The Olympics is a symbolic victory for Saudi Arabian women, but let’s not get carried away

Uncomfortable questions must continue to be asked about the treatment of women’s sport.

Simply by entering the Olympic stadium for the opening ceremony, two Saudi Arabian women made history. The inclusion of Saudi Arabia alongside female athletes from Brunei and Qatar means that, for the first time since the modern Olympics began, every country will be represented by at least one woman.

For this and many other reasons, the 2012 Olympic Games has all of the ingredients to be the best for women, ever. There are more events for women, more medals on offer and the best female representation of women we have ever seen.

The Olympics will shine a spotlight on female athleticism this summer – celebrating women’s achievements and inspiring women to get more active. Our Go Girl campaign demands that this continue long after the games so that women’s sport is finally given the recognition it deserves.

Yet, in some areas of the world the barriers to participation are insurmountably high. Women have been able to participate in the Olympics since 1900, but it is only now that women from Brunei, Qatar and Saudi Arabia have been given this opportunity. In Saudi Arabia there is almost no tradition of female participation in sport and it was unclear until a few weeks ago whether Saudi women would be prevented from competing at all.

The Women’s Sport and Fitness Foundation (WSFF) called on the International Olympic Committee (IOC) to uphold the Olympic charter, which states that “any form of discrimination with regard to a country or a person on grounds of race, religion, politics, sex or otherwise is incompatible with belonging to the Olympic Movement.” We told the Saudis that sending a woman to compete as a neutral would be nothing more than a token gesture, completely at odds with the Olympic spirit. We celebrated when the decision to send female athletes was reached but recognised that it was a small step in a much longer journey.

Symbolic, yes. Revolutionary? Perhaps not.

The restrictions on Saudi women participating in sport in their country meant that it would have been impossible to find a suitably qualified athlete on home soil. Sarah Attar, who will be representing the county in the 800m, lives and trains in southern California. She has spent very little time in Saudi Arabia, where she would be unable to compete in public.

By contrast judo competitor Wodjan Shaherkani, has never stepped foot outside of the country. She is coached by her father in private and, with just a blue belt to her name, is woefully, and perhaps dangerously, under-qualified to compete at an international level. They are at the games thanks to the IOC's Principle of Universality, which says that a small number of non-qualified competitors can be sent to compete in the Olympics.

Squaring the appearance of Attar and Shaherkani with the deep societal barriers faced by women in Saudi Arabia is a troubling conundrum. It is a huge leap forward that the girls have been accepted as members of a team of elite athletes. But significant barriers remain.

The athletes are competing under strict sharia conditions. Both are commanded to wear “suitable clothing during competition” and will reportedly be accompanied by a “guardian” to accompany them at all at times. There were doubts over whether Shaherkani would be able to compete at all after a disagreement between the International Judo Federation and the Saudi’s over whether the wearing of a headscarf would be allowed.

Both athletes have been subjected to disturbing online abuse after daring to participate in the opening ceremony. The hashtag “Prostitutes of the Olympics” was circulating on the social networking site Twitter late last week in reference to the two women. With Shaherkani competing on Friday it remains to be seen how much worse the abuse will get. 

The inclusion of Attar and Shaherkani at the very least shines a spotlight on the sort of discrimination faced by women in Saudi Arabia. It sets a precedent of women’s participation, which will be difficult for the Saudi’s to reverse. But, we must not allow the international community to consider their inclusion in the games mission accomplished.

Uncomfortable questions must continue to be asked about the treatment of women’s sport - both at home and abroad.

As cyclist Lizzie Armitstead pointed out after her silver medal victory on Sunday, sexism remains an issue even in the western world, where women’s sport is underfunded and overlooked by the media. Online abuse is not reserved for Saudi competitors. Team GB weightlifter Zoe Smith has complained about internet trolls who have criticised her for participating in a "male" sport. While none of this compares with an outright ban on public participation, failing to make the case for equal treatment of female athletes at home certainly doesn’t help the international community’s case when pushing for better treatment of women’s sport abroad.

Our research shows that female role models are essential for inspiring women to become more active. Participating in sport makes girls more likely to achieve educational and career goals, avoid teenage pregnancy and develop greater body confidence. Making sport more accessible to women therefore goes hand in hand with the achievement of a more equal, democratic and progressive society.

Attar and Shaherkani should feel very proud to take their place in history.

But, London 2012 can only be considered a true success if it marks the beginning of a shift in attitudes towards women’s sport the world over.

This must be the true legacy of the Olympic Games.

Sue Tibballs is the chief executive of the Women's Sport and Fitness Federation

Sarah Attar of Saudi Arabia carries her country's flag during the Opening Ceremony. Photograph: Getty Images
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Artemis Monthly Distribution Fund: opportunities in volatile markets...

The Artemis Monthly Distribution Fund is a straightforward portfolio that combines bonds and global equities with the aim to deliver a regular income. It is run by James Foster and Jacob de Tusch-Lec. James also manages the Artemis Strategic Bond Fund whilst Jacob also manages the Artemis Global Income Fund. Whilst past performance is not a guide to the future, the Monthly Distribution Fund has returned 76.7%* since launch in 2012. Its current yield is 3.9%. It is also the top performing fund in its sector.*

Political uncertainty and the actions of central banks continue to create market volatility. In this article, James Foster talks about the opportunities this has provided and which areas of the market he considers most attractive.


The approach of the European Central Bank (ECB) has been both broad and radical. The increase to its quantitative easing (QE) programme has helped to push the yields on an even wider range of government bonds into negative territory. The cheap financing it offered to banks was less expected. To date, however, it has done little to ease fears that European banks are in trouble. The performance of bank shares across Europe (including the UK) has been abominable. Returns from their bonds, however, have been more mixed.

Bonds issued by banks and insurers are an important part of the portfolio. We increased our positions here in February but reduced them subsequently, particularly after the UK’s referendum on the EU in June. Our insurance positions have increased in importance. New Europe-wide solvency rules were introduced at the beginning of the year. They make comparisons easier and give us more comfort about the creditworthiness of these companies.

As part of its QE programme, the ECB announced that it would start buying corporate bonds with the aim of reducing borrowing costs for investment-grade companies. After months of preparation, the purchases began in June. The mere prospect of the ECB buying corporate bonds proved as significant as the reality. The implications, however, could be even more profound than they initially appear. Bonds of any investment-grade issuer with a European subsidiary are eligible.

Moreover, the ECB has changed the entire investment background for bonds. Companies are more likely to do their utmost to retain their investment-grade ratings. The financial benefits are so great that they will cut their dividends, issue equity and sell assets to reduce their borrowings. We have already seen RWE in Germany and Centrica in the UK undertaking precisely these policies.

High-yield companies, meanwhile, will do their utmost to obtain investment-grade ratings and could also lower their dividends or raise equity to do so. This creates a very supportive backdrop to the fund’s bonds in the BBB to BB range, which comprise around 28% of the portfolio.

The backdrop for higher-yielding bonds – those with a credit rating of BB and below – has also been volatile. Sentiment in the first quarter of 2016 was weak and deteriorated as the risk of recession in Europe increased. These types of bonds react very poorly to any threat of rising default rates. With sentiment weak in February and March, they struggled. However, the generosity of the ECB and stronger economic growth readings helped to improve sentiment. Default rates are higher than they were, but only in the energy sector and areas related to it.

We felt the doom was overdone and used the opportunity to increase our energy related bonds. Admittedly, our focus was on better quality companies such as Total, the French oil company. But we also increased positions in electricity producers such as EDF, RWE and Centrica. In a related move, we further increased the fund’s exposure to commodity companies. All of these moves proved beneficial.

One important area for the fund is the hybrid market. These bonds are perpetual but come with call options, dates at which the issuer has the option to repay at par. They have technical quirks so they do not become a default instrument. In other words, if they don’t pay a coupon it rolls over to the following year without triggering a default. In practice, if the situation is that dire, we have made a serious mistake in buying them. These hybrids have been good investments for us. Their technical idiosyncrasies mean some investors remain wary of these bonds. We believe this concern is misplaced. For as long as the underlying company is generating solid cashflows then its bonds will perform and, most importantly, provide a healthy income, which is our priority.


In equities, our response to the volatility – and to the political and economic uncertainties facing the markets– has been measured. We have been appraising our holdings and the wider market as rationally as possible. And in some cases, the sell off prompted by the Brexit vote appeared to be more about sentiment than fundamentals. We will not run away from assets that are too cheap and whose prospects remain good. We retain, for example, our Italian TV and telecoms ‘tower’ companies – EI Towers and Rai Way. Their revenues are predictable and their dividends attractive. And we have been adding to some of our European holdings, albeit selectively. We have, for example, been adding to infrastructure group Ferrovial. Its shares have been treated harshly; investors seem to be ignoring the significant proportion of its revenues derived from toll roads in Canada. It also owns a stake in Heathrow Airport, which will remain a premium asset whose revenues will be derived from fees set by the regulator whether the UK is part of the EU or not.

In equities, some European financials may now be almost un-investable and we have lowered our risk profile in this area. Yet there are a handful of exceptions. Moneta Money Bank, for example, which we bought at the initial public offering (IPO). This used to be GE’s Czech consumer lending business. The Czech Republic is a beneficiary of the ongoing economic success of Germany, its neighbour, and unemployment is low. The yield is likely to be around 8%. And beyond financials, prospects for many other European stocks look fine. Interest rates that are ‘lower for longer’ should be seen as an opportunity for many of our holdings – notably real estate companies such as TLG Immobilien  and infrastructure stocks such as Ferrovial – rather than a threat.


For high-yield bonds the outlook is positive. For as long as the ECB continues to print money under the guise of QE it will compel investors to buy high-yield bonds in search for income. The US economy is also performing reasonably well, keeping defaults low. Despite the uncertainty created by Brexit, that oil prices have risen means we can expect default rates to fall.

At the same time, there are a number of legitimate concerns. The greatest, perhaps, is in the Italian banking system. A solution to the problem of non-performing loans needs to be found without wiping out the savings of Italian households (many of whom are direct holders of Italian bank bonds). Finding a solution to this problem that is acceptable both to the EU and to Italian voters will be hard. Other risks are familiar: levels of debt across Europe are too high and growth is still too slow.

* Data from 21 May 2012. Source: Lipper Limited, class I distribution units, bid to bid in sterling to 30 September 2016. All figures show total returns with dividends reinvested. Sector is IA Mixed Investment 20-60% Shares NR, universe of funds is those reporting net of UK taxes.

† Source: Artemis. Yield quoted is the historic class I distribution yield as at 30 September 2016.



Source: Lipper Limited, class I distribution units, bid to bid in sterling. All figures show total returns with net interest reinvested. As the fund was launched on 21 May 2012, complete five year performance data is not yet available.


To ensure you understand whether this fund is suitable for you, please read the Key Investor Information Document, which is available, along with the fund’s Prospectus, from

The value of any investment, and any income from it, can rise and fall with movements in stockmarkets, currencies and interest rates. These can move irrationally and can be affected unpredictably by diverse factors, including political and economic events. This could mean that you won’t get back the amount you originally invested.

The fund’s past performance should not be considered a guide to future returns.

The payment of income is not guaranteed.

Because one of the key objectives of the fund is to provide income, the annual management charge is taken from capital rather than income. This can reduce the potential for capital growth.

The fund may use derivatives (financial instruments whose value is linked to the expected price movements of an underlying asset) for investment purposes, including taking long and short positions, and may use borrowing from time to time. It may also invest in derivatives to protect the value of the fund, reduce costs and/or generate additional income. Investing in derivatives also carries risks, however. In the case of a ‘short’ position, for example, if the price of the underlying asset rises in value, the fund will lose money.

The fund may invest in emerging markets, which can involve greater risk than investing in developed markets. In particular, more volatility (sharper rises and falls in unit prices) can be expected.

The fund may invest in fixed-interest securities. These are issued by governments, companies and other entities and pay a fixed level of income or interest. These payments (including repayment of capital) are subject to credit risks. Meanwhile, the market value of these assets will be particularly influenced by movements in interest rates and by changes in interest-rate expectations.

The fund may invest in higher yielding bonds, which may increase the risk to your capital. Investing in these types of assets (which are also known as sub-investment grade bonds) can produce a higher yield but also brings an increased risk of default, which would affect the capital value of your investment.

The fund holds bonds which could prove difficult to sell. As a result, the fund may have to lower the selling price, sell other investments or forego more appealing investment opportunities.

The historic yield reflects distribution payments declared by the fund over the previous year as a percentage of its mid-market unit price. It does not include any preliminary charge. Investors may be subject to tax on the distribution payments that they receive.

The additional expenses of the fund are currently capped at 0.14%. This has the effect of capping the ongoing charge for the class I units issued by the fund at 0.89% and for class R units at 1.64%. Artemis reserves the right to remove the cap without notice.

Any research and analysis in this communication has been obtained by Artemis for its own use. Although this communication is based on sources of information that Artemis believes to be reliable, no guarantee is given as to its accuracy or completeness.

Any forward-looking statements are based on Artemis’ current expectations and projections and are subject to change without notice.

Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Conduct Authority.