US equities – Separating noise from reality

MARKETING COMMUNICATION. Capital at risk. All financial investments involve taking risk which means investors may not get back the amount initially invested.

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 fund prospectus, available in English, and KIID/KID, available in English and in your local language depending on local country registration, from www.artemisfunds.com or www.fundinfo.com. CAPITAL AT RISK. All financial investments involve taking risk and the value of your investment may go down as well as up. This means your investment is not guaranteed and you may not get back as much as you put in. Any income from the investment is also likely to vary and cannot be guaranteed. 

The funds are sub-funds of Artemis Funds (Lux). For further information, visit www.artemisfunds.com/sicav.

Investment in a fund concerns the acquisition of units/shares in the fund and not in the underlying assets of the fund. 

For changes made to the Artemis Funds (Lux) range of Luxembourg-registered funds since launch, visit www.artemisfunds.com/historic-changes. 

The US Extended Alpha fund’s objective is to increase the value of shareholders’ investments primarily through capital growth. The fund is actively managed. 

The US Smaller Companies fund’s objective is to increase the value of shareholders’ investments primarily through capital growth. The fund is actively managed.

The US Select fund’s objective is to increase the value of shareholders’ investments primarily through capital growth. The fund is actively managed. 

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 risk: The fund’s assets may be priced in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the fund's value. 

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 US Select and US Smaller Companies 

Concentration risk: The fund may have investments concentrated in a limited number of holdings. This can be more risky than holding a wider range of investments. 

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. 

Risks specific to US Smaller Companies 

Investing in small and medium-sized 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. 

Risks specific to US Extended Alpha  

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 will reduce. 

Cash risk: The fund may hold a large amount of cash. If it does so when markets are rising, the fund's returns could be less that if the cash was fully invested in other types of assets. 

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. 

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.