The Artemis fund is one of only six funds that have outperformed the sector ("UK All Company") in each of the last six years.  2007 was the first year that it failed to also beat the index, an impressive track record.  The underperformance in 2007 was minor (1%) and it held up well compared to many peers, as it was defensively positioned from early in 2007, with 65-70% in the FTSE 100.  Now the manager, Derek Stuart, is excited about the opportunities in 2008, as he believes that some outstanding smaller companies have had share prices marked doen indiscriminately.  He also sees growing opportunities in bombed-out property coompanies and house builders, which he largely avoided for most of the last couple of years.  This volatile environment is ideal for managers with this sort of pedigree.

Derek Stuart is a highly experienced manager, who will probably perform best when opportunities emerge in small and medium-sized companies.  This creates the potential for a bit more volatility in the fund, but also greater rewards for investors.  A medium risk fund, which might be a bit more volatile than some of its peers.

To achieve long-term capital growth by exploiting special situations. The Fund invests principally in UK equities and in companies which are headquartered or have a significant part of their activities in the UK which are quoted on a regulated market outside the UK. The Manager actively manages the portfolio. The securities of companies listed, quoted and/or traded in the UK but domiciled elsewhere and the securities of companies traded on PLUS may be included in the portfolio.