
},
"id": "8050aae7-0b1c-4f3e-8c0d-cd2df8bb45cd",
"page_number": 3,
"text": "Fund status"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 394,
"x": 71,
"y": 485
},
"id": "8996f801-27da-43b1-849f-91a30555ce5a",
"page_number": 3,
"text": "Artemis UK Smaller Companies Fund was constituted by a"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 386,
"x": 71,
"y": 500
},
"id": "e998b3ed-a958-4fd8-a13c-462f6b6e83af",
"page_number": 3,
"text": "Trust Deed dated 17 March 1998 and is an authorised unit"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 402,
"x": 71,
"y": 515
},
"id": "9e1e4ef5-e2dc-4699-a829-37fa663fa899",
"page_number": 3,
"text": "trust scheme under the Financial Services and Markets Act"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 413,
"x": 72,
"y": 530
},
"id": "9c4ff85c-960b-4cbe-9530-337e96d1cc21",
"page_number": 3,
"text": "2000. The fund belongs to the category of UK UCITS schemes"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 415,
"x": 72,
"y": 545
},
"id": "6462750c-1336-45c1-b221-2be87fd112f9",
"page_number": 3,
"text": "as defined in the Collective Investment Schemes Sourcebook"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 340,
"x": 72,
"y": 559
},
"id": "bd78433c-a2ed-4a67-b175-9cdde97340a4",
"page_number": 3,
"text": "(\u2018COLL\u2019) of the Financial Conduct Authority (\u2018FCA\u2019)."
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 143,
"x": 72,
"y": 584
},
"id": "9a955f14-f38c-4f3a-8c2b-66cc20a8099e",
"page_number": 3,
"text": "Buying and selling"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 387,
"x": 72,
"y": 608
},
"id": "c412f679-678a-4c05-9c93-49372452579d",
"page_number": 3,
"text": "Units may be bought and sold by contacting the manager"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 382,
"x": 72,
"y": 623
},
"id": "42a5e33b-5b97-4060-befc-0346a4874aae",
"page_number": 3,
"text": "by telephone, at the address on page 5 or via the website"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 125,
"x": 71,
"y": 637
},
"id": "a3992cc3-5bf5-4c6a-8342-fcef146f5a77",
"page_number": 3,
"text": "artemisfunds.com"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 264,
"x": 197,
"y": 638
},
"id": "678cce3d-58fa-4c40-a1b5-1269337cf8fa",
"page_number": 3,
"text": ". Valuation of the fund takes place each"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 412,
"x": 72,
"y": 652
},
"id": "9a9b7b5f-1909-4555-b15e-0d620db4cc55",
"page_number": 3,
"text": "dealing day at 12 noon on a forward pricing basis. The current"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 413,
"x": 72,
"y": 667
},
"id": "88a88c89-4054-4d1c-ab6b-c7e1f0d2d0c8",
"page_number": 3,
"text": "list of non-dealing days impacting the fund is published in the"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 399,
"x": 72,
"y": 682
},
"id": "1e1c52b6-76d1-46d0-96d8-ba58b8d883eb",
"page_number": 3,
"text": "literature section of our website at www.artemisfunds.com."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 364,
"x": 72,
"y": 697
},
"id": "12d166f6-14da-431a-b2bc-4a5449fc1037",
"page_number": 3,
"text": "Investors are reminded that past performance is not a"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 406,
"x": 71,
"y": 712
},
"id": "d6cd4b59-649a-4a00-ac7a-77ea828ad7eb",
"page_number": 3,
"text": "guarantee of performance in the future and that the price of"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 372,
"x": 72,
"y": 727
},
"id": "84ca9d0c-86d9-4a0f-9900-1f8a0e8103eb",
"page_number": 3,
"text": "units and the revenue from them can fall as well as rise."
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 394,
"x": 512,
"y": 67
},
"id": "25039215-464a-4d7e-a864-ae6c7dd5678f",
"page_number": 3,
"text": "Objective and investment policy"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 55,
"x": 514,
"y": 103
},
"id": "acc8a18a-4a3e-4628-80c1-c47b2ef84e93",
"page_number": 3,
"text": "Objective"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 213,
"x": 605,
"y": 103
},
"id": "c00546fd-91c4-4141-ada5-dedce27c5c10",
"page_number": 3,
"text": "To grow capital over a five year period."
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 65,
"x": 515,
"y": 126
},
"id": "f2cf3832-1aef-41d4-bb6b-eabde42ce57d",
"page_number": 3,
"text": "Investment"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 35,
"x": 514,
"y": 136
},
"id": "3f2346f4-d4ca-4c7f-b26c-80710b99b9bb",
"page_number": 3,
"text": "policy"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 82,
"x": 604,
"y": 125
},
"id": "df3c8b57-e9c9-4a55-8b1c-2a4aea7c5095",
"page_number": 3,
"text": "What the fund"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 54,
"x": 605,
"y": 136
},
"id": "0bd959db-9312-4b0a-8948-e39db8b9e4c4",
"page_number": 3,
"text": "invests in"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 696,
"y": 128
},
"id": "b30c9dd4-e5a5-43b7-964e-e21ab74a5923",
"page_number": 3,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 183,
"x": 703,
"y": 125
},
"id": "4a44dc21-cc96-48db-9bea-fbb8126171af",
"page_number": 3,
"text": "80% to 100% in shares of smaller"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 64,
"x": 703,
"y": 136
},
"id": "bfb79f98-d37d-4b98-8b13-83b9394b53a3",
"page_number": 3,
"text": "companies."
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 3,
"x": 696,
"y": 150
},
"id": "9d57363c-1ea1-44eb-b61c-c45b59c9fb33",
"page_number": 3,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 192,
"x": 704,
"y": 147
},
"id": "e0408173-5014-4298-bfe7-f02e49cc2d69",
"page_number": 3,
"text": "Up to 20% in bonds, cash and near"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 195,
"x": 703,
"y": 157
},
"id": "b18be78f-5a7c-4e42-923d-a62af4559c1b",
"page_number": 3,
"text": "cash, other transferable securities,"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 202,
"x": 703,
"y": 168
},
"id": "e3ab7c9f-2d36-4a47-8871-49bafa561840",
"page_number": 3,
"text": "other funds (up to 10%) managed by"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 209,
"x": 703,
"y": 179
},
"id": "035cb316-7799-41cc-b439-85c4830bd69a",
"page_number": 3,
"text": "Artemis and third party funds, money"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 205,
"x": 704,
"y": 190
},
"id": "a79b5dad-0e1b-4c36-9009-83280ee2dcfa",
"page_number": 3,
"text": "market instruments, and derivatives."
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 36,
"x": 605,
"y": 212
},
"id": "2f074c6a-810c-4a3a-9b98-aa9d1ba16d7e",
"page_number": 3,
"text": "Use of"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 63,
"x": 605,
"y": 223
},
"id": "e94cabbc-e5ff-448c-b776-d89325416c26",
"page_number": 3,
"text": "derivatives"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 232,
"x": 695,
"y": 212
},
"id": "2a66cee5-45b4-4a46-8b37-0b8dca2f0e3e",
"page_number": 3,
"text": "The fund may use derivatives for efficient"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 199,
"x": 696,
"y": 223
},
"id": "43828360-d85f-46f1-9b23-76cb89a26e2c",
"page_number": 3,
"text": "portfolio management purposes to:"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 3,
"x": 696,
"y": 238
},
"id": "4e396a77-a2a4-48c6-a401-dcb2ac8e7483",
"page_number": 3,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 61,
"x": 704,
"y": 235
},
"id": "2a378599-e5a8-4788-9ebc-1fc9b5702830",
"page_number": 3,
"text": "reduce risk"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 696,
"y": 248
},
"id": "264307ba-dd4f-44ca-b815-c29a27f26465",
"page_number": 3,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 155,
"x": 704,
"y": 245
},
"id": "810ecedc-a04d-48ab-aa49-36c41582a129",
"page_number": 3,
"text": "manage the fund efficiently."
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 60,
"x": 604,
"y": 268
},
"id": "58d16509-85ae-40be-abfd-e7d40dfa5f45",
"page_number": 3,
"text": "Where the"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 71,
"x": 604,
"y": 278
},
"id": "b62e80dd-0703-4dab-a95b-9bd73e0884aa",
"page_number": 3,
"text": "fund invests"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 3,
"x": 696,
"y": 271
},
"id": "8799b346-5972-4c8b-aed5-f4a30bac1668",
"page_number": 3,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 148,
"x": 704,
"y": 268
},
"id": "05b8f7ae-a14a-4bdf-93f1-fb53b4083dfb",
"page_number": 3,
"text": "United Kingdom, including"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 213,
"x": 703,
"y": 279
},
"id": "ee177310-a811-41e3-b665-355781c4e7e8",
"page_number": 3,
"text": "companies in other countries that are"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 199,
"x": 704,
"y": 289
},
"id": "6b8aa9da-c757-451f-9e58-e6ed35b9f90d",
"page_number": 3,
"text": "headquartered or have a significant"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 195,
"x": 704,
"y": 300
},
"id": "db7cb41a-38ec-4c79-b000-b408ec2e42ee",
"page_number": 3,
"text": "part of their activities in the United"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 52,
"x": 704,
"y": 311
},
"id": "6c42c3b8-b212-46b7-a39a-ac88459705a9",
"page_number": 3,
"text": "Kingdom."
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 80,
"x": 605,
"y": 333
},
"id": "63d194f7-ca5c-4f3e-a97d-a38e3bed51bf",
"page_number": 3,
"text": "Industries the"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 84,
"x": 604,
"y": 344
},
"id": "b7b73060-e233-4f41-89bf-74fb108251c7",
"page_number": 3,
"text": "fund invests in"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 696,
"y": 336
},
"id": "e1ff370b-ede3-42cc-8827-7a45c07f5800",
"page_number": 3,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 22,
"x": 703,
"y": 333
},
"id": "21c4b945-673b-47de-b75a-a5009767c5c7",
"page_number": 3,
"text": "Any"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 33,
"x": 605,
"y": 366
},
"id": "630234c8-6194-48ad-914b-1cea7c1fedf5",
"page_number": 3,
"text": "Other"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 61,
"x": 605,
"y": 377
},
"id": "6a69df2b-3aea-4388-9f1b-1f4fa7f0c705",
"page_number": 3,
"text": "limitations"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 60,
"x": 605,
"y": 388
},
"id": "502082f7-83da-45e7-b75f-65498955e41c",
"page_number": 3,
"text": "specific to"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 51,
"x": 604,
"y": 398
},
"id": "5ecd105d-35e5-44e1-ab13-7cbd9a7863f5",
"page_number": 3,
"text": "this fund"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 696,
"y": 369
},
"id": "4000b3b3-71af-42d4-9fdd-3780dbfc7c96",
"page_number": 3,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 29,
"x": 704,
"y": 367
},
"id": "cdd9be87-03d1-4740-955a-8dc31958ffa6",
"page_number": 3,
"text": "None"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 65,
"x": 515,
"y": 421
},
"id": "84f94a9b-ca15-4d9b-ab3d-ffc29ab51499",
"page_number": 3,
"text": "Investment"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 48,
"x": 514,
"y": 432
},
"id": "171e571c-3973-4eca-8748-0ba9452685d6",
"page_number": 3,
"text": "strategy"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 4,
"x": 605,
"y": 424
},
"id": "808045fd-ea97-48f2-862a-87b510533a88",
"page_number": 3,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 166,
"x": 612,
"y": 421
},
"id": "d4d45e07-1c3b-4c66-81fc-a5dfc5ef55f4",
"page_number": 3,
"text": "The fund is actively managed."
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 4,
"x": 605,
"y": 435
},
"id": "dd986957-f4ae-4d37-8d25-16eb15258f26",
"page_number": 3,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 310,
"x": 612,
"y": 432
},
"id": "fdc8cbf0-6f81-4d17-9a01-089dd5fcd4de",
"page_number": 3,
"text": "The manager adopts a long-term investment approach."
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 4,
"x": 605,
"y": 445
},
"id": "6c700f8a-4667-4ac9-be3c-0e829edcd1bc",
"page_number": 3,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 307,
"x": 612,
"y": 442
},
"id": "df518baa-17d1-4faf-b026-c79b9867f27f",
"page_number": 3,
"text": "The manager seeks to mostly invest in companies with"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 290,
"x": 613,
"y": 453
},
"id": "7767b6ce-b664-4d9c-a35a-38c9fa1c0a88",
"page_number": 3,
"text": "predictable and/or growing cashflow streams which"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 229,
"x": 613,
"y": 464
},
"id": "c965c280-de20-4cb9-8425-93cfa660ad64",
"page_number": 3,
"text": "require little additional capital to sustain."
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 4,
"x": 605,
"y": 478
},
"id": "9b0f9d43-cb9e-43d3-8838-6ebd1646beb1",
"page_number": 3,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 266,
"x": 612,
"y": 474
},
"id": "183bd123-9975-456f-b0b9-c792599ab3ed",
"page_number": 3,
"text": "The manager identifies smaller companies with"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 267,
"x": 613,
"y": 485
},
"id": "08219416-e01a-4fb3-a91a-bbcae934e4d6",
"page_number": 3,
"text": "reference to their relative market capitalisation."
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 71,
"x": 515,
"y": 508
},
"id": "f25e7069-761b-43fe-9dcc-c71e406e94c9",
"page_number": 3,
"text": "Benchmarks"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 300,
"x": 605,
"y": 508
},
"id": "8989bc9d-fe35-4b2f-aab3-0b9b29ba188a",
"page_number": 3,
"text": "\u2022 Deutsche Numis Smaller Companies (-InvTrust) TR"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 300,
"x": 612,
"y": 520
},
"id": "7fd6e4f2-f795-4954-800c-8aa6ee5149d8",
"page_number": 3,
"text": "A widely-used indicator of the performance of the UK"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 283,
"x": 612,
"y": 530
},
"id": "f846ae63-9dc4-4ed4-8b46-580e7f146ed4",
"page_number": 3,
"text": "smaller companies stockmarket, in which the fund"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 291,
"x": 613,
"y": 541
},
"id": "25c097e5-d21e-43bb-b2d0-29e2741a9f6d",
"page_number": 3,
"text": "invests. It acts as a \u2018comparator benchmark\u2019 against"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 271,
"x": 612,
"y": 552
},
"id": "77339a2c-f28b-4115-977b-fffef24005d2",
"page_number": 3,
"text": "which the fund\u2019s performance can be compared."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 271,
"x": 613,
"y": 562
},
"id": "d1511d10-e270-43c4-a80b-41f248aa80c2",
"page_number": 3,
"text": "Management of the fund is not restricted by this"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 66,
"x": 613,
"y": 573
},
"id": "e02dac64-7d2e-47ba-ae85-8be1ed4d3622",
"page_number": 3,
"text": "benchmark."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 175,
"x": 605,
"y": 585
},
"id": "12bb5e44-f98a-4d05-91b8-1579612b4a16",
"page_number": 3,
"text": "\u2022 IA UK Smaller Companies NR"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 285,
"x": 612,
"y": 597
},
"id": "2738b493-24a2-4102-979e-57b8d98657cd",
"page_number": 3,
"text": "A group of other asset managers\u2019 funds that invest"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 274,
"x": 613,
"y": 607
},
"id": "bec8a6ac-562d-4ea0-904f-6405bf6c9e64",
"page_number": 3,
"text": "in similar asset types as this fund, collated by the"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 271,
"x": 613,
"y": 618
},
"id": "81ca1e7e-8bba-40a1-84f4-d808a4799755",
"page_number": 3,
"text": "Investment Association. It acts as a \u2018comparator"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 304,
"x": 613,
"y": 629
},
"id": "cefa1d23-2f74-4d59-9461-cbfe7c99ba63",
"page_number": 3,
"text": "benchmark\u2019 against which the fund\u2019s performance can"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 311,
"x": 613,
"y": 639
},
"id": "8b716c49-d655-4e83-8e35-ce9b1a89e1c2",
"page_number": 3,
"text": "be compared. Management of the fund is not restricted"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 106,
"x": 613,
"y": 650
},
"id": "ea8f57bd-d77c-4af6-9bab-aadbce4fecb3",
"page_number": 3,
"text": "by this benchmark."
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 496,
"y": 979
},
"id": "ceab31c2-b09a-428c-b030-c4536b877cd5",
"page_number": 4,
"text": "4"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 289,
"x": 74,
"y": 67
},
"id": "848835ac-88e4-4d1f-b3f2-a238279754e3",
"page_number": 4,
"text": "Risk and reward profile"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 105,
"x": 100,
"y": 102
},
"id": "50ccc6b0-069d-4b35-94f9-85dacf22bb91",
"page_number": 4,
"text": "Potentially lower rewards"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 43,
"x": 100,
"y": 117
},
"id": "00b9da99-e1cd-49cc-bd33-99352e1d9086",
"page_number": 4,
"text": "Lower risk"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 44,
"x": 325,
"y": 102
},
"id": "0d7aee38-40c6-4761-b1e7-7e4b37ff2ef1",
"page_number": 4,
"text": "Potentially"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 62,
"x": 372,
"y": 102
},
"id": "7e635573-7ddb-4abd-8ec9-d7bd66eb900b",
"page_number": 4,
"text": "higher rewards"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 45,
"x": 390,
"y": 117
},
"id": "58ff77b1-e30c-46f6-9812-a950139f42b7",
"page_number": 4,
"text": "Higher risk"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 5,
"x": 73,
"y": 155
},
"id": "963c1f76-8f9a-47c1-901a-6431e6180337",
"page_number": 4,
"text": "\u25fc"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 390,
"x": 90,
"y": 152
},
"id": "3b11cf6a-13a3-48df-9096-2e76b34fb005",
"page_number": 4,
"text": "The fund is in the category shown due to historic volatility"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 383,
"x": 91,
"y": 167
},
"id": "87202592-d42d-4ba1-bbc7-dc0929bd8aee",
"page_number": 4,
"text": "(how much and how quickly the value of units in the fund"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 375,
"x": 91,
"y": 181
},
"id": "977597df-5007-4763-83c3-1045aef48611",
"page_number": 4,
"text": "may have risen and fallen in the past due to movements"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 384,
"x": 91,
"y": 195
},
"id": "318139dc-7e9f-4b26-84b1-e9138f2ad631",
"page_number": 4,
"text": "in markets, currencies and interest rates). It may not be a"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 362,
"x": 91,
"y": 209
},
"id": "198713a7-4d5f-4905-9dc9-eae14ae36474",
"page_number": 4,
"text": "reliable indication of the future risk profile of the fund."
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 5,
"x": 73,
"y": 230
},
"id": "a3143918-5270-4b69-a738-bc46767a6727",
"page_number": 4,
"text": "\u25fc"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 385,
"x": 90,
"y": 227
},
"id": "ee1c9248-ce3e-4d97-9660-0dc0cf8ab59d",
"page_number": 4,
"text": "The risk category has been calculated using historic data"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 391,
"x": 91,
"y": 241
},
"id": "86976323-36dd-427b-801f-2928e1167bfa",
"page_number": 4,
"text": "and may not be a reliable indicator of the fund\u2019s future risk"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 45,
"x": 91,
"y": 255
},
"id": "88023b35-61c6-47e2-a2cb-c50fc0a931f8",
"page_number": 4,
"text": "profile."
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 5,
"x": 73,
"y": 276
},
"id": "bd6874bf-9ead-4360-a5e3-7c8aa90cbd18",
"page_number": 4,
"text": "\u25fc"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 395,
"x": 91,
"y": 273
},
"id": "5dfe6279-7545-45b8-8cad-8540ac692a4e",
"page_number": 4,
"text": "A risk indicator of \u201c1\u201d does not mean that the investment is"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 66,
"x": 90,
"y": 287
},
"id": "83195661-6c9d-4b76-a586-eab65a09dc9c",
"page_number": 4,
"text": "\u201crisk free\u201d."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 339,
"x": 71,
"y": 309
},
"id": "c375eb59-e129-440d-bedf-27045d9e5b74",
"page_number": 4,
"text": "The risk indicator may not fully take into account"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 362,
"x": 71,
"y": 324
},
"id": "3bf24f67-59e5-4a21-a0cb-eee6faf0086e",
"page_number": 4,
"text": "the following risks and the following may affect fund"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 92,
"x": 72,
"y": 339
},
"id": "91f488d9-0476-444b-8214-bf34d52d097f",
"page_number": 4,
"text": "performance:"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 5,
"x": 73,
"y": 361
},
"id": "5c1c6079-6275-401c-a091-d70dc93df5a4",
"page_number": 4,
"text": "\u25fc"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 164,
"x": 90,
"y": 358
},
"id": "c4c20efe-0894-4fb7-8db3-68e7785ca07a",
"page_number": 4,
"text": "Smaller companies risk:"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 222,
"x": 260,
"y": 358
},
"id": "17658b3a-316f-4b2f-a6cd-3defb9570c49",
"page_number": 4,
"text": "Investing in small companies can"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 394,
"x": 91,
"y": 372
},
"id": "e3b90b0c-532c-47e1-a4c5-8dbc4e95470e",
"page_number": 4,
"text": "involve more risk than investing in larger, more established"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 372,
"x": 91,
"y": 386
},
"id": "09956d8d-33d6-4fa0-8a8c-1df42d8df63d",
"page_number": 4,
"text": "companies. Shares in smaller companies may not be as"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 366,
"x": 91,
"y": 401
},
"id": "c25ae70f-a9de-4208-aca5-3ad12cfb5d4f",
"page_number": 4,
"text": "easy to sell, which can cause difficulty in valuing those"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 47,
"x": 91,
"y": 415
},
"id": "fd5730a7-2b2f-4507-a63d-30186e1a44a8",
"page_number": 4,
"text": "shares."
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 5,
"x": 73,
"y": 435
},
"id": "c781862a-249d-4fa9-8709-b0e0f03fed68",
"page_number": 4,
"text": "\u25fc"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 147,
"x": 91,
"y": 432
},
"id": "dd29ac28-dc78-4918-939b-4ff601e85330",
"page_number": 4,
"text": "Market volatility risk:"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 199,
"x": 242,
"y": 433
},
"id": "2e2331ad-1015-413b-acd6-276bd2b01c2d",
"page_number": 4,
"text": "The value of the fund and any"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 372,
"x": 91,
"y": 447
},
"id": "f55343ee-5205-4e4f-a354-c6f52d308027",
"page_number": 4,
"text": "income from it can fall or rise because of movements in"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 394,
"x": 91,
"y": 461
},
"id": "a0fd46f2-24d9-4519-a6c1-6320f45dcfa4",
"page_number": 4,
"text": "stockmarkets, currencies and interest rates, each of which"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 367,
"x": 91,
"y": 475
},
"id": "e82f34a0-bc6b-4363-8570-9c087ff0dfdb",
"page_number": 4,
"text": "can move irrationally and be affected unpredictably by"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 378,
"x": 91,
"y": 490
},
"id": "bf730072-49c0-44f9-b82a-c1f8ea52eb9e",
"page_number": 4,
"text": "diverse factors, including political and economic events."
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 5,
"x": 73,
"y": 510
},
"id": "d51b7218-da48-40ec-8396-72c551d661f4",
"page_number": 4,
"text": "\u25fc"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 96,
"x": 91,
"y": 507
},
"id": "05c3c64e-f46f-4b58-90d2-7601a15e175a",
"page_number": 4,
"text": "Currency risk:"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 229,
"x": 191,
"y": 507
},
"id": "9afff077-8666-4943-9837-1bdafc93bd6c",
"page_number": 4,
"text": "The fund\u2019s assets may be priced in"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 387,
"x": 91,
"y": 521
},
"id": "15dcba8d-27b8-47a6-a0a3-c70bb4ede927",
"page_number": 4,
"text": "currencies other than the fund base currency....