Artemis strengthens fixed income team with experienced high yield analyst
Our press enquiries team
He will work with high yield fund managers Jack Holmes and David Ennett and high yield analyst Darcey Watson.
His appointment means Artemis will have an eight-strong fixed income team based across its Edinburgh and London offices led by the head of fixed income Stephen Snowden.
Haris Papadopoulos joins on 25th of November from Bank of America and will be based in Artemis’ London office.
At Bank of America, he covered European High Yield issuers in a range of sectors including industrials, telcos, energy, shipping, media, debt collectors and rentals, since January 2018. He has been highly ranked in the annual Institutional Investor survey.
Artemis currently has two dedicated high yield strategies. These are the Artemis Funds (Lux) Global High Yield Fund, an all-maturities portfolio, and the Artemis Funds (Lux) Short-Dated Global High Yield Bond Fund, a fund focused on shorter-dated high yield opportunities.
The funds were both launched in 2019 and are jointly managed by Jack Holmes and David Ennett. They also manage the fixed income portions of the Artemis High Income and Artemis Monthly Distribution Funds, while Ennett co-manages the Artemis Strategic Bond Fund and Holmes co-manages the Artemis Short-Duration Strategic Bond Fund.
Holmes said: ‘We are very pleased to have attracted someone of Haris’ quality to work alongside myself, David and Darcey. We believe the high yield market continues to offer investors some very attractive opportunities from a bottom-up, credit by credit perspective.’
Ennett added: ’Jack and I have long believed that the best approach in the high yield markets, whether in all maturities or short-dated issues, comes from strong credit analysis away from the larger issues which make up the largest proportion of indices and benchmark-focused funds.
‘High yield continues to offer real diversification and alpha generation opportunities in a period where we are seeing many Western central banks cutting rates.’
Artemis’ head of fixed income Stephen Snowden commented: ‘The fixed income team all contribute investment ideas to the full range of funds, so adding more expertise with Haris’ appointment will further deepen the investment solutions we can offer clients.’
Risks specific to Artemis Funds (Lux) – Global High Yield Opportunities
- 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 hedging risk The fund hedges with the aim of protecting against unwanted changes in foreign exchange rates. The fund is still subject to market risks, may not be completely protected from all currency fluctuations and may not be fully hedged at all times. The transaction costs of hedging may also negatively impact the fund’s returns.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Income risk The payment of income and its level is not guaranteed.
- Counterparty risk Investments such as derivatives are made using financial contracts with third parties. Those third parties may fail to meet their obligations to the fund due to events beyond the fund's control. The fund's value could fall because of loss of monies owed by the counterparty and/or the cost of replacement financial contracts.
- ESG risk The fund may select, sell or exclude investments based on ESG criteria; this may lead to the fund underperforming the broader market or other funds that do not apply ESG criteria. If sold based on ESG criteria rather than solely on financial considerations, the price obtained might be lower than that which could have been obtained had the sale not been required.
Risks specific to Artemis Funds (Lux) – Short-Dated Global High Yield Bond
- 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 hedging risk The fund hedges with the aim of protecting against unwanted changes in foreign exchange rates. The fund is still subject to market risks, may not be completely protected from all currency fluctuations and may not be fully hedged at all times. The transaction costs of hedging may also negatively impact the fund’s returns.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Income risk The payment of income and its level is not guaranteed.
- ESG risk The fund may select, sell or exclude investments based on ESG criteria; this may lead to the fund underperforming the broader market or other funds that do not apply ESG criteria. If sold based on ESG criteria rather than solely on financial considerations, the price obtained might be lower than that which could have been obtained had the sale not been required.
