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Ratings dropped on three Artemis funds

Bestinvest has dropped its ratings on three Artemis funds, citing issues with fund size and investment process SmartGarp.

Artemis capital, UK special situations and UK smaller companies have all had their ratings dropped in recent weeks.

Artemis capital has struggled in the past year, producing third-quartile returns in the IMA UK all companies sector.

Bestinvest senior research analyst Stephen Marriott says much of the problem lies with SmartGarp. He says: “It has not done well for them on the capital fund in the past 18 months which is usually the case when an inflection point happens such as the move from value to growth we saw last summer.”

SmartGarp was designed by European growth fund manager Philip Wolstencroft and operates on capital, European growth and global growth funds.

Artemis product and communications director Nick Wells says: “As a quant-driven process, it has always evolved and a small tweak has seen the pro-cess move to an even more quant-driven basis but that does not mean it will not move back.”

Marriott says: “UK smaller companies has dropped as Mark Niznik has joined from Standard Life, with John Dodd focusing largely on the mining sector. We also feel the group now manages large amounts in the small-cap space. As for UK special situations, Derek Stuart’s fund has been hit by stocks that have been marked down.”


High price of loan deal

Mortgage commentators have welcomed the completion of HBOS’s 500m residential mortgage-backed securitisation recently but many are sceptical on whether it will have any impact on the market.


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