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Artemis Strategic Assets Class I - Accumulation (GBP)

Sell:81.14p Buy:81.14p Change: 1.95p (2.35%)
Prices as at 26 November 2021
Change: 1.95p (2.35%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 26 November 2021
Change: 1.95p (2.35%)
Prices as at 26 November 2021
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

This fund spreads risk by investing in a range of different investments, including shares, bonds, commodities, and cash. It aims to provide some long-term growth, but also experience less ups and downs than the stock market. We think the fund could bring diversification to an investment portfolio, given its range of investments, and could provide a slightly more conservative element to a portfolio focused on shares. That said, we view it as a more adventurous mixed-asset fund, and don't expect it to hold up as well as others at times.

Kartik Kumar took over sole responsibility for the Artemis Strategic Assets Fund in January 2021, following the retirement of William Littlewood, who had managed the fund since its launch in 2009. Kumar was appointed co-manager of Artemis Strategic Assets alongside Littlewood in 2017. Kumar has a shorter track record, and we typically prefer fund managers with longer records, who have managed funds throughout a variety of market conditions. That said, he is highly regarded at Artemis, and we view him as a committed and enthusiastic investor.

Performance in recent years has fallen short of the fund's objectives . Kumar has implemented some process changes that could improve returns - but there are no guarantees. While we think Kumar has the experience and skills to manage this strategy, we currently have greater conviction in other mixed-asset funds.

Our view on the sector

Total Return funds try to grow investors' money over the medium-to-long-term by making money when markets are rising, and sheltering it when they fall. Most invest in a combination of assets from shares and bonds to cash, commodities and currencies. They're not guaranteed to make money though. Like any investment they will fall as well as rise in value. The return is determined by the manager's skill and each fund will have a different investment process. That's why we think each fund should be judged on its own merits.

Performance Analysis

While the fund launched in 2009, we think the most relevant timeframe to measure its performance is since Kumar became co-manager in May 2017. Measured since then, the fund hasn't achieved its aim of growing investors' capital by more than 3% above the Consumer Price Index (a measure of UK inflation). Past performance isn't a guide to future returns.

Short positions in equities have been costly over recent years, and didn't provide protection in the coronavirus-related sell-off in the first quarter of 2020. 'Short' bond positions also haven't helped, and these have generally been a drag on performance since the fund's launch. They could benefit performance if bond markets fall, but on the whole bond prices have continued to rise (and yields fall) over the past decade. There are no guarantees what will happen in future though.

In addition to the fund's main aim of long-term growth, it also aims to offer some shelter in weaker markets. This won't happen every time though, and we view this as a more adventurous option compared to others with the same aim of sheltering capital.

Investment Philosophy

The overall aim of this fund is to grow investors' capital by more than 3% above the Consumer Price Index (a measure of UK inflation) over the long term. Kumar has lots of flexibility with this fund, and can invest in a range of assets, in order to try to achieve this.

Process and Portfolio Construction

Kumar invests across a range of assets, including shares (equities), bonds, commodities and cash.

Because he believes it's difficult to time the market, and because equities are expected to provide most of the growth, the proportion of the fund invested in shares will remain between 60%-80%. Kumar focuses on his highest-conviction ideas, while limiting the number of smaller positions that have less of an impact on performance. He looks for undervalued companies with longer-term growth potential. These companies are often out of favour with many investors, leading to a lower share price, but Kumar will only invest if he thinks the company can improve in future.

The rest of the fund invests in bonds, including higher-risk high-yield bonds, commodities and cash. Importantly, this part of the fund should perform differently from the equities portion, offering true diversification. For example, if stock markets go through a tough patch and share prices fall, the other assets in the fund should be expected to offset this to a degree, and provide some shelter from volatility. The manager uses derivatives to take 'short' positions, which increases risk. Kumar aims to ensure that short positions are complementary to the fund's long equity positions, helping to offset risks rather than add extra risks to the fund. The manager takes short positions in both shares and bonds.

The fund has had large short positions in bonds since its launch. This is because the manager thinks national debt levels are unsustainable, and many economies will eventually end with high rates of inflation, while many companies could default. Bond 'shorts' which should make money if bond prices fall. In the past, this position was focused on Japanese government bonds, but is now more diversified and includes UK, French and German government bonds.

The manager has the flexibility to invest in smaller companies, emerging markets and high yield bonds. These are higher-risk areas.

question mark Manager Track Record Based on HL Quantitative Research

  • Artemis Strategic Assets R Acc GBP
  • IA Flexible Investment

Fund Track Record

26/11/16 to 26/11/17 26/11/17 to 26/11/18 26/11/18 to 26/11/19 26/11/19 to 26/11/20 26/11/20 to 26/11/21
Annual return 4.17% -2.35% -2.81% -2.69% -2.50%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

Artemis was formed in 1997 and offers a range of funds invested in the UK, Europe and around the world. The Artemis philosophy is that a fund's primary aim is to beat the market and generally the fund managers are free to pursue their best ideas in order to achieve this.

Artemis is home to some of the market's leading fund managers who are required to invest their own money into their funds, and therefore success for them is success for their investors. We feel this is a great incentive for them to continue striving for good performance.

Information about the fund

Fund manager biography

manager photo
Manager Name: William Littlewood
Manager start date: 26 May 2009
Manager located in: London

William manages the Artemis Strategic Assets Fund which he launched in 2009. After graduating from Bristol University with a degree in economics, he worked at Jupiter Asset Management from 1989 to 1999. William joined Artemis in December 2005 to launch the Absolute Return Hedge Fund.

manager photo
Manager Name: Kartik Kumar
Manager start date: 28 April 2017
Manager located in: London

Kartik manages the Artemis Strategic Assets Fund alongside William Littlewood. He joined Artemis in 2012 after graduating from Bristol with a BSc in economics. He worked in our bond, UK equities and global equities teams before he moved to William's fund in 2013. Kartik is a CFA charterholder.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account