Artemis - Important information relating to Artemis Pan-European Absolute Return Hedged Class 'I' Acc
Important information relating to Artemis Pan-European Absolute Return Hedged Class 'I' Acc (GB00BMMV4J16)
At Artemis, we regularly review the funds across our range to ensure we are offering appropriate products to our investors. Given the size of the Fund (approximately £7 million, as at 31 March 2020), its investment performance and having received continued redemptions from the Fund, we have undertaken an assessment of the ongoing viability of the Fund and its future prospects, in terms of increasing size and scale through gaining new investors. Having considered a number of options, we have concluded that there are no suitable options for maintaining the Fund and closing the Fund is therefore in the best interests of investors.
When will the closure take place?
- The target closure date of the Fund is 20 May 2020 (the “Effective Date”). This date might be slightly later or earlier if that is necessary for operational reasons. If so, we will confirm the new Effective Date by publishing it on artemisfunds.com/fund-changes.
- In order to wind down the Fund in an orderly manner, the Fund will be suspended from the date of this letter and no subscriptions or redemptions into the Fund from investors will be allowed from the date of this letter onwards.
- How will you be impacted by the closure and what options are available to you?
The Fund will continue to operate within its stated investment objective and policy until the Effective Date. From the Effective Date, the Fund will sell down all remaining positions to make payments to investors.
- The costs associated with the closure of the Fund shall be borne by Artemis, including legal and regulatory charges but not the trading-related transaction costs associated with the disposal of the Fund's investments which will be borne by the Fund itself.
You are entitled to switch your shares into units/shares in another Artemis UK-domiciled fund, free of any transfer charges. If you would like to exercise this option, please contact us by post at Artemis Fund Managers Limited, PO Box 9688, Chelmsford, Essex, CM99 2AE or fax on 0845 076 2290 (outside the UK, +44 1268 441 508). Online and telephone instructions to switch will not be accepted. Please note that instructions to switch must be received no later than 12:00 noon (UK time) on the Effective Date. Switches will take place shortly after the Effective Date. We cannot offer you advice about which fund you may wish to switch to and we recommend that you consult with a professional adviser, and read the Key Investor Information Document of any alternative fund before you choose to invest.
If you choose not to switch your shares into units/shares in another Artemis UK-domiciled fund or do nothing, your shares will be redeemed at 12:00 noon (UK time) on the Effective Date (ISA investors may additionally choose to transfer their shares at this point). No redemption charge will be applied. The proceeds will be forwarded to the bank account details you provide in your confirmation (subject to satisfactory identification checks). We anticipate making a payment within 12 business days of the Effective Date but we will endeavour to make a payment sooner, if operationally possible.
Please note, redemption proceeds will be released on T+1 (03.06.20).
We are unable to provide tax advice and we therefore suggest that if you are in any doubt about the tax consequences of your election, you should consult a professional adviser. Please note that Artemis will not be responsible for or pay any investor’s personal tax liability arising from the closure.