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Artemis Monthly
Distribution Fund
Half-Yearly Report (unaudited)
for the six months ended 30 June 2026
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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
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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 Monthly Distribution Fund was constituted by a Trust Deed dated 10 February 2012 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 on our website at www.artemisfunds.com/non-dealing-days. 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 generate monthly income, combined with some capital growth over a five year period.
Investment policy
What the fund invests in • 40% to 80% in bonds (of any credit quality). • 20% to 60% in company shares. • The fund may gain exposure to bonds and company shares either directly or indirectly using other funds (up to 10% in total) managed by Artemis and third parties. • The fund may also invest in near cash, other transferable securities, 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 • Globally
Industries the fund invests in • Any
Other limitations specific to this fund
• None
Investment strategy • The fund is actively managed. • Bond returns are principally driven in four ways: - Investing globally in government bonds, Investment Grade and High Yield bonds - Adjusting the portfolio duration - Allocation between different credit ratings and different economic sectors - Security selection including different levels of seniority • When investing in corporate bonds, the manager seeks to invest in profitable and resilient companies with a robust business model offering an attractive risk-reward profile. • When investing in company shares, the Manager selects companies which exhibit strong levels of free cashflow generation (cash that is left over after a company pays for its operating and capital expenditures which can be returned to investors through dividends and share buybacks) relative to other companies in the market, dividend distribution and dividend growth.
Benchmark • IA Mixed Investment 20-60% Shares 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.
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Risk and reward profile
Potentially lower reward s Lower risk
Potentially higher reward s Higher risk
◼ The fund is in the category shown due to historic volatility (how much and how quickly the value of shares 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:
◼ 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.
◼ Bond liquidity risk: The fund holds bonds which could prove difficult to sell. As a result, the fund may have to lower the selling price, sell other investments or forego more appealing investment opportunities. ◼ Income risk: The payment of income and its level is not guaranteed. ◼ Emerging markets risk: Compared to more established economies, investments in emerging markets may be subject to greater volatility due to differences in generally accepted accounting principles, less governed standards or from economic or political instability. Under certain market conditions assets may be difficult to sell.
◼ Credit risk : Investments in bonds are affected by interest rates, inflation and credit ratings. It is possible that bond issuers will not pay interest or return the capital. All of these events can reduce the value of bonds held by the fund. ◼ Higher-yielding bonds risk: The fund may invest in higher-yielding bonds, which may increase the risk to capital. Investing in these types of assets (which are also known as sub-investment grade bonds) can produce a higher yield but also brings an increased risk of default, which would affect the capital value of the fund. ◼ Charges from capital risk: Because one of the key objectives of the fund is to provide income, the fund charges are taken from capital. This may constrain capital growth or erode capital.
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 Monthly Distribution Fund. These TCFD reports, which were published in June 2026, can be found in the literature section of our website at www.artemisfunds.com
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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 Monthly Distribution Fund for the 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
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Investment Review
About the fund
The Artemis Monthly Distribution Fund gives investors access to the income-generating potential of a blend of bonds and shares.
Dividend-paying company shares – These are shares in companies worldwide that return a portion of their profits to their shareholders through regular cash payments (‘dividends’).
High-yield bonds – High-yield bonds are issued by companies that ratings agencies (such as S&P and Moody’s) deem to be at greater risk of defaulting on their debts. As their name suggests, they offer a higher ‘yield’ (rate of interest) to compensate for the higher level of risk.
Investment-grade corporate bonds – These are issued by companies with higher credit ratings. These are businesses that ratings agencies consider to be at relatively low risk of defaulting on their debts.
Government bonds – These are widely viewed as being among the safest bonds (governments in developed economies rarely default on their debts). The interest rate, or ‘yield’, available here is lower than it is on high-yield and investment-grade corporate bonds – but they can provide a useful counterweight to the fund’s holdings in more economically sensitive bonds and shares.
Overview
Global equity markets set a sequence of new all-time highs in the opening months of 2026. Many of the themes that had characterised the latter part of 2025 – such as shares in smaller companies outperforming those of large ‘mega-cap’ companies – intensified. But this came to an abrupt halt at the end of February when President Trump announced that "major combat operations" in Iran had begun.
The US-Israeli campaign and Iran's retaliatory strikes on energy infrastructure around the Gulf provoked a sharp rise in the oil price, fuelling concerns of an energy-driven inflation shock. Hopes that interest rates might be cut gave way to fear that they might need to rise. Government bond yields moved higher, pushing bond prices lower. Stock markets worldwide fell sharply. As investors took profits in many of the strongest performing areas of the previous six months, share prices across every area of the market fell, with energy companies being the notable exception. These losses, however, proved short-lived. As the spring progressed, positive data on the US economy, one of the strongest corporate earnings seasons in recent memory and a tentative ceasefire between the US and Iran eased inflation concerns and supported a strong recovery in share prices. By the end
of June, US and global stock market indices were setting new all-time highs.
The most notable characteristic of the last six months, however, was investors' continued enthusiasm for companies, such as producers of semiconductors, that benefit from the enormous sums being invested in building AI infrastructure. While the long-term returns on this investment remain uncertain, it continues to be a powerful driver of corporate earnings, economic activity and investor sentiment.
Performance
The fund returned 10.5% over the review period, significantly ahead of the average fund in its peer group, the Investment Association’s Mixed Investment 20-60% Shares sector, which returned 5.5% 1 . (This is a group of other asset managers’ funds that invest in a similar mix of assets and which acts as a ‘comparator benchmark’ against which the fund’s performance can be compared. Management of the fund is not restricted by this benchmark.)
The fund’s strong return was largely driven by its allocation to equities. In the early part of the year, its holdings in the shares of companies that are beneficiaries of the AI infrastructure boom and in companies mining gold and industrial metals generated particularly good returns. And although these holdings saw a sharp reversal in March as investors reduced their exposure to popular areas of the market ('momentum' trades), this proved to be temporary.
As stock markets recovered, the fund's Korean holdings, such as Samsung Electronics , SK Inc . and Samsung Life Insurance , were among its best performers. Cisco , which provides much of the infrastructure used to connect AI data centres, and Prysmian , which manufactures high-voltage and fibre-optic cables, also contributed positively. Lastly, the fund’s holdings in European banks including Raiffeisen and Banca MPS performed well.
Set against that, the biggest negative, particularly in the second half of the reporting period, was its relatively low exposure to technology. Although shares in technology companies represented around 7-8% of the fund, many of its peers have significantly more invested in that area of the market. At the same time, the fund's holdings in the energy sector weakened towards the end of the period as geopolitical tensions eased and oil prices fell.
Past performance is not a guide to the future. 1 Source: Artemis/Lipper Limited, class I distribution, 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. This class may have charges or a hedging approach different from those in the IA sector benchmark.
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Within the fund's bond component, our decision to gradually increase its sensitivity to changes in interest rates (its 'duration') over the preceding six months was beneficial to returns in the early part of the year. However, that positive became a negative following the escalation of the conflict in the Middle East, when higher energy prices raised inflation concerns and pushed government bond prices lower. At the same time, high-yield and investment-grade corporate bonds briefly came under pressure, although these moves subsequently moderated as markets stabilised.
Activity
Although the overall shape of the portfolio has not changed materially, we have continued to rebalance it by taking profits in holdings that had performed particularly well and redeploying capital into more attractively valued opportunities.
In broad terms, we have slightly reduced the fund's holdings in dividend-paying company shares (equities) and added to its holdings in bonds (fixed income). At the end of June, equities represented approximately 55% of the portfolio while its fixed-income holdings accounted for the remaining 45%.
In equities, we pared back our holdings in several of the fund's strongest performers, including beneficiaries of the AI investment boom, European banks and selected defence-related stocks and gold miners. We used the proceeds to add to the fund's holdings in companies whose shares should be less sensitive to any sudden changes in investor sentiment or any weakening in economic data, such as pharmaceuticals, telecoms and food producers.
The positioning of the fund’s bond portfolio remains largely unchanged. Shorter-dated, higher-quality high-yield bonds continue to be core holdings for the fund, accounting for around 70% of its allocation to fixed income. We continue to believe this area of the bond market offers attractive income while being less sensitive to changes in interest rates than government bonds.
Our focus is on the under-researched, less efficient areas of the bond market. Reflecting the significant improvements in credit quality seen in the high-yield market over the past two decades, the premiums that high-yield issuers must pay to borrow (‘spreads’) remain relatively low. Importantly, however, it is yields rather than spreads which have historically been a better predictor of future returns from shorter-dated high-yield bonds – and yields are currently healthy.
Outside high yield, we modestly increased our allocation to US government bonds following the sell-off in March as their valuations became more attractive. Despite these additions, the portfolio remains considerably less sensitive to changes in interest rates (shorter duration) than many of its peers.
Outlook
The outlook is unusually unclear. On the one hand, growth in corporate earnings remains strong across multiple sectors and regions. The extraordinary surge of investment in building AI infrastructure continues to support economic activity and create attractive opportunities for the businesses supplying
it. At the same time, however, markets must contend with significant geopolitical uncertainty, volatile energy prices and changing inflation dynamics. Long-term borrowing costs have risen meaningfully, particularly in Japan. Markets are also adjusting to changing expectations around interest rates in the US.
Meanwhile, after a prolonged bull market, retail investors – who tend to hop rapidly between popular stocks and investment themes – have become increasingly influential, particularly in the US and Korea. That, along with the growing adoption of investment products that amplify gains and losses (‘leveraged ETFs’), is contributing to greater volatility in many of the market's most crowded trades.
In this volatile and unpredictable environment, we believe focusing on delivering income by investing in attractively valued bonds and shares remains the sensible approach. Our fund has little in common with many funds in its peer group. But it is not different simply for the sake of being different. At a time when returns from global stock markets – and from many investors’ portfolios – have come to be dominated by a handful of stocks and investment themes, we believe looking beyond the most crowded areas of the market is the best way to identify opportunities for income generation and long-term total returns.
Jacob de Tusch-Lec, James Davidson, David Ennett and Jack Holmes Fund managers
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Investment information
Ten largest purchases and sales for the six months ended 30 June 2026
Purchases
Cost £’000 Sales
Proceeds £’000 US Treasury Inflation Indexed, 1.25% 15/04/2031 77 ,5 3 5 Bundesschatzanweisungen 1.70% 10/06/2027 7 3 ,95 4 US Treasury Inflation Indexed, 1.88% 15/01/2036 77 ,225 US Treasury Inflation Indexed, 4.12% 15/02/2036 68,286 US Treasury Inflation Indexed, 4.62% 15/02/2046 69, 4 68 US Treasury Inflation Indexed, 4.62% 15/02/2046 68,082 US Treasury Inflation Indexed, 4.12% 15/02/2036 69, 44 6 Siemens Energy 33 ,52 7 Dow Inc 3 5,285 Dow Inc 33 , 4 1 3 Accenture 25,9 1 8 United Kingdom Gilt 1.50% 22/07/2026 29, 7 5 7 Standard Chartered 2 1 ,2 7 2 Deutsche Bank 2 7 , 1 7 2 Chevron 1 9,929 Samsung Electronics 2 7 ,05 4 Cisco Systems 1 8,965 Ping An Insurance Group Co of China 2 1 ,6 1 8 Sanofi 1 8,60 1 Standard Chartered 2 1 ,565
Portfolio statement as at 30 June 2026
Holding/ nominal value
Valuation £ '000
% of net assets Equities 55.06 % ( 53.03% ) Australia 0.72% ( 0.00% ) Glencore 2,677,625 14,076 0. 7 2 14,076 0.72 Austria 0.97 % ( 0.63% ) Raiffeisen Bank International 289,134 13,823 0. 7 1 voestalpine 145,900 5,132 0.26 18,955 0.97 Brazil 0.71% ( 0.00% ) Banco do Brasil 1,523,900 4,515 0.23 Embraer, ADR 196,209 9,247 0. 4 8 13,762 0.7 1 Canada 1.64% ( 3.20% ) Agnico Eagle Mines 103,931 12,106 0.62 Bank of Nova Scotia 127,563 8,342 0. 4 3 Kinross Gold 631,513 11,406 0.59 31,854 1 .64 China 2.74 % ( 3.28% ) China Hongqiao Group 5,078,000 9,839 0.5 1 China International Capital 1,548,000 3,139 0. 1 6 CITIC Securities 2,382,517 6,275 0.32 Contemporary Amperex Technology 191,000 12,939 0.6 7 Dongfang Electric 2,735,800 5,630 0.29 Harbin Electric 3,618,556 5,361 0.28 People's Insurance Co of China 'H' 21,806,000 9,890 0.5 1 53,073 2.74 Colombia 0.71% ( 0.00% ) Davivienda Group 2,049,258 13,729 0. 7 1 13,729 0.7 1 Cyprus 0.22% ( 0.00% ) Bank of Cyprus Holdings 505,781 4,248 0.22 4,248 0.22 Denmark 0.41% ( 0.00% ) Carlsberg 79,908 7,997 0. 4 1 7,997 0.4 1
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Holding/ nominal value
Valuation £‘000
% of net assets Equities 55.06% (53.03%) (continued) Finland 0.43% ( 0.00% ) Outokumpu 1,926,070 8,383 0. 4 3 8,383 0.43 France 1.47% ( 2.48% ) Nexans 52,892 6,629 0.3 4 Orange 1,237,025 17,836 0.92 Societe Generale 60,681 4,052 0.2 1 28,517 1 .47 Germany 0.93% ( 3.76% ) Deutsche Bank 215,942 5,474 0.28 Siemens Energy 41,903 5,987 0.3 1 Tkms AG & Co 101,965 6,649 0.3 4 18,110 0.93 Greece 0.28% ( 0.83% ) National Bank of Greece 411,358 5,439 0.28 5,439 0.28 Hong Kong 0.52 % ( 0.53% ) Sun Hung Kai Properties 629,500 6,835 0.35 WH Group 4,229,000 3,380 0. 1 7 10,215 0.52 Israel 0.55% ( 1.40% ) Bank Leumi Le-Israel 248,608 4,191 0.22 Israel Discount Bank 866,642 6,486 0.33 10,677 0.55 Italy 3.35% ( 3.20% ) Banca Monte dei Paschi di Siena 2,497,176 23,366 1 .20 Banco BPM 999,592 12,946 0.6 7 Prysmian 167,949 21,253 1 .09 RAI Way 1,735,607 7,603 0.39 65,168 3.35 Japan 1.99 % ( 2.55% ) Japan Post Holdings 939,700 9,487 0. 4 9 Japan Tobacco 165,800 4,636 0.2 4 Mebuki Financial 896,600 5,903 0.30 ORIX 536,500 15,337 0. 7 9 Yokohama Financial 398,600 3,213 0. 1 7 38,576 1 .99 Kazakhstan 1.21% ( 1.06% ) NAC Kazatomprom, GDR 444,778 23,423 1 .2 1 23,423 1 .2 1 Luxembourg 0.50% ( 0.00% ) APERAM 264,433 9,640 0.50 9,640 0.50 Mexico 0.94 % ( 1.45% ) Grupo Mexico 1,508,222 13,166 0.68 Ternium, ADR 151,705 4,989 0.26 18,155 0.94 Netherlands 0.00% ( 0.84% ) Norway 3.15 % ( 1.77% ) BlueNord 386,258 14,736 0. 7 6 Elopak 108,421 293 0.02
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Holding/ nominal value
Valuation £‘000
% of net assets Equities 55.06% (53.03%) (continued) Norway 3.15% (1.77%) (continued) TGS 1,527,127 15,307 0. 7 9 Var Energi 9,871,112 30,777 1 .58 61,113 3. 1 5 Panama 0.33% ( 0.00% ) Bladex 138,059 6,438 0.33 6,438 0.33 Poland 0.36% ( 0.03% ) Erste Bank Polska 54,458 7,076 0.36 7,076 0.36 South Korea 8.15% ( 5.22% ) Hana Financial Group 24,841 1,389 0.0 7 Hanwha Aerospace 36,871 17,907 0.92 KB Financial Group 183,723 14,254 0. 7 3 Samsung C&T 87,671 20,038 1 .03 Samsung Electronics Preference 220,939 22,863 1 . 1 8 Samsung Electronics 133,425 21,713 1 . 1 2 Samsung Fire & Marine Insurance 53,267 16,046 0.83 Samsung Life Insurance 122,434 23,977 1 .23 SK 49,702 20,237 1 .0 4 158,424 8. 1 5 Spain 1.51% ( 1.30% ) Banco de Sabadell 7,701,660 20,580 1 .06 Sacyr 2,164,573 8,742 0. 4 5 29,322 1 .5 1 Taiwan 1.13% ( 0.87% ) Hon Hai Precision Industry 3,671,000 21,914 1 . 1 3 21,914 1 . 1 3 United Arab Emirates 0.16% ( 1.27% ) Abu Dhabi Commercial Bank 1,039,166 3,093 0. 1 6 3,093 0. 1 6 United Kingdom 2.68% (4 (4.17% ) BAE Systems 445,121 8,189 0. 4 2 Endeavour Mining 208,725 7,894 0. 4 1 Lion Finance Group 121,461 13,816 0. 7 1 Standard Chartered 1,074,291 22,125 1 . 1 4 52,024 2.68 United States of America 17.30 % ( 13.19% ) AbbVie 37,343 7,134 0.3 7 Accenture 197,426 18,605 0.96 Baker Hughes 180,581 7,680 0. 4 0 BankUnited 321,052 11,787 0.6 1 Bristol-Myers Squibb 418,383 18,483 0.95 Capital One Financial 15,896 2,438 0. 1 3 Cisco Systems 409,446 36,459 1 .8 7 Cognizant Technology Solutions 95,929 2,815 0. 1 4 Corning 51,305 10,045 0.52 Devon Energy 116,161 3,679 0. 1 9 Diversified Energy 1,377,035 14,004 0. 7 2 Diversified Energy 1,440,350 14,688 0. 7 6 First Horizon 199,641 3,860 0.20 Franklin Resources 615,095 15,466 0.80
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Holding/ nominal value
Valuation £‘000
% of net assets Equities 55.06% (53.03%) (continued) United States of America 17.30% (13.19%) (continued) Freeport-McMoRan 224,982 10,513 0.5 4 Hewlett Packard Enterprise 220,536 7,416 0.38 KeyCorp 1,169,007 20,519 1 .06 Lam Research 74,832 23,255 1 .20 Pfizer 1,018,610 18,801 0.9 7 Plains GP 1,054,734 19,202 0.99 Sanofi 143,988 9,404 0. 4 8 SLB 325,237 11,392 0.59 Synchrony Financial 33,404 1,986 0. 1 0 Tenaris 1,067,009 22,685 1 . 1 7 Truist Financial 279,984 10,735 0.55 Valley National Bancorp 523,564 5,813 0.30 Wintrust Financial 55,619 6,756 0.35 335,620 1 7.30 Equities total 1,069,021 55.06 Collective Investment Schemes 2.70 % ( 3.43% ) Luxembourg 2.7 0 % ( 3.43% ) Artemis Funds (Lux) - Global High Yield Bond Fund class I distribution USD † 3,600,000 2,802 0. 1 4 Artemis Funds (Lux) - Short-Dated Global High Yield Bond Fund class I distribution USD † 60,000,000 50,024 2.56 52,826 2.70 Collective Investment Schemes total 52,826 2.70 Government Bonds 10.66 % ( 10.58% ) Australia 0.44% ( 0.25% ) Australia Government Bond 1.75% 21/06/2051 AUD32,000,000 8,562 0. 44 8,562 0.44 Germany 1.96 % ( 7.34% ) Bundesobligation 2.20% 10/10/2030 €20,000,000 16,982 0.8 7 Bundesrepublik Deutschland Bundesanleihe 2.60% 15/08/2034 €25,000,000 21,283 1 .09 38,265 1 .96 New Zealand 0.00% ( 0.37% ) United Kingdom 0.26% ( 2.32% ) United Kingdom Gilt 4.50% 07/06/2028 £5,000,000 5,035 0.26 5,035 0.26 United States of America 8.00 % ( 0.30% ) United States Treasury Inflation Indexed Bonds 1.25% 15/04/2031 $104,000,000 77,951 4 .00 United States Treasury Inflation Indexed Bonds 1.875% 15/01/2036 $103,000,000 77,929 4 .00 155,880 8.00 Government Bonds total 207,742 1 0.66 Corporate Bonds 31.43 % ( 30.60% ) Australia 0.69% ( 0.74% ) Mineral Resources 6.00% 01/05/2032 $10,000,000 7,492 0.39 Mineral Resources 7.00% 01/04/2031 $1,500,000 1,174 0.06 Nufarm Australia 5.00% 27/01/2030 $6,500,000 4,680 0.2 4 13,346 0.69 Austria 0.37% ( 0.16% ) ams-OSRAM AG 7.25% 31/05/2032 €5,400,000 4,804 0.25 AT&S Austria Technologie & Systemtechnik, FRN 5.00% Perpetual €2,800,000 2,421 0. 1 2 7,225 0.37
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Holding/ nominal value
Valuation £‘000
% of net assets Corporate Bonds 31.43% (30.60%) (continued) Belgium 0.32% ( 0.07% ) Ontex Group 5.25% 15/04/2030 €8,000,000 6,262 0.32 6,262 0.32 Canada 0.71% ( 0.00% ) 1011778 BC 4.38% 15/01/2028 $18,300,000 13,707 0. 7 1 13,707 0.7 1 Czech Republic 0.50% ( 0.65% ) CPI Property Group 1.50% 27/01/2031 €3,000,000 2,138 0. 11 CPI Property Group 1.75% 14/01/2030 €3,000,000 2,272 Czechoslovak Group 6.50% 10/01/2031 $7,000,000 5,387 0.28 9,797 0.50 Denmark 0.00% ( 0.09% ) Finland 0.00% ( 0.06% ) France 1.22% ( 1.23% ) Betclic Everest Group 5.13% 10/12/2031 €2,800,000 2,451 0. 1 3 Engie 6.13% Perpetual £6,400,000 6,463 0.33 SNF Group 5.63% 31/03/2031 $5,000,000 3,834 0.20 Tereos Finance Groupe I 5.75% 30/04/2031 €6,000,000 4,861 0.25 Ubisoft Entertainment 0.88% 24/11/2027 €3,400,000 2,592 0. 1 3 Ubisoft Entertainment 2.88% 05/12/2031 €5,800,000 3,413 0. 1 8 23,614 1 .22 Germany 1.15% ( 0.94% ) Birkenstock 4.50% 15/06/2033 €7,900,000 6,874 0.35 Cheplapharm Arzneimittel 6.75% 15/02/2032 €7,500,000 6,511 Gruenenthal 4.63% 15/11/2031 €4,100,000 3,556 0. 1 8 IHO Verwaltungs 5.63% 15/05/2031 €6,100,000 5,470 0.28 22,411 1 . 1 5 Greece 0.26% ( 0.34% ) Public Power 4.25% 31/10/2030 €5,900,000 5,113 0.26 5,113 0.26 Hong Kong 0.2 6 % ( 0.32% ) Seaspan 5.50% 01/08/2029 $7,000,000 5,137 0.26 5,137 0.26 Ireland 0.59 % ( 0.46% ) Flutter Treasury 6.13% 04/06/2031 £5,600,000 5,595 0.29 Freshwater Finance 4.61% 17/10/2036 £6,500,000 5,752 0.30 11,347 0.59 Israel 0.36% ( 0.34% ) Energean 5.63% 12/05/2031 €8,000,000 6,908 0.36 6,908 0.36 Italy 0.13% ( 0.00% ) Lottomatica Spa 4.63% 30/04/2032 €3,000,000 2,606 0. 1 3 2,606 0. 1 3 Luxembourg 0.94% ( 1.18% ) Albion Financing 1 5.38% 21/05/2030 €700,000 624 0.03 Albion Financing 1 7.00% 21/05/2030 $6,000,000 4,696 0.2 4 Maxam Prill Sarl 6.00% 15/07/2030 €8,000,000 7,043 0.36 PRA Europe II Sarl 6.25% 30/09/2032 €7,000,000 5,954 0.3 1 18,317 0.94
0. 11
0.3 4
Page 13
13
Holding/ nominal value
Valuation £‘000
% of net assets Corporate Bonds 31.43% (30.60%) (continued) Netherlands 0.21% ( 0.00% ) Nouryon Finance 6.13% 15/07/2031 €4,650,000 4,069 0.2 1 4,069 0.2 1 Norway 0.74% ( 1.25% ) BlueNord 12.00% 10/07/2085 $7,500,000 6,234 0.32 DNO 10.75% 17/06/2085 $10,000,000 8,140 0. 4 2 14,374 0.74 Poland 0.26% ( 0.30% ) InPost 4.00% 01/04/2031 €6,000,000 5,126 0.26 5,126 0.26 Sweden 0.91 % ( 0.57% ) Asmodee Group 4.25% 15/12/2031 €5,000,000 4,345 0.22 Heimstaden 7.36% 24/01/2031 €6,000,000 5,270 0.2 7 Heimstaden 8.38% 29/01/2030 €3,500,000 3,165 0. 1 6 Verisure 4.13% 02/01/2032 €5,800,000 5,037 0.26 17,817 0.9 1 United Kingdom 7.38 % ( 8.50% ) 180 Medical 3.88% 15/10/2029 $2,800,000 2,036 0. 1 0 AA Bond 3.25% 31/07/2050 £800,000 768 0.0 4 AA Bond 6.85% 31/07/2050 £4,319,000 4,542 0.23 Allwyn Entertainment Financing UK 4.13% 15/02/2031 €3,000,000 2,547 0. 1 3 Allwyn Entertainment Financing UK 4.63% 15/08/2031 €4,800,000 4,129 0.2 1 Barclays Bank, ADR 6.28% Perpetual $9,000,000 7,047 0.36 BCP V Modular Services Finance II 6.13% 30/11/2028 £3,000,000 2,834 0. 1 5 BCP V Modular Services Finance II 6.50% 10/07/2031 €4,900,000 3,675 0. 1 9 Belron UK Finance 5.75% 15/10/2029 $16,000,000 12,154 0.63 BP Capital Markets, FRN 4.25% Perpetual £3,000,000 2,982 0. 1 5 Centrica, FRN 6.50% 21/05/2055 £5,600,000 5,731 0.29 Deuce Finco 7.00% 20/11/2031 £5,100,000 5,218 0.2 7 IG Group 6.13% 22/10/2030 £5,500,000 5,615 0.29 INEOS Quattro Finance 2 6.75% 15/04/2030 €3,500,000 2,545 0. 1 3 Jerrold Finco 7.50% 15/06/2031 £5,500,000 5,589 0.29 Jerrold Finco 8.50% 15/07/2032 £2,600,000 2,619 0. 1 3 Kier Group 9.00% 15/02/2029 £3,900,000 4,078 0.2 1 Lloyds Banking Group, FRN 8.50% Perpetual £3,000,000 3,107 0. 1 6 Longstone Finance 4.90% 19/04/2036 £2,100,000 2,079 0. 11 Maison Finco 7.25% 30/04/2032 £5,400,000 5,213 0.2 7 Meadowhall Finance 4.99% 12/07/2037 £2,162,539 2,140 0. 11 Miller Homes Finco 7.00% 15/05/2029 £3,500,000 3,495 0. 1 8 Mitchells & Butlers Finance 6.47% 15/09/2032 £5,694,000 5,748 0.30 Mobico Group 4.88% 26/09/2031 €6,000,000 4,131 0.2 1 National Grid Electricity Distribution 3.50% 16/10/2026 £3,400,000 3,392 0. 1 7 Neo Next+ Energy Consolidated 6.63% 11/06/2031 $7,400,000 5,512 0.28 Paratus Energy Services 8.13% 22/05/2031 $10,000,000 7,500 0.39 Premier Foods Finance 3.50% 15/10/2026 £6,100,000 6,087 0.3 1 Quadgas Finance 3.38% 17/09/2029 £2,700,000 2,543 0. 1 3 RAC Bond 5.75% 06/05/2046 £4,000,000 4,055 0.2 1 Telereal Securitisation 5.63% 10/12/2031 £3,945,000 3,984 0.20 TP ICAP Finance 6.38% 12/06/2032 £3,000,000 3,085 0. 1 6 Unique Pub Finance 6.46% 30/03/2032 £2,245,263 2,347 0. 1 2 Weir Group 6.88% 14/06/2028 £427,000 439 0.02 Westfield Stratford City Finance NO 3 5.12% 05/05/2036 £4,800,000 4,848 0.25 143,814 7.38
Page 14
14
Holding/ nominal value
Valuation £‘000
% of net assets Corporate Bonds 31.43% (30.60%) (continued) United States of America 14.43% ( 13.40% ) Accendra Health 9.75% 15/06/2033 $4,882,060 2,637 0. 1 4 Alta Equipment Group 9.00% 01/06/2029 $3,000,000 2,211 0. 11 Arches Buyer 4.25% 01/06/2028 $10,000,000 7,408 0.38 Ardagh Metal Packaging Finance 2.00% 01/09/2028 €8,000,000 6,718 0.35 Avis Budget Finance 7.00% 28/02/2029 €5,000,000 4,407 0.23 Avis Budget Finance 7.25% 31/07/2030 €1,000,000 881 0.05 Beach Acquisition Bidco 5.25% 15/07/2032 €6,300,000 5,534 0.28 Beach Acquisition Bidco 10.00% 15/07/2033 $2,108,097 1,806 0.09 Bond US Bidco 1 6.50% 15/06/2033 €8,500,000 7,384 0.38 Carnival 5.75% 15/03/2030 $4,200,000 3,215 0. 1 7 Carnival 6.13% 15/02/2033 $7,400,000 5,675 0.29 Clarivate Science 4.88% 01/07/2029 $4,500,000 3,042 0. 1 6 Cloud Software 6.50% 31/03/2029 $11,000,000 8,033 0. 4 1 Columbus McKinnon 7.13% 01/02/2033 $7,400,000 5,605 0.29 Dream Finders Homes 6.88% 15/09/2030 $10,000,000 7,491 0.39 Dresdner Funding Trust I 8.15% 30/06/2031 $3,000,000 2,438 0. 1 3 Encore Capital Group 4.25% 01/06/2028 £7,000,000 6,830 0.35 Energizer 4.38% 31/03/2029 $12,000,000 8,780 0. 4 5 Five Point Operating Co 8.00% 01/10/2030 $8,400,000 6,503 0.33 GFL Environmental 4.00% 01/08/2028 $19,600,000 14,468 0. 7 4 Greystar Real Estate Partners 7.75% 01/09/2030 $1,700,000 1,341 0.0 7 Herc Holdings 6.63% 15/06/2029 $4,000,000 3,087 0. 1 6 JH North America 5.88% 31/01/2031 $7,000,000 5,310 0.2 7 Levi Strauss 3.50% 01/03/2031 $5,000,000 3,501 0. 1 8 Lindblad Expeditions 7.00% 15/09/2030 $6,400,000 4,998 0.26 Live Nation Entertainment 4.75% 15/10/2027 $20,700,000 15,595 0.80 LSF12 Pillar Investments US 5.75% 15/05/2033 €700,000 601 0.03 LSF12 Pillar Investments US 5.75% 15/05/2033 €6,300,000 5,405 0.28 Meritage Homes 5.13% 06/06/2027 $2,500,000 1,892 0. 1 0 Miter Brands Acquisition Holdco 6.75% 01/04/2032 $10,100,000 7,555 0.39 OAK-Eagle Acquireco 6.25% 01/07/2033 €8,200,000 7,407 0.38 Oceaneering International 6.88% 15/07/2034 $15,200,000 11,622 0.60 Petco Health & Wellness 8.25% 01/02/2031 $4,800,000 3,652 0. 1 9 Prime Security Services Borrower 3.38% 31/08/2027 $15,000,000 11,111 0.5 7 Quikrete 6.38% 01/03/2032 $4,000,000 3,084 0. 1 6 Roller Bearing Co of America 4.38% 15/10/2029 $5,000,000 3,686 0. 1 9 RR Donnelley & Sons 10.88% 01/08/2029 $8,300,000 6,448 0.33 Samsonite Finco Sarl 4.38% 15/02/2033 €4,400,000 3,735 0. 1 9 Silgan 4.25% 15/02/2031 €7,000,000 6,005 0.3 1 Sotheby's 8.25% 15/04/2031 $10,000,000 7,473 0.38 Travel + Leisure 6.00% 01/04/2027 $15,000,000 11,359 0.58 Tri Pointe Homes 5.25% 01/06/2027 $10,000,000 7,563 0.39 Under Armour 7.25% 15/07/2030 $12,300,000 9,377 0. 4 8 Victoria's Secret 4.63% 15/07/2029 $7,000,000 5,153 0.2 7 Voyager Parent 9.25% 01/07/2032 $4,542,000 3,612 0. 1 9 Williams Scotsman 4.63% 15/08/2028 $4,000,000 2,996 0. 1 5 Wyndham Hotels & Resorts 4.38% 15/08/2028 $14,000,000 10,417 0.5 4 ZipRecruiter 5.00% 15/01/2030 $9,000,000 5,344 0.2 7 280,395 1 4.43 Corporate Bonds total 611,385 3 1 .43 Forward Currency Contracts (0.25 ) % ( 0.20% ) Buy Euro 5,800,000, sell Sterling 4,997,703 dated 03/07/2026 (1 ) Buy Sterling 8,631,001, sell Australian Dollar 16,270,646 dated 08/07/2026 162 0.0 1
Page 15
15
Holding/ nominal value
Valuation £‘000
% of net assets Forward Currency Contracts (0.25)% (0.20%) (continued) Buy Sterling 207,593,380, sell Euro 239,788,170 dated 08/07/2026 977 0.05 Buy Sterling 519,535,124, sell US Dollar 697,527,470 dated 08/07/2026 (7,480 ) (0.38 ) Buy US Dollar 134,372,103, sell Euro 116,000,000 dated 10/09/2026 1,299 0.0 7 Buy US Dollar 15,274,938, sell Sterling 11,581,305 dated 06/07/2026 (40 ) Forward Currency Contracts total (5,083 ) (0.25 ) Investment assets (including investment liabilities) 1,935,891 99.60 Net other assets 7,835 0.40 Net assets attributable to unitholders 1,943,726 100.00 The comparative percentage figures in brackets are as at 31 December 2025. ^ Unlisted, suspended or delisted security. † Related party.
Page 16
16
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 gains 143,075 71,616 Revenue 41,834 27,151 Expenses (7,480) (4,157) Interest payable and similar expenses (124) (90) Net revenue before taxation 34,230 22,904 Taxation (4,686) (2,950) Net revenue after taxation 29,544 19,954 Total return before distributions 172 , 619 91,570 Distributions (35,171 ) (23,674) Change in net assets attributable to unitholders from investment activities 137, 448 67,896
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 1,534,308 867,496 Issue of units 430,923 261,833 Cancellation of units (181,837) (89,585) 249,086 172,248 Dilution adjustment – 49 Change in net assets attributable to unitholders from investment activities 137, 448 67,896 Retained distribution on accumulation units 22,88 4 14,120 Closing net assets attributable to unitholders 1,943, 726 1,121,809
Balance sheet as at 30 June 2026
30 June 2026 £'000
31 December 2025 £'000 Assets Investments 1,943,412 1,501,216 Current assets Amounts receivable 33,218 19,771 Cash and cash equivalents 14, 350 26,991 Total assets 1,990 , 980 1,547,978 Liabilities Investments 7,521 13 Current liabilities Bank overdraft – 3,400 Distribution payable 6 ,1 ,130 6,454 Other amounts payable 33,603 3,803 Total liabilities 4 7, 254 13,670 Net assets attributable to unitholders 1,943, 726 1,534,308
Page 17
17
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 16 including all issues and cancellations where the manager acted as principal. The balance due from the manager as at 30 June 2026 in respect of these transactions was £7,482,000 (31 December 2025: £5,718,000).
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 1,069,021 – 813,71 8 Debt Securities 121 , 251 – 162,341 – – – Level 2 Debt Securities 697, 7,8 76 – 469 , 486 Collective Investment Schemes 52,826 – 52,587 Forward Currency Contracts 2,4 38 7, 7, 5 21 3,084 13 Total 1,943,4 12 7, 7, 5 21 1,501,21 6 13
4. Post balance sheet events There were no significant post balance sheet events subsequent to the period end.
Page 18
18
Fund sizes & net asset values
Date
Net asset value of fund (£)
Net asset value per unit (p)
Units in issue 31 December 2023 663, 11 5,477 C distribution 66.34 7 , 585 , 08 1 C accumulation 1 07.59 1 , 078 , 865 I distribution 7 1 . 1 9 4 1 3 , 6 1 2 , 1 64 I accumulation 11 4.69 307 , 1 67 , 880 R distribution 65.57 3 , 2 1 4 , 366 R accumulation 1 06.56 7 , 557 , 700 31 December 2024 867,496,388 C distribution 73. 1 0 7 , 4 1 7 , 94 1 C accumulation 1 24.02 1 , 1 03 , 558 I distribution 78.8 1 464 , 380 , 772 I accumulation 1 32.69 359 , 38 1 , 267 R distribution 72.04 3 , 390 , 1 80 R accumulation 1 22.54 1 2 , 596 , 230 31 December 2025 1 ,534,307,737 C distribution 85.94 7 , 607 , 1 34 C accumulation 1 52. 1 9 1 , 203 , 840 I distribution 93.07 597 , 283 , 769 I accumulation 1 63.4 1 554 , 705 , 666 R distribution 84.44 4 , 296 , 925 R accumulation 1 50.0 1 40 , 003 , 7 1 9 30 June 2026 1 ,943,725,564 C distribution 93.23 7 , 963 , 4 1 7 C accumulation 1 68.52 1 , 1 50 , 680 I distribution 1 0 1 . 1 8 664 , 275 , 642 I accumulation 1 8 1 .27 654 , 390 , 338 R distribution 9 1 .46 5 , 259 , 446 R accumulation 1 65.90 42 , 949 , 225
Ongoing charges
Class 30 June 2026 C distribution 1.270% C accumulation 1.270% I distribution 0.820% I accumulation 0.820% R distribution 1.570% R accumulation 1.570% 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.
Class I distribution performance
Since launch *
10 years
5 years
3 years
1 year
6 months Artemis Monthly Distribution Fund** 279.6 132.3 68.5 70.5 23.8 10.5 Artemis Monthly Distribution Fund*** 279.9 129.6 67.8 70.1 23.3 10.3 IA Mixed Investment 20-60% Shares Average 109.3 62.3 22.2 30.2 12.5 5.5 Position in sector 1/71 1/109 1/157 1/174 1/186 2/193 Quartile 1 1 1 1 1 1 Past performance is not a guide to the future.
* Source: Lipper Limited, data from 21 May 2012 to 30 June 2026, in sterling. All figures show total returns with dividends/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 be in a currency or 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 distribution is disclosed as it is the primary share class.
Page 19
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
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"text": "* Source: Artemis as at 31 July 2026"
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"text": "Artemis Monthly Distribution Fund was constituted by a Trust"
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"text": "the Collective Investment Schemes Sourcebook (\u2018COLL\u2019) of the"
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"text": "Allocation between different credit ratings and"
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"text": "to invest in profitable and resilient companies with a"
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"text": "which can be returned to investors through dividends"
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"text": "and share buybacks) relative to other companies in the"
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"text": "\u2022 IA Mixed Investment 20-60% Shares NR"
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"text": "A group of other asset managers\u2019 funds that invest"
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"text": "in similar asset types as this fund, collated by the"
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"text": "benchmark\u2019 against which the fund\u2019s performance can"
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"text": "be compared. Management of the fund is not restricted"
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"text": "Risk and reward profile"
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"text": "Potentially lower reward"
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"text": "The fund is in the category shown due to historic volatility"
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"text": "(how much and how quickly the value of shares in the fund"
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"text": "may have risen and fallen in the past due to movements"
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"text": "in markets, currencies and interest rates). It may not be a"
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"text": "reliable indication of the future risk profile of the fund."
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"text": "may not be a reliable indicator of the fund\u2019s future risk profile."
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"text": "A risk indicator of \u201c1\u201d does not mean that the investment is"
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"text": "The risk indicator may not fully take into account the following"
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"text": "risks and the following may affect fund performance:"
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"text": "The value of the fund and any income"
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"text": "from it can fall or rise because of movements in stockmarkets,"
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"text": "currencies and interest rates, each of which can move"
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...