Artemis Alpha Trust has reported results for the six months ended 31 October 2014. this was a difficult period for UK Smaller Companies with the FTSE Small Cap Index falling by 6% and the FTSE AIM All-Share Index falling by 11.9%. The FTSE All-Share Index fell by 1.6%. Artemis Alpha managed to increase its net asset value by 1.8% however. The interim dividend is 1.25p – 4% up on last year.
Two unquoted investments made a positive impact on returns; Lynton Holding Asia sold an investment in an aviation business and is expected to return cash to investors soon and KKR bought part of Artemis Alpha’s stake in The Hut Group at a price equivalent to double its carrying value and 3x cost.
The decision to slash the fund’s exposure to oil & gas some months ago proved to be a good one but holdings in Africa Oil, Providence Resources and Eland Oil & Gas took about 3.5% off the NAV nevertheless.
ATS : Artemis Alpha shines in difficult period