Artemis UK Future Leaders plc (AFL)
Investment trust seeking smaller companies at attractive valuations with market leading positions
Long-established expert investment team
Investing in cash generating smaller companies
Policy to pay a 4% dividend
Read our Q&A document for information on this trust's structure and how it is managed.
Growth potential
A focus on dynamic UK smaller companies – an area historically proven to deliver strong, long-term returns.
Disciplined approach
In-depth analysis focuses on companies’ profitability and ability to consistently generate cash from their business operations.
Smaller companies
The Trust’s closed-ended structure allows us to invest in even smaller, less researched companies — widening the opportunity set and enhancing long-term return potential.
Awards and ratings
Key details
| Benchmark | Deutsche Numis Smaller Companies plus AIM Ex Investment Companies Index |
|---|---|
| Base currency | GBP |
| Year end | 31 Jan |
| Pay dates | Mar, Jun, Sep, Dec |
| AGM date | May/June |
| Founded | March 1988 |
| Directors | Bridget Guerin, Mike Prentis and Graham Paterson |
| ISA eligible | Yes |
| ISIN | GB00B1FL3C76 |
| OCF* | 0.840% |
| Gearing** | 8.12% |
| Shares in issue** | 29,558,916 |
This trust is actively managed.
The Company has a policy to pay a 4% dividend. Whilst the Company has always met its dividend policy, dividends are not guaranteed.
*The OCF (ongoing charge figure) covers the annual operating expenses of running the fund. Additional costs may be incurred, such as portfolio transaction costs and transfer taxes, which may reduce performance. It is calculated using the most recent data available. Further information about the fund’s charges can be found in the Key Information Document (PRIIPs KID) and in the Annual Report.
**As at 31 March 2026.
Objective
The Company is an investment trust whose investment objective is to achieve long-term total returns for shareholders, primarily by investment in a broad cross-section of small to medium sized UK quoted companies.
There is no guarantee that the trust will achieve a positive return over a five-year period or any other time period and your capital is at risk.
Portfolio
Top 10 holdings (%)
Mears Group | 3.4 |
MONY Group | 3.2 |
IntegraFin Holdings | 3.2 |
GB Group | 2.9 |
Moonpig Group | 2.9 |
Hollywood Bowl Group | 2.5 |
Victorian Plumbing Group | 2.5 |
NCC Group | 2.4 |
Gamma Communications | 2.4 |
NIOX Group | 2.3 |
Total number of holdings | 65 |
Market cap breakdown (%)
£0 - £250m | 26.2 |
£250m - £500m | 40.1 |
£500m - £1bn | 21.9 |
£1bn - £1.5bn | 7.3 |
£1.5bn - £2bn | 7.5 |
£2bn and over | 4.0 |
Sector breakdown (%)
Consumer Discretionary | 31.2 |
Industrials | 26.8 |
Technology | 15.2 |
Financials | 8.5 |
Real Estate | 7.5 |
Energy | 4.7 |
Consumer Staples | 4.0 |
Health Care | 3.5 |
Telecommunications | 2.4 |
Utilities | 2.3 |
Basic Materials | 0.9 |
Source: Artemis as at 30 April 2026.
Figures may not add up to 100% due to rounding and cash and derivative holdings. Visit Glossary of terms for an explanation of investment terms.
Dividends
Ordinary shares
Dividend details
Dividend policy
The Company’s dividend policy is to distribute all available revenue earned by the portfolio in the form of dividends to shareholders. In addition, the Board has approved the use of the Company’s capital reserves to enhance dividend payments. Therefore, the total dividend, paid to shareholders on a quarterly basis, comprises income received from the portfolio, with the balance coming from realised capital profits. Whilst not guaranteed, in normal circumstances, the dividend for the year ending 31st January is calculated to give a yield of 4% based on the year end share price. It does not include any preliminary charges and investors may be subject to tax on dividends received. For further information on dividends, including historic rates, please review the latest annual financial report in the literature section.
Dividend frequency | Quarterly |
Pay dates | Mar, Jun, Sep, Dec |
Year end | 31 Jan |
Dividend history
2025/2026 | Record date | Ex-dividend date | Payment date | Dividend |
|---|---|---|---|---|
3rd Interim | 13 Feb 2026 | 12 Feb 2026 | 6 Mar 2026 | 3.8500p |
2nd Interim | 7 Nov 2025 | 6 Nov 2025 | 5 Dec 2025 | 3.8500p |
1st Interim | 1 Aug 2025 | 31 Jul 2025 | 29 Aug 2025 | 3.8500p |
Total paid this trust financial year | 11.5500p |
Risk considerations
Market volatility risk
The net asset value of the trust, and the income it receives from its investments, can rise and fall 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 trust’s assets may be priced in currencies other than the trust base currency. Changes in currency exchange rates can therefore affect the trust's value.
Derivatives risk
The trust 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 trust value could reduce.
Gearing risk
The trust may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the net asset value meaning that any movement in the value of the trust’s assets will result in a magnified movement in the net asset value.
Smaller companies risk
Investing in small companies can involve more risk than investing in larger, more established companies. Shares in smaller companies may not be as easy to sell, which can cause difficulty in valuing those shares.
Income risk
The payment of income and its level is not guaranteed.
Premium/discount risk
Investment trust shares tend to trade at discounts to their underlying net asset values, although they can also trade at a premium. Discounts and premiums can fluctuate considerably leading to more volatile returns for shareholders. There is no guarantee that the market price of the trust's shares will fully reflect their underlying net asset value.
Market spread risk
As with all stock exchange investments, the prices at which shares can be purchased and sold can be different, this is called the bid-offer spread. The bid-offer spread can widen when trading volumes are lower or when there is increased market volatility.
Risk and reward profile
The trust is in the category shown due to historic volatility (how much and how quickly the value of shares in the trust 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 trust. The figure highlighted in the risk reward profile is the Summary Risk Indicator (SRI). For more information visit our Glossary of terms.
Contact us
Registered office:
Artemis UK Future Leaders plc
50 Bank Street
Canary Wharf
London E14 5NT
Other information
FOR PROFESSIONAL INVESTORS AND/OR QUALIFIED INVESTORS AND/OR FINANCIAL INTERMEDIARIES ONLY. NOT FOR USE WITH OR BY PRIVATE INVESTORS.
This is a marketing communication. Before making any final investment decisions, and to understand the investment risks involved, refer to the Pre-Investor Disclosure Document, Articles of Association and KID, available in English above or on the literature page. The documents can also be found on www.fundinfo.com.
Investment in a trust concerns the acquisition of shares in the trust and not in the underlying assets of the trust.
Reference to specific shares or companies should not be taken as advice or a recommendation to invest in them.
Third parties (including FTSE, Russell, MSCI and Refinitiv) whose data may be included in this document do not accept any liability for errors or omissions. For information, visit our third party data page
Any research and analysis in this communication has been obtained by Artemis for its own use. Although this communication is based on sources of information that Artemis believes to be reliable, no guarantee is given as to its accuracy or completeness.
Any forward-looking statements are based on Artemis’ current expectations and projections and are subject to change without notice.
Financial advisers and retail investors: The company currently conducts its affairs so that the shares in issue can be recommended by financial advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (FCA’s) rules in relation to non-mainstream investment products and intends to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.
