Hargreaves Lansdown labels Artemis fund “disappointing”

The Artemis European Growth fund managed by Peter Saacke and Philip Wolstencroft has been labelled “disappointing” by Hargreaves Lansdown.

Philip Wolstencroft
Philip Wolstencroft

Analyst Rob Morgan says: “It is somewhat of an understatement to say that Europe has been a difficult place to invest recently.

“Notwithstanding the difficult environment, however, the Artemis European Growth fund has been particularly disappointing, significantly underperforming its sector in recent years.”

Morgan says the fund’s Smart-Garp (growth at reasonable price) process had worked well between 2001 and 2008 but had struggled since the credit crisis began.

He adds: “However, we do believe the fund has the potential to improve. We often find that certain fund management processes work well over different periods.

“Whilst Smart-Garp has struggled recently, it has outperformed over many periods, particularly when markets have had a clear direction.”

The anlayst says the fund could perform well against peers “in certain environments over the long-term”.

Morgan says the fund is not included in Hargreaves Lansdown’s Wealth 150 list of favourite funds and that it would continue to monitor the fund “carefully”.

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