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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 4, 2026
The Artemis SmartGARP Global Smaller Companies Fund generated a net return of 8.8% in the third quarter of 2026, significantly outperforming the MSCI AC World Small Cap index, which declined 3.3%. Year-to-date, the strategy has delivered a net return of 22.9% against a 13.8% gain for the benchmark. Fund positioning reflects an active overweight stance in oil and gas and mining companies, alongside an underweight allocation to healthcare and technology. Geographically, the portfolio is oriented towards China, Taiwan, the United Kingdom, South Korea, and Brazil, while holding a substantial underweight position in the United States. The investment team emphasizes that global small caps provide compelling opportunities in profitable, cash-generative businesses that have been neglected by broad market participants. While small-cap earnings have expanded at rates comparable to large-cap peers in recent years, their equity valuations remain deeply discounted. Through its SmartGARP process, the strategy systematically screens for companies exhibiting improving financial metrics, upward analyst revisions, and reasonable profit multiples that remain overlooked by mainstream Wall Street research coverage. During the quarter, portfolio turnover was driven by bottom-up profit momentum shifts. The managers initiated new holdings in LG Innotek, Playtech, INDUS Holding, Newborn Town, and POSCO International, where earnings projections strengthened while valuations remained attractive. These buys were funded by fully divesting positions in Celanese, Lear, WH Group, Huayu Automotive, and Daifuku due to softening growth expectations or superior capital deployment alternatives elsewhere. Performance leaders included HF Sinclair, Par Pacific, and Kolmar Korea, while PROG Holdings and Collegium Pharmaceutical served as the primary performance detractors.
Global smaller companies offer attractive risk-adjusted upside through established, cash-generative businesses whose expanding profit trajectories are mispriced due to structural analyst under-coverage.
Smaller companies remain poised to deliver capital growth over multi-year horizons as market participants recognize their cash generation and close the wide valuation discount relative to large-cap equities.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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