Proposed changes to Artemis Global Select Fund

We are proposing to change the name, investment policy and strategy, and benchmark of Artemis Global Select Fund, subject to unitholder approval. An extraordinary general meeting will be convened at 9:30am (UK time) on 29 September 2025. If the proposal is approved by unitholders, the effective date of the changes will be 6 October 2025 and the annual management change of each unit class will be reduced by 0.15% for a period of 12 months from the effective date of the changes.

Last updated 29 August 2025

In a letter to unitholders of the Artemis Global Select Fund (the “Fund”) dated 29 August 2025, we are proposing to make the following changes to the Fund:

1. Change the Fund’s name to ‘Artemis SmartGARP Global Smaller Companies Fund’;

2. Change the Fund’s investment policy wording to state:

a) the Fund must invest at least 80% in shares of smaller companies. These companies will typically be no bigger, based on market capitalisation, than the largest company included in the MSCI AC World Small Cap Index when first acquired; and

b) the Fund’s exclusions on investment in tobacco, weapons, fossil fuels and UN Global Compact violators will be removed in their entirety;

Otherwise, the Fund’s limits/restrictions remain unchanged.

3. Change to the Fund’s investment strategy wording to reflect that Artemis’ proprietary SmartGARP tool will be used as the foundation of the investment process. The SmartGARP tool screens the financial characteristics of companies by identifying those that are growing faster than the market but are trading on lower valuations than the market. The manager selects companies that in aggregate have good ‘SmartGARP’ characteristics. This tends to mean that the portfolio contains stocks that have lower valuations than the market average, upgrades to profit forecasts, and are under-owned by the investment community, while at the same time benefiting from helpful trends in the wider economy. Further information on the Artemis SmartGARP investment process can be found on the SmartGARP page.

4. Change the Fund’s comparator benchmark from ‘MSCI AC World NR Index’ to ‘MSCI AC World Small Cap NR Index’;

5. Reduce the Annual Management Change (“AMC”) of each unit class by 0.15% for a period of 12 months from the effective date of the changes, on the basis that the proposal is approved by unitholders. This has the effect of temporarily reducing the AMC and ongoing charge as follows, based on the Fund’s size as of 30 May 2025:

	Class R Units	Class C Units	Class I Units	Class J Units
Current AMC	1.50%	1.20%	0.75%	0.50%
*Reduced AMC*	*1.35%*	1.05%	0.60%	*0.35%*
Current ongoing charge	1.64%	1.34%	0.89%	0.64%
*Reduced ongoing charge*	*1.49%*	1.19%	0.74%	*0.49%*

At the expiry of the 12-month period, the AMC for each unit class will revert to the Current AMC level.

The risk profile of the Fund is not expected to materially change as a result of the proposed changes and the synthetic risk and reward indicator in the Fund’s Key Investor Information Document (“KIID”) will remain at 5 out 7. However, due to the focus on investing in smaller companies, the liquidity risk will be higher than it is currently and the following risk disclosure will be prominently added to the KIID:

“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.”

By using the SmartGARP investment approach, the Fund’s portfolio turnover is expected to increase and we expect the number of securities in the portfolio to increase from the current level of 51 holdings to approximately 125 holdings. The increased portfolio turnover may result in increased transaction costs.

All other key features of the Fund will remain the same.

Why is Artemis making these changes?

We believe that the proposed changes are in the best interests of investors, because they will allow the Fund to be managed in a way that we believe will improve investment performance, when compared to the past performance of the current Global Select strategy, and utilise Artemis’ strengths as an active manager with established capabilities investing in smaller companies and using the SmartGARP investment process.

Alex Stanić took over as lead manager of the Fund in October 2023, with Natasha Ebtehadj and Swetha Ramachandran as co-managers. Following the departures of Alex in April 2025 and Swetha in August 2025, and noting the Fund’s relative underperformance since 2023, an internal review concluded that the current Global Select strategy could not be managed on an ongoing basis and that a global smaller companies strategy was deemed capable of achieving better risk-adjusted returns, utilising an established and robust investment process, SmartGARP.

The proposed change plays into Artemis’ strengths as an active investment manager, notably the robust investment process of SmartGARP and the capability of generating good investment performance, as demonstrated through Artemis’ existing smaller companies funds, Artemis UK Smaller Companies Fund and Artemis US Smaller Companies Fund. It is felt that a global smaller companies strategy would fit well within Artemis’ product offering.

The proposed new name, ‘Artemis SmartGARP Global Smaller Companies Fund’ is intended to clearly express the Fund’s future investment strategy.

Given the fundamental nature of the proposed changes, Artemis is willing to offer a reduction in the annual management charge of 0.15% for a period of 12 months, as described above.

When will the changes take place?

For the changes to take place, they must be approved by an extraordinary resolution of unitholders. An extraordinary general meeting will be convened at 9:30am (UK time) on 29 September 2025.

If the proposal is approved by unitholders, the changes will be effective on 6 October 2025 (the “Effective Date”).

How will investors be impacted by this change?

Registered unitholders are entitled to attend and vote at the meeting or can appoint a proxy as their representative and vote instead of them. Voting forms must be completed and returned by 9:30am on 27 September 2025. Further details on the extraordinary general meeting are included in the letter to unitholders of the Fund dated 29 August 2025.

If investors do not wish to participate in the Investor Meeting or remain an investor after the Effective Date (if the proposed changes are approved), they are entitled to switch their units for units/shares in another Artemis UK-domiciled fund, free of any transfer charges, in the same way as they may do at the moment, at any time prior to the Effective Date. Further details on Artemis funds can be found at www.artemisfunds.com but investors should note that we cannot offer you advice about which fund you may wish to switch to, and we recommend that you consult with a professional adviser and read the Key Investor Information Document of any alternative fund before you choose to invest. You should note that other Artemis UK-domiciled funds may have different fees and/or minimum investment requirements to the Fund.

Alternatively, investors can sell their units at any time prior to the Effective Date. No redemption charge will be applied. In accordance with the terms of the Fund’s prospectus, Artemis has the discretion to make a dilution adjustment to the price of units on redemption.

Please note that such a redemption or switch will be treated as a disposal of units for tax purposes and investors may be liable to capital gains tax on any gains arising from the redemption or switch of shares. If investors are in any doubt about their potential liability to tax, they should consult a professional adviser. Please note that Artemis will not be responsible for or pay any investor’s personal tax liability arising from redemptions or switches.

All costs and expenses associated with convening and holding the extraordinary general meeting (including any adjournments) and the transaction costs associated with realigning the portfolio will be borne by Artemis.

If the proposed changes are approved at the extraordinary general meeting, the changes will take effect on the Effective Date and Fund documents will be updated accordingly. Revised copies of the Fund’s prospectus and KIIDs will be available on our website from the Effective Date, and on request.

List of affected share classes

Class C Accumulation GBP (GB00BHL2BP55)
Class I Accumulation GBP (GB00B568S201)
Class I Distribution GBP (GB00BJMD6S90)
Class J Distribution GBP (GB00BMXN2C50)
Class J Accumulation GBP (GB00BMXN2B44)
Class R Accumulation GBP (GB00B5QKCK29)