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Artemis hunts for recovery stocks

Artemis has introduced the UK special situations fund.

Aimed at investors who are looking for a medium to high risk investment, the fund is a unit trust that will seek long term growth.

Special situations will invest in recovery stocks. These can include companies that have been liquidated and which are being refinanced, or companies that have merged with others and are in the process of restructuring. The initial spread of companies will include Delta, which is moving from the cabling and plumbing sector to electrical engineering, and watch distributors Time Products, which is undergoing financial restructuring.

The resurrection of a bankrupt company does not necessarily mean that it will be a success the second time around. But companies that are restructuring are able to divest themselves of their less profitable parts and concentrate on their more successful areas.

According to Standard & Poor’s the Artemis UK smaller companies fund is ranked 10 out of 76 funds, based on £1,000 invested on a bid-to-bid basis with gross income reinvested over one year to February 19, 2001.

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