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Artemis Capital Fund

Artemis Capital Fund. Mark Tyndall. Jacob de Tusch-Lec. April 2006. Artemis Capital Fund. UK Equity Fund using the SmartGARP process One of Three Artemis SmartGARP funds Global, European & UK FTSE All-Share Index Benchmark Benchmark aware, not benchmark-driven

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Artemis Capital Fund

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  1. Artemis Capital Fund Mark Tyndall Jacob de Tusch-Lec April 2006

  2. Artemis Capital Fund • UK Equity Fund using the SmartGARP process • One of Three Artemis SmartGARP funds • Global, European & UK • FTSE All-Share Index Benchmark • Benchmark aware, not benchmark-driven • Up to 20% non-UK stocks in the portfolio

  3. Artemis SmartGARP Process 500 UK Stocks & 500 Overseas Stocks 200Economists 300 FundManagers 2,000Analysts • Growth • Value • Earnings revisions • Price Momentum • Economic variables e.g. yield curve slopes and GDP growth • Fund manager sentiment 75Filters 6Categories Reality Check & Risk Control Decision Capturing Common Sense in a Systematic Fashion Source: Internal.

  4. Artemis SmartGARP Philosophy BUY STOCKS • which are growing faster than average • which are less highly valued than average • where earnings forecasts are going up AVOID • everything else

  5. Hunting for Profit Clusters • Don’t pick stocks to fit a theme or top down beliefs • Discover investment and macro themes from the stocks highlighted by SmartGARP • Current Themes • Large Caps looking relatively better vs. Mid Caps • Mining and Industrials seeing significant earnings upgrades • UK Banks & European Credit Cycle in Shape • Corporate Spending and Capex picking up • The biggest sector overweights are in Mining, Industrials, and Banks • The biggest sector underweights are in Food & Beverages, Health Care, and Insurance

  6. FTSE100 vs. FTSE250: The Gap Opening Source: JCF as at 23rd April 2006.

  7. Result: Big Cap Exposure on the Rise Source: Internal as at 31st March 2006.

  8. UK’s Top 25 SmartGARP Scorers Of the 25 highest scoring UK SmartGARP stocks, 10 are Industrials and 9 are from the Basic Resources Sector. 100 = good 0= bad Source: Internal as at 21st April 2006.

  9. Stock Clusters: Mining Stocks Red Line = 12mth forward EPS relative to FTSE Allshare EPS; Black Line = price relative to FTSE Allshare Index.Source: Datastream, 21st April 2006.

  10. Stock Clusters: Industrials & Capex Story Red Line = 12mth forward EPS relative to DJ World Index EPS; Black Line = price relative to DJ World Index. Source: Datastream, 21st April 2006.

  11. Investing in Non-UK Companies Red Line = 12mth forward EPS relative to DJ World Index EPS; Black Line = price relative to DJ World Index. Source: Datastream, 21st April 2006.

  12. Artemis Capital Fund • UK Equity Fund using the SmartGARP process • One of Three Artemis SmartGARP funds • Global, European & UK • FTSE All-Share Index Benchmark • Benchmark aware, not benchmark-driven • Up to 20% non-UK stocks in the portfolio * * as at 21st April 2006.

  13. Artemis Capital Fund Performance Source: Datastream, 21st April 2006; Benchmark is FTSE Allshare.

  14. Important Notice This document is issued by Artemis Investment Management Limited which is authorised and regulated by the Financial Services Authority. This document is intended solely for institutional investors and professional advisers authorised under the Financial Services and Markets Act 2000 and should not be passed, either in whole or in part, to private investors who would be unable to place any reliance on the information contained herein. Any research or analysis contained in this document has been procured by Artemis for its own use and may be acted on in that connection. The contents of the document are based on sources of information believed to be reliable; however, save to the extent required by applicable law or regulations, no guarantee, warranty or representation is given as to its accuracy or completeness. The document may include forward-looking statements which are based on Artemis’s current opinions, expectations and projections. It is provided to you only incidentally, and any opinions expressed are subject to change without notice. Artemis and the Artemis Coin are trademarks of Artemis Investment Management Limited. 1200/04/06/KM

  15. Top 20 Holdings by Score 100 = good 0 = bad Source: Internal as at 21st April 2006.

  16. Our Sector Bets Today Declining score corresponds with negative sector spreads Source: Internal as at 21st April 2006.

  17. Risk Aversion Risk Appetite Quite Strong at the Moment... Source: Datastream and Internal as at 21st April 2006.

  18. Risk Aversion (II) Any increase in risk aversion would probably favour FTSE 100 Source: Datastream as at 21st of April 2006.

  19. Reasons to Be Cheerful ... Dividend Growth Source: Datastream as at 21st of April 2006.

  20. Reasons to Be Cheerful ... PE-Multiples Source: Datastream as at 21st of April 2006.

  21. Stellar EPS Growth... As Good as it Gets? Source: Datastream as at 21st of April 2006.

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