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Artemis Income
(Exclusions) 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
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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 Income (Exclusions) Fund was constituted by a Trust Deed dated 23 December 2004 and is an authorised unit trust scheme, belonging to the non-UCITS retail category, 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.
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Objective and investment policy
Objective To grow both income and capital over at least a five year period. The fund also aims to provide investors with a total return in excess of the FTSE All-Share Index, after fees, on an annualised basis over rolling five-year periods.
Investment policy What the fund invests in • 80% to 100% in company shares. • 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 • At least 80% in United Kingdom • Up to 20% in other countries.
Industries the fund invests in • Any, except for those excluded at the sub-industry level below.
Other limitations specific to this fund*
Shares in the following types of companies (held either directly or indirectly via derivatives) are automatically excluded: • Tobacco: companies which derive more than 10% revenue from tobacco production**; • Gambling: companies which derive more than 10% revenue from gambling; • Weapons: companies: - involved in the production of controversial weapons (including cluster munitions, landmines, biological and chemical weapons); or - which derive more than 10% revenue from conventional or nuclear weapons, related components and systems; or - which derive more than 10% revenue from manufacture or sale of civilian firearms or ammunition; • Fossil fuels: companies which derive more than 10% revenue from: - mining or sale of thermal coal; or - thermal coal based power generation; or - extraction, production or refining of either oil or gas. • Adult entertainment: companies which produce adult entertainment materials***; • UNGC: Companies that the Manager determines to be in breach of the United Nations Global Compact principles on human rights, labour rights, the environment and anti corruption***.
Investment strategy • The fund is actively managed. • A number of companies are removed from the investment universe at the outset of the investment process using the criteria set out in the investment policy above. • The manager believes that a company’s free cashflow yield drives its valuation. • Accordingly, the fund focuses on companies’ free cashflow yield by taking into account current and prospective dividends and the likelihood of the dividend being maintained in the future.
Benchmark • FTSE All-Share Index TR A widely-used indicator of the performance of the UK stock market, in which the fund invests. It acts as a ‘target benchmark’ that the fund aims to outperform. Management of the fund is not restricted by this benchmark.
*on 27 April 2026, the fund policy has updated the screening from 20% to 10%. **on 27 April 2026, the fund's tobacco exclusions now apply only to companies involved in tobacco production. Therefore, companies involved solely in tobacco retailing or distribution are not excluded. ***new exclusions applied to the fund as of 27 April 2026.
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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 of 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 Income (Exclusions) Fund. These TCFD reports, which were published in June 2026, can be found in the literature section of our website at www.artemisfunds.com.
Sustainability Disclosure Requirements (“SDR”)
The fund does not have a UK sustainable investment label. Sustainable investment labels are intended to help investors find products that have a specific sustainability goal. The fund applies sustainability-related exclusions, as described in the investment policy on page 4, but does not otherwise meet the regulatory requirements for a UK sustainable investment label.
The application of these exclusions is the fund’s key sustainability characteristic. Further information about the fund’s sustainability approach and sustainability-related disclosures is available in the literature section of our website at artemisfunds.com.
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Manager and Alternative Investment Fund Manager (‘AIFM’) 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 Income (Exclusions) 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
Overview
Global equity markets made several all-time highs in the first two months of 2026, with the themes that characterised the latter part of 2025 accelerating. International equities continued to outperform the US and capital-intensive businesses fared better than capital-light ones.
The bull market came to a halt at the end of February with the outbreak of war in the Middle East. The US-Israeli campaign and retaliatory Iranian strikes on energy infrastructure resulted in a sharp rise in the oil price. This fuelled concerns about an energy-driven inflation shock and prompted markets to pare back expectations of interest rate cuts.
Despite continued geopolitical volatility through the second quarter, equity markets recovered strongly. Investors remained focused on AI, with technology hardware and other beneficiaries of the hyperscalers’ capital expenditure performing well, although towards the end of June there were signs that enthusiasm was beginning to moderate.
Throughout this period, we have remained focused on analysing companies' long-term cashflows rather than attempting to position the portfolio for any particular macroeconomic or political outcome. We aim to build a diversified portfolio of businesses that are well placed to improve their competitive positions through market cycles.
Performance
The fund returned 5.9%* in the first half of 2026, compared with 7.2% for the FTSE All-Share and 6.1% for the average fund in the IA UK Equity Income sector.
Performance over the six months reflected two very different quarters, the first of which proved challenging. The portfolio underperformed as investors favoured businesses perceived to benefit from AI-related capital expenditure, as well as commodities and energy producers. Given the fund's exclusions mandate, when sectors we cannot own perform strongly, this acts as a headwind to our relative performance.
The second quarter was considerably stronger. The fund outperformed both its benchmark and sector, returning 11.6%. Its lack of exposure to the oil majors, BP and Shell, was helpful and several of the fund’s holdings performed strongly. M&A activity picked up and Segro and easyJet both rallied after being approached.
Contributors
IG Group shares hit an all-time high in May after a positive trading update. Assets under administration passed £20 billion and management upgraded revenue growth guidance to between 10 and 15% for the full year. Improvements in culture and innovation introduced by IG's relatively new management team, which has been in situ since 2024, are having a positive impact on operational performance. Revenue growth is accelerating and active customers have increased for the fifth consecutive quarter.
Chief executive officer Breon Corcoran announced a strategic review in March "to make sure IG maximises shareholder value", which was well received by investors. Notwithstanding some recent profit taking thanks to a run of strong performance, we think the setup going forward looks attractive. A 10% free cashflow yield offers value, we believe, especially with a strong balance sheet and about 20% of the company’s market capitalisation in cash.
Segro shares performed strongly following an unsolicited bid from US logistics giant Prologis. The bid took the form of an all-paper offer at net asset value (NAV), to which the board raised a robust defence. At the time of writing, Segro’s board had decided to back a raised bid from Prologis, which values the real estate investment trust at £14 billion.
Informa recovered as sentiment improved regarding its exposure to the Middle East. We think the market underappreciates (and perhaps misunderstands) the economics of Informa's industry events. These are long-term, highly profitable assets with strong cash conversion. They also create huge amounts of valuable and unique first-party data. Having invested materially in its technology, Informa is beginning to monetise this data through digital lead generation and by improving customer service at its events. Informa has an 8% free cashflow yield and a 13x forward P/E. We think it offers significant value, considering it generates high returns on capital and is a global leader in an industry underpinned by structural growth.
Other strong performers during the first half included sports nutrition specialist Glanbia (a relatively new addition to the portfolio, as we describe below), financial services firm M&G , miner Anglo American and education provider Pearson .
Past performance is not a guide to the future. * Artemis/Lipper Limited, class 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.
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Detractors
Our lack of exposure to HSBC, Rolls-Royce and Compass Group was detrimental to our relative returns, but their absence from the portfolio reflects our belief that we have found better ideas for the fund's capital.
Amongst the stocks we hold, 3i Group detracted the most from our relative returns during the first half of 2026. 3i owns a majority stake in discount retailer Action, whose sales growth in France and Germany has slowed materially this year. Adverse weather has affected demand and we are also concerned about competition from Chinese e-commerce retailers in Europe.
Action is expanding into the US and plans to open its first store there next year. If its offering resonates with American consumers, this expansion could generate significant growth and create substantial long-term value for 3i's shareholders.
Software provider Sage Group fell sharply in late January and February at a time when several companies deemed at risk of becoming ‘AI losers’ sold off. Sage is deeply entrenched within its customers’ business activities and workflows, but on the other hand, it does not own its data – that belongs to its customers. Therefore we are taking a cautious stance.
Aviva was weak in January after US insurer Lemonade announced a 50% discount for self-driving car insurance in the US. We think the read-across to Aviva was overdone. Aviva has been simplifying its portfolio in recent years, focusing on more profitable, capital-light business lines. Its technological capabilities (which are well ahead of its competitors’, in our view) allow it to better serve and create value for its 21 million UK customers (40% of adults in the UK). We think Aviva looks well set to continue taking market share. As a result, a dividend yield of about 6% that should be able to compound at mid-single digits offers an attractive risk/reward.
Activity
We have continued building positions in Glanbia and Diageo and initiated a new holding in Reckitt . Reckitt’s market capitalisation fell by almost £15 billion from March to May, a drawdown of some 30%. After this, the shares offered a dividend yield close to 5% and traded at their lowest P/E of the past two decades. We have owned Reckitt in the past – selling the shares in 2017 – so we retain a working knowledge of the business and we could see no new fundamental reason for the share price to reflect an impaired outlook.
More than 40% of Reckitt’s net revenues come from emerging markets. Despite negative sentiment caused by conflict in the Middle East, we view Reckitt’s emerging market exposure as a positive for long-term shareholders. Given the amount of M&A in the consumer goods sector, we would not be surprised to see Reckitt attracting interest for its portfolio of brands, category mix and long-term growth potential.
Glanbia is the global market leader in sports nutrition through its Optimum Nutrition brand. The core product range consists of whey-based bulk powders with a high protein content. As consumers become more aware of the benefits of increasing their protein intake, the addressable market for Glanbia’s products is broadening. The Optimum Nutrition brand’s growth prospects are supplemented by the company's other operations, which are focused on dairy and dairy-based ingredients. This gives Glanbia a competitive advantage because it can produce most of the whey for its consumer brands in house. We believe Glanbia’s growth prospects are not factored into its valuation, with the shares trading on a 2026 FCF yield of 7%.
Diageo ’s underperformance in recent years has been well documented, with the stock’s multiple compressing from more than 30x in late 2021 to less than 13x today; this is as cheap as the shares have been since the Global Financial Crisis. Dave Lewis's appointment as chief executive was the catalyst for us to start analysing the business more closely (we know him well from his successful tenure at Tesco). We think Diageo could be run far more efficiently. We also feel that concerns about alcohol being in structural decline, with fewer young people drinking, could be overdone. With all of this in mind, a 7% free cashflow yield offers value.
Outlook
Recent bids for Segro and easyJet illustrate how undervalued parts of the UK equity market have become. There are several more companies in our portfolio that we believe could be vulnerable to an approach. This should underpin share prices as M&A approaches for UK companies look to be ticking up once again.
The strong dividend growth delivered by a range of our holdings – across several different sectors – reflects the underlying fundamental strength of our companies. We continue to believe the portfolio has a solid chance of delivering good cashflow growth and total returns for investors going forward.
Adrian Frost, Andy Marsh and Nick Shenton 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 Diageo 5,98 3 Next 1 0,9 7 5 Rosebank Industries 5,6 3 2 Sage Group 7 ,0 4 7 Standard Life 4 , 7 1 3 Smiths Group 6,505 Reckitt Benckiser Group 4 ,52 4 Anglo American 4 ,80 1 RELX 4 ,209 SSE 4 ,2 4 5 Glanbia 3 ,699 M&G 4 , 1 3 7 Standard Chartered 3 , 3 6 7 Lloyds Banking Group 3 , 777 Smith & Nephew 3 , 11 9 Pearson 3 , 3 1 2 3i Group 2,88 3 AstraZeneca 2,98 4 GSK 2, 7 62 Aviva 2,5 7 2
Portfolio statement as at 30 June 2026
Investment Holding
Valuation £ '000
% of net assets Equities 96.90% ( 98.67% ) Basic Materials 2.00% ( 2.37% ) Anglo American 254,483 9,567 2.00 9,567 2.00 Consumer Discretionary 20.04% ( 23.66% ) Berkeley Group 192,514 6,719 1 . 4 1 Burberry Group 592,195 6,354 1 .33 Card Factory 1,779,443 1,208 0.25 Dr Martens 6,206,930 4,385 0.92 Informa 2,231,893 20,297 4 .25 ITV 14,251,702 11,590 2. 4 3 Next 82,739 12,150 2.5 4 Pearson 1,484,553 17,763 3. 7 2 SSP Group 2,656,159 5,061 1 .06 Whitbread 418,974 10,173 2. 1 3 95,700 20.04 Consumer Staples 11.39% ( 8.40% ) C&C Group 3,419,817 3,242 0.68 Corbion 261,412 4,576 0.96 Diageo 388,584 6,022 1 .26 Ebro Foods 415,728 6,414 1 .3 4 Glanbia 234,353 4,871 1 .02 Origin Enterprises * 781,197 2,810 0.59 Reckitt Benckiser Group 95,894 4,744 0.99 Tesco 4,679,578 21,741 4 .55 54,420 11 .39 Financials 37.81% ( 35.59% ) 3i Group 495,817 12,336 2.58 Aviva 3,195,110 20,835 4 .36 Barclays 4,226,321 21,622 4 .53 IG Group 1,195,243 21,969 4 .60 Legal & General Group 3,717,584 10,705 2.2 4 Lloyds Banking Group 18,410,243 20,495 4 .29 London Stock Exchange Group 169,488 13,935 2.92 M&G 2,882,133 9,739 2.0 4 NatWest Group 3,403,956 22,715 4 . 7 6 NextEnergy Solar Fund 3,883,554 1,766 0.3 7
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Investment Holding
Valuation £‘000
% of net assets Equities 96.90% (98.67%) (continued) Financials 37.81% (35.59%) (continued) Plus500 63,074 3,011 0.63 Rosebank Industries 2,687,220 9,002 1 .89 Standard Chartered 164,439 3,387 0. 7 1 Standard Life 1,078,781 9,000 1 .89 180,517 37.8 1 Health Care 10.01% ( 10.22% ) AstraZeneca 63,290 9,181 1 .92 GSK 1,077,562 21,557 4 .5 1 Haleon 1,942,305 6,875 1 . 44 Smith & Nephew 900,193 10,240 2. 1 4 47,853 1 0.0 1 Industrials 9.33% ( 10.13% ) easyJet 1,279,056 7,412 1 .55 IMI 153,241 4,536 0.95 RELX 509,629 12,111 2.5 4 RS Group 1,719,595 10,176 2. 1 3 Smiths Group 399,915 10,320 2. 1 6 44,555 9.33 Real Estate 4.75% (4 (4.10% ) LondonMetric Property 4,060,267 7,698 1 .6 1 Segro 1,688,860 14,975 3. 1 4 22,673 4.75 Utilities 1.57% ( 2.15% ) SSE 303,859 7,476 1 .5 7 7,476 1 .57 Equities total 462,761 96.90 Forward Currency Contracts 0.02% ( 0.01% ) Buy Sterling 16,785,355, sell Euro 19,382,425 dated 08/07/2026 84 0.02 Forward Currency Contracts total 84 0.02 Investment assets 462,845 96.92 Net other assets 14,700 3.08 Net assets attributable to unitholders 477,545 1 00.00 The comparative percentage figures in brackets are as at 31 December 2025. * Security listed on the Alternative Investment Market (‘AIM’).
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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 17,58 4 36, 579 Revenue 10,365 8,037 Expenses (1,71 8) 8) ( 1,4 40 ) Interest payable and similar expenses – (1) Net revenue before taxation 8,64 7 6,59 6 Taxation (32) 25 Net revenue after taxation 8,61 5 6,62 1 Total return before distributions 26,19 9 43, 200 Distributions (10,300) (8,025) Change in net assets attributable to unitholders from investment activities 15,89 9 35, 175
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 436,178 360,252 Issue of units 26,734 4,863 Cancellation of units (9,329) (24,629) 17,405 (19,766) Dilution adjustment 26 15 Change in net assets attributable to unitholders from investment activities 15,89 9 35, 175 Retained distribution on accumulation units 8,037 6,431 Closing net assets attributable to unitholders 477,54 5 382, 107
Balance Sheet as at 30 June 2026
30 June 2026 £'000
31 December 2025 £'000 Assets Investments 462,84 5 430,417 Current assets Amounts receivable 2,623 1,290 Cash and cash equivalents 16,910 6,004 Total assets 482,3 78 437,711 Liabilities Current liabilities: Distribution payable 2,286 1,143 Other amounts payable 2, 5 47 390 Total liabilities 4, 8 33 1,533 Net assets attributable to unitholders 477, 545 436,178
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1. Basis of preparation The interim financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments, 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 from the manager as at 30 June 2026 in respect of these transactions was £46,000 (31 December 2025: £197,000).
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
Assets £'000
Assets £'000
Assets £'000 Level 1 Equities – 462,761 – 430,389 Level 2 Forward Currency Contracts – 84 – 28 Total – 462,845 – 430,417
4. Post balance sheet events There were no significant post balance sheet events subsequent to the period end.
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Fund sizes & net asset values
Date
Net asset value of fund (£)
Net asset value per unit (p)
Units in issue 31 December 2023 33 1 ,98 1 ,850 Distribution 92.06 77 , 655 , 505 Accumulation 20 1 .68 1 29 , 1 60 , 099 31 December 2024 360,25 1 ,990 Distribution 1 02.55 53 , 1 88 , 1 90 Accumulation 232.69 1 3 1 , 379 , 605 31 December 2025 436, 1 77,988 Distribution 1 20. 1 0 74 , 098 , 480 Accumulation 28 1 .66 1 23 , 26 1 , 439 30 June 2026 477,544,772 Distribution 1 24.34 83 , 60 1 , 447 Accumulation 298.00 1 25 , 367 , 1 57
Ongoing charges
Class 30 June 2026 Distribution 0.770% Accumulation 0.770% 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.
Fund performance
Since launch *
10 years
5 years
3 years
1 year
6 months Artemis Income (Exclusions) Fund** 496.0 140.1 71.4 60.6 14.2 5.9 Artemis Income (Exclusions) Fund*** 490.5 134.0 69.9 59.3 13.8 4.7 FTSE All-Share Index TR 383.2 129.8 67.9 53.1 21.9 7.2 Position in sector 4/29 8/52 16/60 12/60 37/60 32/60 Quartile 1 1 2 1 3 3 Past performance is not a guide to the future.
* Source: Lipper Limited/Artemis. Data from 16 March 2005, accumulation units, in sterling to 30 June 2026. All performance 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. Benchmark is FTSE All-Share Index. ** Value at 12 noon valuation point *** Value at close of business
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
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"text": "prospective dividends and the likelihood of the"
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