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Artemis UK Select
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 UK Select 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 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 investment purposes to achieve the fund objective, including by taking long and short positions • to produce additional income or growth • for efficient portfolio management purposes to reduce risk and 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
• Total short exposures to equity derivatives will not exceed 10% of the fund.
Investment strategy • The fund is actively managed. • The manager generates ideas from a number of sources of information, detailed financial analysis and wider economic analysis. A systematic approach is used to collect, assess, and cross-reference this information. • A company’s valuation relative to the industry in which it operates is also considered. • While considering factors which are unique to a company, the manager seeks companies whose valuations are overly conservative in relation to their peers and that provide attractive opportunities for a future upgrade. • Short positions can be taken where stock-specific insight identifies an overvalued company.
Benchmarks • FTSE All-Share Index TR A widely-used indicator of the performance of the UK stockmarket, in which the fund invests. It acts as a ‘comparator benchmark’ against which the fund’s performance can be compared. Management of the fund is not restricted by this benchmark. • IA UK All 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.
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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 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. ◼ 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. ◼ Derivatives risk: The fund may invest in derivatives with the aim of profiting from falling (‘shorting’) as well as rising prices. Should the asset’s value vary in an unexpected way, the fund value could reduce.
◼ Leverage risk: The fund may operate with a significant amount of leverage. Leverage occurs when the economic exposure created by the use of derivatives is greater than the amount invested. A leveraged portfolio may result in large fluctuations in its value and therefore entails a high degree of risk including the risk that losses may be substantial.
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 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 UK Select 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 UK Select 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
The often-frenetic first half of 2026 can be divided into two distinct periods. January and February were shaped by a global rotation out of the shares of software companies and other perceived ‘AI losers’ and into 'heavy asset, low obsolescence' (‘Halo’) stocks. In these conditions, the UK market’s bias away from technology stocks and towards ‘old economy’ businesses such as miners was helpful, and the FTSE All-Share index set a new record high.
In March, however, the outbreak of the conflict between the US and Iran, and the disruption to shipping through the Strait of Hormuz, sent the oil price sharply higher. While that was helpful for returns from energy companies, other parts of the UK market came under pressure. As investors revised their outlooks for inflation and interest rates, shares in banks, housebuilders and consumer cyclicals fell. While this was unhelpful for the fund’s performance in the short term, ceasefire negotiations in April began to push oil prices lower and to drive bond yields down, allowing equity markets to rally. The fund, meanwhile, recovered much of the ground it had lost relative to the Index in March.
Performance
The Artemis UK Select Fund returned 6.0% over the six months covered by this report compared with a return of 7.2% from the FTSE All-Share Index. Over the same period, the average fund in its peer group, the IA’s UK All Companies sector, returned 5.0% 1 . The single biggest negative over the last six months came from the fund’s holding in private equity group 3i . This reflected worries about the performance of Action, its discount retail chain. Sales in France, which accounts for just under a third of Action’s business, were disappointing. And the announcement of a pilot project in the US, where it intends to open its first stores towards the end of 2027, was viewed as having the potential to be a costly distraction. Memories of Tesco's unsuccessful attempt to expand in the US linger. But there are examples of European retailers finding success in the US, such as Primark, Inditex, IKEA and Lidl. We see the costs of this expansion as reasonable given the potential size of the market. In the meantime, Action's European expansion continues apace.
Housebuilder Vistry suffered from a weaker housing market, higher input costs, a change in management and, more recently, from concerns around the strength of its balance sheet. We significantly reduced our holding at the start of the year ahead of the management change. With the benefit of hindsight, however, this was not enough. More recently, we have started to rebuild the position. We believe its new management team are taking the right steps and, in the
fullness of time, demand for affordable housing should improve as government funding finally reaches councils and housing associations.
Flutter came under pressure due to weaker revenues at FanDuel, its US division. At the same time, it decided to ramp up investment in its prediction-markets offering. The combination of slower growth in its traditional sports betting businesses and higher investment in its prediction-markets business was seen as confirming the market's fears that the latter was cannibalising the former. FanDuel remains the market leader in the US and is still delivering strong growth as more US states legalise sports betting.
The largest positive contribution to returns over the last six months came from Oxford Instruments , which we regard as one of the most exciting companies in the UK. Its equipment for manufacturing compound semiconductors, which are used in data centres and other applications that require high speeds coupled with low power consumption, is gaining commercial traction.
Elsewhere in the portfolio, strong trading and takeover speculation saw our holding in specialist insurer Hiscox make a useful contribution to returns. Lastly, International Consolidated Airlines Group (IAG) was a major positive once again. Trading has been robust and demand for IAG’s premium and long-haul flights remains resilient. Like most airlines, its shares fell sharply when the closure of the Strait of Hormuz prompted a spike in jet-fuel prices. But peace negotiations, and the partial reopening of the Strait, saw its shares rally to a post-COVID high.
Activity
We bought a new position in RELX when it found itself (unjustly) labelled as an ‘AI loser’. We had followed it for a long time, having been admirers of its transformation from a slow-growing, old media company into a high-returning, fast-growing data business. Having seen its valuation multiple halve in a matter of months, we initiated a position. The subsequent results showed that, far from harming RELX, AI was accretive to its top-line growth. Although we are wary of declaring victory too soon, we see this as a clear example of the way in which short-term trading into and out of thematic baskets of stocks can create opportunities for fundamental investors with longer time horizons.
We supported Rosebank Industries when it issued new shares worth £1.9 billion to fund its acquisition of two businesses in the US. These deals follow its acquisition of ECI last year and leave it with three industrial turnaround stories in the US. The strategy of Rosebank's management should be familiar to anyone who followed the team's work at Melrose
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. This class may have charges or a hedging approach different from those in the IA sector benchmark.
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Industries. It will restructure and invest in the acquired businesses, increasing their top-line growth and boosting their margins before selling them on.
We added a new holding in private capital group Bridgepoint following extreme weakness across the sector. Its shares simply looked too cheap given the strength of its balance sheet, particularly at a time when its core mid-market private equity and US infrastructure offerings are performing exceptionally well.
With some reluctance, we sold the position in International Personal Finance (IPF), which agreed to be acquired by BasePoint Capital in the US. We made it clear that we believed the initial offer was too low and BasePoint duly returned with a slightly improved offer. We continue to believe the bid does not represent value on an absolute basis, but the scale of the moves seen in the UK market was such that we could see better opportunities elsewhere.
Outlook
The central focus for investors remains on the Middle East and on whether shipping is able to pass through the Strait of Hormuz. Correlations between energy prices, inflation expectations and bond yields remain high and are driving rapid rotations within markets. In the short term, a further escalation of the conflict seems possible. Longer term, however, we remain of the view that, as time moves on, the domestic and international pressure on both sides to get oil flowing will increase. How we get there remains uncertain, although the existing memorandum of understanding gives both sides a framework for their future negotiations.
Away from the Middle East, the wave of capital investment in AI continues to dominate equity markets globally. The second quarter saw global equity market indices being driven higher by a handful of stocks in the AI supply chain. This is part of a growing tendency for short-term capital flows to follow factors (particularly ‘momentum’) and themes, rather than company fundamentals. This, along with the changing structure of markets, including the increased participation by retail investors in the US and the use of leveraged ETFs, appears to be storing up the potential for sharp corrections, higher volatility, and significant rotations when sentiment turns.
When the AI capex trade starts to reverse, we are confident that global asset allocators will diversify their portfolios into other sectors and regions. The sheer scale of capital that will need to be moved will mean the resulting re-ratings could be swift. Given the UK market's relatively low starting valuation and its modest exposure to technology, it looks to be one potential home for profits taken on the AI trade.
We spent a great deal of time meeting company management teams and are encouraged that these meetings are either reinforcing our conviction in our existing holdings or highlighting new investment opportunities. M&A activity remains elevated, and we are seeing more companies proactively taking advantage of investors' apathy by buying back shares, with Jet2 and Barratt Redrow being two recent examples in our portfolio.
Today, the fund trades on a forward price-to-earnings multiple (p/e) of 11.1x versus 12.4x for the UK market. We expect that gap to widen as analysts catch up with the recent moves in commodity prices. We believe the outlook for both energy prices and UK government policy will become clearer over the coming months. In both cases, that should allow investors' time horizons to lengthen and the risk premia currently being applied to UK equities to fall.
Ed Legget and Ambrose Faulks 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 RELX 1 2 3 , 1 0 1 National Grid 69, 4 0 7 Rosebank Industries 82,52 1 International Personal Finance 6 3 ,80 4 3i Group 65, 4 6 3 Shell 5 4 ,925 Bellway 33 , 3 22 Lloyds Banking Group 50, 3 06 Bridgepoint Group 2 7 ,292 Rolls-Royce Holdings 3 9,0 4 7 St. James's Place 26,05 7 Standard Chartered 2 1 ,602 Anglo American 2 3 , 7 6 1 NatWest Group 2 1 ,0 3 6 Weir Group 22, 4 1 3 Vistry Group 1 9,6 3 8 Flutter Entertainment 1 9,0 3 5 Hiscox 1 8,8 1 7 HSBC Holdings 1 7,682 Anglo American 1 6,948
Portfolio statement as at 30 June 2026
Holding
Valuation £ '000
% of net assets Equities 99.41% ( 99.83% ) Basic Materials 1.26% ( 1.10% ) Anglo American 1,858,163 69,858 1 .26 69,858 1 .26 Consumer Cyclical 1.90% ( 1.75% ) Smurfit WestRock 3,137,813 105,399 1 .90 105,399 1 .90 Consumer Discretionary 17.73% ( 19.62% ) Barratt Redrow 15,013,239 42,157 0. 7 6 Bellway 3,143,337 61,484 1 . 11 Coats Group 76,678,348 60,307 1 .09 Entain 12,408,410 72,217 1 .30 Evoke 44,045,213 20,789 0.3 7 Flutter Entertainment 449,616 35,025 0.63 Howden Joinery Group 11,977,419 102,287 1 .8 4 International Consolidated Airlines Group 55,285,458 264,762 4 . 7 8 Jet 2 # 4,845,894 64,208 1 . 1 6 Mitchells & Butlers 34,883,791 85,989 1 .55 Next 368,518 54,117 0.98 Vistry Group 12,532,830 31,996 0.58 WH Smith 9,067,445 35,572 0.6 4 Whitbread 2,148,963 52,177 0.9 4 983,087 1 7.73 Consumer Staples 6.96% ( 6.78% ) Marks & Spencer Group 70,363,280 266,853 4 .8 1 Tesco 25,618,734 119,025 2. 1 5 385,878 6.96 Energy 2.83% (4 (4.01% ) BP 7,652,264 36,052 0.65 Shell 4,154,237 120,950 2. 1 8 157,002 2.83 Financials 46.46% (4 (45.63% ) 3i Group 6,919,320 172,153 3. 1 0 Aviva 20,289,695 132,309 2.39 Barclays 73,643,459 376,760 6.80 Bridgepoint Group 10,726,337 28,317 0.5 1
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Holding/ nominal value
Global exposure ^ £ '000
Valuation £ '000
% of net assets Equities 99.41% ( 99.83 % ) (continued) Financials 46.46% (4 (45.63 % ) (continued) Hiscox 7,554,263 140,925 2.5 4 HSBC Holdings 17,121,461 247,850 4 . 4 7 Intermediate Capital Group 4,867,638 82,409 1 . 4 9 Lloyds Banking Group 244,107,812 271,753 4 .90 NatWest Group 40,690,283 271,526 4 .90 Plus500 2,883,874 137,676 2. 4 9 Rosebank Industries 42,643,502 142,856 2.58 St. James's Place 14,337,547 174,416 3. 1 5 Standard Chartered 18,029,425 371,316 6. 7 0 Vanquis Banking Group 20,690,500 24,373 0. 44 2,574,639 46.46 Industrials 20.56% ( 18.05 % ) Bodycote 10,988,460 74,776 1 .35 Melrose Industries 24,025,970 113,475 2.05 Morgan Sindall Group 3,310,090 162,890 2.9 4 Oxford Instruments 6,521,957 199,963 3.6 1 RELX 5,401,879 128,376 2.32 Rolls-Royce Holdings 21,329,292 309,445 5.58 Ryanair Holdings 2,507,714 84,804 1 .53 Weir Group 2,725,183 65,323 1 . 1 8 1,139,052 20.56 Real Estate 1.71% ( 1.72 % ) Shaftesbury Capital 50,208,484 69,840 1 .26 Workspace Group 7,198,762 25,066 0. 4 5 94,906 1 .7 1 Utilities 0.00% (1.17%) Equities total 5,509,821 99.4 1 Contracts for Difference (0.02%) ( 0.00% ) Consumer Discretionary 0.00% ( 0.00% ) Compass Group (730,486 ) (17,959 ) (143 ) Evoke 11,957,746 5,644 18 (12,315 ) (125 ) Industrials (0.02 ) % ( 0.00% ) Sunbelt Rental Holdings (501,069 ) (27,854 ) (767 ) (0.02 ) (27,854 ) (767 ) (0.02 ) Contracts for Difference total (40,169 ) (892 ) (0.02 ) Investment assets (including investment liabilities) 5,508,929 99.39 Net other assets 33,871 0.6 1 Net assets attributable to unitholders 5,542,800 1 00.00 The comparative percentage figures in brackets are as at 31 December 2025. # Security listed on the Alternative Investment Market (‘AIM’). ^ Global exposure has been calculated in line with the guidelines issued by the European Securities and Markets Authority (‘ESMA’) and represents the market value of an equivalent position in the underlying investment of each derivative contract. For all other asset types the percentage of net assets has been calculated based on the valuation of each holding.
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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 236,942 535,884 Revenue 90,473 79,672 Expenses (19,730) (14,791) Interest payable and similar expenses (1,370) (662) Net revenue before taxation 69,373 64,219 Taxation (634) (865) Net revenue after taxation 68,739 63,354 Total return before distributions 305,681 599,238 Distributions (415) 2,668 Change in net assets attributable to unitholders from investment activities 305,266 601,906
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 5,134,354 3,530,159 Issue of units 803,245 984,059 Cancellation of units (700,699) (569,394) 102,546 414,665 Dilution adjustment 634 857 Change in net assets attributable to unitholders from investment activities 305,266 601,906 Closing net assets attributable to unitholders 5,542,800 4,547,587
Balance sheet as at 30 June 2026
30 June 2026 £'000
31 December 2025 £'000 Assets Investments 5,509,839 5,125,892 Current assets Amounts receivable 43,156 15,921 Cash and cash equivalents 17,818 40,425 Total assets 5,570,813 5,182,238 Liabilities Investments 910 86 Current liabilities: Bank overdraft 2,520 Distribution payable – 37,433 Other amounts payable 24,583 10,365 Total liabilities 28,013 47,884 Net assets attributable to unitholders 5,542,800 5,134,354
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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 10 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 £396,000 (31 December 2025: £757,000).
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 5,509,82 1 – 5,125,517 Level 2 Contracts for Difference 18 910 375 86 Total 5,509,8 39 910 5,125,89 2 86
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 1 ,9 1 9,595,528 C accumulation 783.38 4 , 1 45 , 856 G distribution 699.00 33 , 11 6 , 20 1 G accumulation 1 06.5 1 1 83 , 36 1 , 527 I distribution 670.94 1 2 , 484 , 2 1 2 I accumulation 855.58 1 39 , 668 , 609 R accumulation 774.36 22 , 11 5 , 495 S distribution 11 0.75 1 5 , 5 1 7 S accumulation 11 6.02 8 , 89 1 , 1 26 31 December 2024 3,530, 1 58,864 C accumulation 977.37 3 , 904 , 480 G distribution 853.88 87 , 809 , 446 G accumulation 1 33.85 327 , 529 , 404 I distribution 8 1 7.37 22 , 1 06 , 403 I accumulation 1 , 072.25 1 65 , 22 1 , 585 R accumulation 963.24 2 1 , 924 , 706 S distribution 1 35.06 11 6 , 1 40 S accumulation 1 45.55 96 , 32 1 , 389 31 December 2025 5, 1 34,354,325 C accumulation 1 , 25 1 .4 1 3 , 532 , 459 G distribution 1 , 072.5 1 98 , 1 78 , 403 G accumulation 1 72.6 1 4 1 0 , 432 , 867 I distribution 1 , 023.84 33 , 899 , 659 I accumulation 1 , 379.06 1 88 , 686 , 476 R accumulation 1 , 229.63 22 , 948 , 325 S distribution 1 69.35 567 , 224 S accumulation 1 87.39 5 1 , 446 , 736 30 June 2026 5,542,800,099 C accumulation 1 , 32 1 .68 3 , 40 1 , 283 G distribution 1 , 1 36.90 97 , 786 , 832 G accumulation 1 82.96 369 , 1 46 , 235 I distribution 1 , 083.86 38 , 9 1 0 , 227 I accumulation 1 , 459.80 1 98 , 687 , 44 1 R accumulation 1 , 296.73 22 , 035 , 954 S distribution 1 79.36 607 , 823 S accumulation 1 98.46 5 1 , 249 , 642
Ongoing charges
Class 30 June 2026 C accumulation 1.250% G distribution 0.530% G accumulation 0.530% I distribution 0.800% I accumulation 0.800% R accumulation 1.550% S distribution 0.700% S accumulation 0.700% 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 accumulation performance
Since launch *
10 years
5 years
3 years
1 year
6 months Artemis UK Select Fund ** 1431.2 259.3 91.2 82.5 17.7 6.0 Artemis UK Select Fund *** 1423.7 251.9 90.0 81.3 17.2 4.9 FTSE All-Share Index TR 415.7 129.8 67.9 53.1 21.9 7.2 IA UK All Companies NR 366.1 96.9 32.6 37.0 12.2 5.0 Position in sector 1/54 2/149 5/166 5/171 60/174 76/175 Quartile 1 1 1 1 2 2 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 reflects class I accumulation units, in sterling with dividends reinvested 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. This class may have charges or a hedging approach different from those in the UK All Companies sector benchmark. ** Value at 12 noon valuation point *** Value at close of business
Class I accumulation is disclosed as it is the primary share class.
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Securities Financing Transactions Regulation (“SFTR”)
The European Regulation (EU/2015/2365) on reporting and transparency of Securities Financing Transactions Regulation (“SFTR”), which aims to improve the transparency and monitoring of the financial system, became effective on 13 January 2016. The SFTR applies to the Artemis UK Select Fund (the “Fund”) as a UK UCITS scheme and requires the manager to comply with a series of obligations. In particular, the manager is required to provide investors with information on the use of Securities Financing Transactions (“SFT’s”) and Total Return Swaps (“TRS”) which include Contracts for Difference (“CFD”) by the Fund in all interim and annual reports for the Fund.
Global Data
Assets
30 June 2026 £'000
% of net assets Contracts for Difference 18 0.00 %
Liabilities
30 June 2026 £'000
% of net assets Contracts for Difference 910 0.02 %
Concentration of Data
Collateral issuer for CFD counterparty as at 30 June 2026:
Collateral issuer
30 June 2026 £'000
% of net assets UBS (2,520) ( 0.05) %
CFD Counterparty
Assets
30 June 2026 £'000
% of net assets UBS 18 0.00 %
Liabilities
30 June 2026 £'000
% of net assets UBS 910 0.02 %
Aggregate Data
By Type of Collateral 30 June 2026 £'000
% of net assets Cash pledged 2,520 0.05 %
By Maturity
Assets
30 June 2026 £'000
% of net assets 1 day 18 0.00 % 2 days to 7 days – 8 days to 30 days – 31 days to 90 days – 91 days to 365 days – More than 365 days – 18 0.00 %
Liabilities
30 June 2026 £'000
% of net assets 1 day 910 0.02 % 2 days to 7 days – 8 days to 30 days – 31 days to 90 days – 91 days to 365 days – More than 365 days – 910 0.02 %
By Currency
Assets
30 June 2026 £'000
% of net assets Sterling 18 0.00 %
Liabilities
30 June 2026 £'000
% of net assets Sterling 767 0.02 % US Dollar 143 0.00 %
By Country of Counterparty
Assets
30 June 2026 £'000
% of net assets United Kingdom 18 0.00 %
Liabilities
30 June 2026 £'000
% of net assets United Kingdom 910 0.02 %
Re-use of Collateral
Any collateral received by the Fund is not re-used.
Safekeeping of Collateral Information
Collateral pledged by the Fund as at 30 June 2026:
Custodian
30 June 2026 £'000
% of net assets UBS 2,520 0.05 %
Return and Cost Analysis
Return/costs from investing in contracts for difference are disclosed in the Statement of Total Return within the net capital gains.
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": "Higher risk"
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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": "and may not be a reliable indicator of the fund\u2019s future risk"
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"text": "A risk indicator of \u201c1\u201d does not mean that the investment is"
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"text": "the following risks and the following may affect fund"
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...