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Artemis increases SmartGarp holdings

Artemis has boosted the number of holdings in its three SmartGarp funds following a six-month review of the quants-driven process.

Products and communications manager Nick Wells says the average number of holdings in the funds will rise by between 15 and 25 stocks as it looks to catch performance upside by buying earlier but at a much smaller level.

Artemis European growth, capital and global growth all use the SmartGarp process created by fund manager Philip Wolstencroft. The funds have struggled in the past year, with the group citing volatility as the main reason for difficult returns.

Wells says: “We are achieving a greater outcome by buying at the smaller level but are keeping the concentrated approach, with stocks we like still representing a big portion of funds. In the European growth fund, for example, the biggest holding was typically 3.5 per cent but it is now 5 per cent. We will add to a new holding if it continues to perform.”

Artemis has raised the control level of the quants process on its European growth fund from 75 to 90 per cent, with 10 per cent of the fund now controlled according to the manager’s judgement.

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