Changes to the exclusions (negative screening) of Artemis Income (Exclusions) Fund

Last updated 26 April 2026

On 27 April 2026, changes were made to the exclusions (negative screening) of Artemis Income (Exclusions) Fund (the “Fund”).

What changed?

The following amendments were made to the existing exclusions applied to the Fund:

Tobacco

Previously, the Fund’s exclusions extended to tobacco-related activities. 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, yet companies involved in tobacco production are excluded. The threshold for screening out companies that produce tobacco will be set at 10% of total revenues.

Gambling

The revenue threshold for screening out companies involved in gambling-related business activities was reduced from 20% to 10%.

Weapons

There was no change to the Fund’s exclusion of companies with any tie to controversial weapons (including cluster munitions, landmines, biological and chemical weapons).
The revenue threshold for screening out companies involved in the manufacture or sale of civilian firearms or ammunition was reduced from 20% to 10%.
The revenue threshold for screening out conventional or nuclear weapons, related components and systems, was reduced from 20% to 10%.

Fossil fuels

The revenue threshold for screening out companies involved in the mining or sale of thermal coal or thermal coal-based power generation, was reduced from 20% to 10%.
The revenue threshold for screening out companies involved in the extraction, production or refining of either oil or gas was reduced from 20% to 10%.

The following new exclusions were applied to the Fund:

Adult entertainment

Companies that are involved in the production of adult entertainment are excluded.

United Nations Global Compact violations:

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 are excluded.

None of the Fund’s portfolio holdings needed to be sold as a result of these changes. There was no change to the Fund’s investment strategy or to the way the Fund is operated and/or managed. All other key features of the Fund remained the same.