Artemis UK Hedge Fd - Change to Investment Policy

RNS Number:8169L
Artemis UK Hedge Fund Limited
15 January 2008

STOCK EXCHANGE ANNOUNCEMENT

For Immediate Release
15 January 2008

Artemis U.K. Hedge Fund Limited

(the "Company")

Re: Change to Investment Policy

The Directors of the Company wish to announce the following changes to the
Company's investment policy which will become effective on and from 1 February
2008:-

Geographic Exposure

The investment policy currently provides that it is intended that the investment
portfolio of the Company and Artemis U.K. Hedge Fund L.P. (together the "Fund")
will consist mainly of investments in or with reference to securities of
companies listed or traded on U.K. equity markets, although some positions will
be taken in or with reference to securities of companies listed or traded on
European and Irish equity markets. It has been resolved to expand the
geographical exposure of the Fund's portfolio to permit investment in equity
markets outside of the U.K. and Europe whilst maintaining the focus of the
Fund's investments in the U.K. With effect from 1 February 2008, it is intended
that a majority of the Fund's investment portfolio will consist of investments
in or with reference to securities of companies listed or traded on U.K. equity
markets. The Fund may invest in or with reference to securities of companies
listed or traded on or in any European market or on or in any other market
worldwide.

Net Exposure Range

The investment policy currently provides that typically the Fund will only have
a small net market exposure, although from time to time a net short or net long
position within a range of approximately 10 per cent. net short to approximately
50 per cent. net long. may be established in order to take advantage of market
movements. These limits are to be increased so that from 1 February 2008,
typically the Fund will not have a large net market exposure, although from time
to time a net short or net long position within a range of approximately 100 per
cent. net short to approximately 100 per cent. net long in order to attempt to
take advantage of market movements.

Sector Exposure Limits

The sector exposure limits are to be increased from the current position that it
is intended to keep net exposure to any one industry sector within a range of -/
+ 10 per cent. to the position that it is intended to keep net exposure to any
one industry sector within a range of -/+ 40 per cent.

Holdings

The investment policy currently provides that Artemis Investment Management
Limited (the "Investment Manager") would expect the Fund to hold between 40 and
80 positions - split approximately evenly between longs and shorts. It further
provides that with this number of holdings each stock position is generally
likely to account for between 1 per cent. and 3 per cent. of the Fund's net
assets with a maximum position of 5 per cent. of net assets for long positions
and a maximum of 4 per cent. for short positions. From 1 February 2008 the
Investment Manager would expect the Fund to hold between 40 and 100 positions -
split approximately evenly between long and shorts. With this number of holdings
each stock position is generally likely to account for between 1 per cent. and 5
per cent. of the Fund's net assets with a maximum position of 10 per cent. of
net assets for long positions and a maximum position of 5 per cent. of net
assets for short positions.

Leverage

The investment policy currently provides that the Investment Manager would
normally expect the gross investments of the Fund (longs plus shorts) to equal
between 100 per cent. and 200 per cent. of the Fund's net assets, subject to a
maximum limit of 400 per cent. of net assets. From 1 February 2008 these limits
will be increased and the Investment Manager would normally expect the gross
investments of the Fund (longs plus shorts) to equal between 150 per cent. and
300 per cent. of the Fund's net assets subject to a maximum limit of 500 per
cent. of net assets.

Enquiries:
HSBC Securities Services (Ireland) Limited Investor Services +353 1 291 7324

J&E Davy Niamh Moran +353 1 614 8933

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange.

This information is provided by RNS
The company news service from the London Stock Exchange
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