Independent and owner-managed, Artemis is a leading UK-based fund manager. It manages some £29.7bn* of clients’ money across a range of funds, two investment trusts, a venture capital trust and both pooled and segregated institutional portfolios.
Since its foundation in 1997, the firm’s aim has always been to offer exemplary performance and client service. All Artemis’ staff share these two precepts – and the same flair and enthusiasm for fund management.
Artemis’ fund managers can only invest in their own and their colleagues’ funds, which aligns their interests directly with those of Artemis’ investors. Whatever markets are doing, there are opportunities for active managers to make above- average returns. Artemis’ fund managers only buy a share if they think it is undervalued, and not because it represents a big proportion of the index. Artemis respects benchmarks – but is not driven by them. This produces ‘high conviction’ portfolios which differ markedly from those of competitors and benchmark indices.
Artemis has a history of recruiting and training fund managers with proven skills – and an excellent record of retaining fund managers. Artemis’ managers have the freedom to invest without the constraints of a single house style or process. Yet Artemis’ policy of co-investment gives its fund managers every reason to share their views with each other. Open, communicative and always keen to debate investment ideas, Artemis’ managers immerse themselves in their markets. They do this through research (both their own and external), conferences, meetings with analysts, economists and industry experts, and with the management of companies, and also in formal and informal conversations with each other.
Artemis operates a ‘knowledge management system’ (called Delphi, as in the Greek oracle). Delphi stores all this information and analysis so that it can be shared across the firm.
Some of Artemis’ fund managers also use proprietary stock-screening systems, which narrow down the number of stocks to be examined in more detail. This allows the managers to concentrate their time, knowledge and skills on the most promising investments.
Keeping bureaucracy to a minimum, Artemis allows its managers to concentrate on what they do best – selecting the right stocks or bonds for clients. Artemis’ investment teams have a collegiate approach. Drawing on each other’s experience and knowledge, sharing ideas and insights between teams, specialist units operate with support from the wider business towards a common goal.
Artemis is a Limited Liability Partnership (LLP) and currently has 29 partners who are fund managers and other key individuals at the firm. Affiliated Managers Group (AMG) and the management of Artemis own 100% of the equity of the business. This is a financial partnership: AMG takes a share of the revenues produced by Artemis, but does not get involved in the day-to-day running of the business. Artemis believes that a LLP is the ideal structure for an investment management business. It means freedom from the (often) short-term demands of shareholders; and it allows Artemis to focus entirely on trying to meet or exceed its clients’ needs. The partnership enables Artemis to manage generational change, whilst also attracting new talent.
Artemis’ growth has been largely organic, and the partnership is firmly committed to remaining independent. The firm’s aim is likewise unchanged: superior, long-term returns for the people whose money Artemis manages.