| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 4.2% | -7.5% |
The Artemis Global Select Fund returned 4.2% in Q2 2025, underperforming benchmarks amid volatile markets driven by Trump's tariff announcements and subsequent policy reversals. The manager believes economic and political factors are now the primary drivers of asset prices rather than corporate fundamentals, despite healthy profit outlooks with 10% EPS growth expected. Key detractors included Fiserv due to Clover business slowdown and UnitedHealth following profit warnings and CEO departure, leading to a complete exit. Semiconductor stocks rebounded strongly with SK Hynix, TSMC, Nvidia and Texas Instruments contributing positively. The fund initiated major positions in Texas Instruments, capitalizing on industrial cycle trough and factory investment completion, and Sandoz, targeting biosimilar growth as patents expire. Latin American exposure through Nu Holdings benefited from reduced tariff fears. Looking ahead, tariff uncertainty persists with 10-20% rates appearing priced in, while European markets show improving fundamentals despite near-term weakness, creating selective opportunities for patient capital deployment.
The fund focuses on selective global stock picking in an environment where economic and political factors are driving asset prices more than corporate fundamentals, with particular emphasis on semiconductor recovery, biosimilar growth opportunities, and emerging European value after years of underperformance.
The manager believes corporate profits look healthy with 10% EPS growth expected, but economic and political environment will be the main driver of asset prices. Share prices continue to be volatile due to tariff uncertainty, potential for rising bond yields, and unclear global growth path. In Europe, fundamentals show weakness but the manager believes the story is better balanced and is finding more interesting investment ideas.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Aug 4 2025 | 2025 Q2 | 000660.KS, FI, NU, NVDA, RYA.L, SDZ.SW, TSM, TTEK, TXN, UNH | Biosimilars, Europe, Fintech, global, healthcare, semiconductors, tariffs, Trade Policy |
TXN SDZ |
Global fund returned 4.2% in volatile Q2 driven by tariff uncertainty rather than fundamentals. Exited UnitedHealth on CEO departure, initiated Texas Instruments on industrial cycle recovery and Sandoz on biosimilar growth. Semiconductor rebound helped performance while Latin American exposure benefited from reduced trade fears. European opportunities emerging despite near-term weakness. |
| Mar 31 2025 | 2025 Q1 | 6273.T, AMZN, ASML, CEG, FI, GLOB, LISP.SW, META, NVDA, PG, SAF.PA, STAN.L, TSM, TTEK, WPM | AI, defense, global, Quality, semiconductors, tariffs, technology, value |
GLOB NVDA AMZN TSM CEG STAN.L WPM PG TTEK META SAF.PA |
Fund declined 7.5% as AI competition from Chinese startup DeepSeek and Trump tariff uncertainty drove technology selloffs. Manager actively repositioning across four tariff scenarios, adding defensive quality names like Procter & Gamble while trimming overvalued positions. Current market turmoil viewed as opportunity to buy quality businesses at attractive prices. |
| Feb 11 2025 | 2024 Q4 | 6861.T, AENA.MC, AMZN, AVGO, AXP, DG.PA, DGE.L, EL, ELV, FI, GOOGL, NVO, OTIS, TSLA, TSM, UBER, VMC, WFC | financials, global, industrials, infrastructure, payments, tariffs, technology |
AXP VMC WFC OTIS |
Artemis Global Select underperformed in Q4 as large tech rallied without fund participation. New positions in American Express, Vulcan Materials, and Wells Fargo target network effects, infrastructure spending, and deregulation benefits. European exposure reduced due to tariff threats and economic fragility. Trump victory creates market-friendly backdrop with rate cut support expected in 2025. |
| Nov 19 2024 | 2024 Q3 | 0700.HK, 2020.HK, 3690.HK, 6273.T, AAPL, AMZN, CEG, ELV, GOOGL, MTX.DE, NVO, SNPS, TCOM, TXN | China, Cloud, healthcare, semiconductors, Stimulus, technology, Valuations |
AMZN SNPS 2608.HK 0700.HK 6273.T |
Artemis Global Select underperformed in Q3 due to tech volatility and healthcare weakness, but managers remain constructive on 2025 outlook. They rotated toward China and Europe while reducing US exposure, adding Anta Sports and Tencent while selling Alphabet and Apple. Central bank support and Chinese stimulus should provide tailwinds despite geopolitical risks. |
| Jul 30 2024 | 2024 Q2 | 7911.T, 7958.T, AAL.L, CPRI.MI, DG.PA, EICHERMOT.NS, EL, FUJIFILM, GFNORTEO.MX, HDB, ICE, META, MTX.DE, MUFG, NKE, RIO, RVTY, RYAAY, TCOM, TMO, TSM | AI, China, consumer, global, healthcare, India, semiconductors, technology |
TSM HDB EICHERMOT.NS EL RYA.L GFNORTEO.MX |
Global equity fund delivered modest 0.5% quarterly returns despite strong semiconductor gains from AI demand. Portfolio benefits from TSMC's 22.5% surge offset by China-exposed consumer names like Estée Lauder. Managers adding Japanese exposure and infrastructure plays while maintaining overweight to technology and emerging markets. Positioned for broadening returns beyond tech as rates decline and Chinese stimulus materializes. |
| May 13 2024 | 2024 Q1 | 3690.HK, AMD, AMZN, BKR, CPRI.MI, ELV, HDB, INTC, META, MU, NESN.SW, NVDA, PDD, RVTY, RYAAY, TMO | AI, China, consumer, financials, global, healthcare, semiconductors, technology | - | Artemis Global Select outperformed in Q1 2024 driven by AI-exposed technology stocks like Nvidia and Meta. Managers repositioned away from Japan after strong gains, increased emerging market exposure, and initiated positions in quality names like AMD and Nestlé. Despite bubble concerns in some sectors, they continue finding attractive opportunities in best-in-class businesses with sustainable growth. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q2 |
SemiconductorsSemiconductor shares rebounded strongly during the quarter with SK Hynix, TSMC, Nvidia and Texas Instruments among top contributors. Texas Instruments was initiated as a major position based on being at the trough of the industrial cycle with inventory run down, and coming to the end of heavy factory investment cycle in the US. |
Analog Memory Foundries Industrial Inventory |
FintechFiserv was a major detractor due to slowdown in Clover business sales growth, though the manager added to the position believing the slowdown to be temporary. Nu Holdings benefited from Latin American market rebound and is ramping up its fintech banking model in Mexico. |
Payments Digital Banking Latin America Mexico Growth | |
HealthcareUnitedHealth was a significant detractor with unexpected profit knocks from higher healthcare service usage, CEO departure, and suspended 2025 guidance leading to position exit. Sandoz was initiated as a major position focused on biosimilars growth opportunity. |
Managed Care Generics Biosimilars Patent Expiry Growth | |
Trade PolicyTrump's tariff announcements on Liberation Day initially drove markets lower, but subsequent postponement and reduction led to recovery. The market still doesn't know the end point for tariffs with endless negotiations, with 10-20% effective rate on US imports appearing priced in. |
Tariffs Negotiations Import Tax USMCA Uncertainty | |
| 2025 Q1 |
AIAI developments significantly impacted portfolio performance during the quarter. Chinese AI startup DeepSeek's launch at much lower cost than US competitors caused reassessment of western technology companies' leadership in AI, leading to selloffs in Nvidia and other AI-related holdings. The manager continues evaluating the impact of this competitive threat on demand. |
Artificial Intelligence DeepSeek Technology Competition Semiconductors |
Trade PolicyPresident Trump's tariff announcements and implementation speed caught investors by surprise, fundamentally changing underlying market conditions. The manager has developed a four-scenario framework to assess tariff impacts, ranging from policy rollback to global recession, with probabilities shifting significantly post-implementation. |
Tariffs Trump Policy Global Trade Uncertainty | |
Defense SpendingTrump's call for NATO members to increase defense spending prompted the German government to commit major sums to rearmament. The manager added to aerospace & defense company Safran after a share price decline, positioning for increased defense expenditure. |
NATO Defense Rearmament Government Spending Aerospace | |
| 2024 Q4 |
PaymentsAmerican Express was purchased based on its strong brand positioning and network effects with high-income customers. The company benefits from reward benefits funded by partners and membership fees creating customer stickiness. Card network revenues, membership and spend per card continue growing while higher rewards appear to increase usage. |
Credit Cards Networks Rewards Membership |
Infrastructure SpendingVulcan Materials was added as the largest US construction materials supplier. The company should benefit from continued government spending on hurricane repair and longer-term infrastructure projects, plus recovery in non-residential activity supporting building activity. |
Construction Government Materials Recovery | |
SemiconductorsTaiwan Semiconductor Manufacturing Company delivered strong results showing continued benefit from semiconductor demand at attractive margins. Despite good fundamentals, shares trade at a significant discount to competitors. Keyence also delivered better results than competitors despite industry weakness. |
Foundries Demand Margins Valuation | |
Trade PolicyTrump's tariff threats contributed to Chinese market weakness despite prior stimulus gains. The managers believe tariff threats may be overstated and used as negotiating tactics. Europe faces additional challenges from potential US import tariffs making difficult conditions worse. |
Tariffs China Negotiation Europe | |
| 2024 Q3 |
AIAugust began with a severe sell-off as investors questioned whether potential profits from artificial intelligence were enough to justify the lofty valuations of giant technology companies. The market was quick to recover though, suggesting continued underlying interest in AI themes. |
Technology Valuations Semiconductors |
Semiconductor CycleSamsung was the biggest detractor due to a lengthy slowdown in the semiconductor cycle and manufacturing issues. Texas Instruments moved to high valuations versus competitors, while Synopsys benefits from the move towards larger and more complex chips. |
Semiconductors Cyclical Manufacturing | |
ChinaChinese companies Trip.com and Meituan reacted well to stimulus measures. The managers added Anta Sports and Tencent following a research trip to China. They note the average Chinese household has higher savings than before the pandemic and has paid off debt. |
Stimulus Consumer Technology | |
CloudAmazon's cloud computing division generates revenues of more than $100 billion per annum and is growing at 18% a year with expected profit margins in the mid-30s. Constellation Energy signed deals with Microsoft for long-term datacentre contracts. |
Data Centers Growth Microsoft | |
| 2024 Q2 |
AIThe fund benefited from strong returns across semiconductor holdings as the generative AI demand boom feeds through to the supporting hardware supply chain. Taiwan Semiconductor Manufacturing Company saw meaningful sales and profit growth as clients attempt to meet surging demand for AI chips. |
Semiconductors Hardware Chips TSMC Demand |
SemiconductorsStrong performance across semiconductor holdings driven by AI demand. TSMC returned 22.5% as the world's leading semiconductor manufacturer benefits from dominant market position allowing price increases and expanding profit margins. Free cashflow being reinvested into next generation capacity. |
TSMC Manufacturing Capacity Margins Technology | |
ChinaRenewed interest in Chinese shares with Hang Seng up nearly 9%. First-quarter 2024 economic growth exceeded expectations driven by rebound in global export demand, infrastructure spending and manufacturing capital expenditure. Expected government stimulus measures should lead to stabilization and growth. |
Growth Exports Infrastructure Stimulus Recovery | |
IndiaIndia's stockmarket made strong gains after initial concerns about election results abated. The fund has 4% invested in India with holdings like HDFC Bank and Eicher Motors benefiting from expected higher government spending and improving liquidity conditions. |
Elections Government Spending Banking Motorcycles | |
| 2024 Q1 |
AITechnology firms benefited from demand for artificial intelligence applications and the components necessary to power them. The fund invested in semiconductor companies involved in the AI supply chain, including Nvidia and AMD. |
Artificial Intelligence Technology Semiconductors Components |
SemiconductorsGrowth wouldn't have been possible without semiconductors, which are becoming ever more powerful. The fund has invested in many companies involved in the semiconductor supply chain including Nvidia, AMD, and Micron Technology. |
Chips Supply Chain Technology Hardware | |
ChinaChina's Hang Seng was the worst-performing major stockmarket over the quarter due to weak consumer spending and housing market. However, the fund selectively bought Chinese consumer companies like PDD and Meituan despite economic and political concerns. |
Consumer Valuations Economic Environment Political Risk |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Aug 4, 2025 | Fund Letters | Artemis Global Select Fund | SDZ | Sandoz Group AG | Health Care | Pharmaceuticals | Bull | SIX Swiss Exchange | Biosimilars, Diabetes, Generic Drugs, healthcare, Oncology, Patent cliff, pharmaceuticals, spinoff | Login |
| Aug 4, 2025 | Fund Letters | Artemis Global Select Fund | TXN | Texas Instruments | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | analog chips, capital expenditure, Cyclical Recovery, electronics, Industrial cycle, manufacturing, semiconductors, US | Login |
| May 28, 2025 | Fund Letters | Artemis Global Select Fund | META | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | digital advertising, innovation, social media, technology, undervalued, user engagement | Login |
| May 28, 2025 | Fund Letters | Artemis Global Select Fund | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bull | NYSE | Foundry, manufacturing, market leader, semiconductors, Taiwan, technology | Login |
| May 28, 2025 | Fund Letters | Artemis Global Select Fund | SAF.PA | Safran S.A. | Industrials | Aerospace & Defense | Bull | Euronext Paris | Aerospace, Aviation, Defense, france, Opportunistic, Value | Login |
| May 28, 2025 | Fund Letters | Artemis Global Select Fund | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | NASDAQ | AI, Cloud computing, e-commerce, market sentiment, technology | Login |
| May 28, 2025 | Fund Letters | Artemis Global Select Fund | GLOB | Globant S.A. | Information Technology | IT Consulting & Other Services | Bull | NYSE | contrarian, IT services, Software Development, Technology Services, Value | Login |
| May 28, 2025 | Fund Letters | Artemis Global Select Fund | PG | The Procter & Gamble Company | Consumer Staples | Personal Products | Bull | NYSE | brand portfolio, consumer staples, defensive, Pricing power, Retail Relationships, Scale Advantages | Login |
| May 28, 2025 | Fund Letters | Artemis Global Select Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Neutral | NASDAQ | AI, China, Competitive Threat, Gpu, semiconductors, technology | Login |
| May 28, 2025 | Fund Letters | Artemis Global Select Fund | WPM | Wheaton Precious Metals Corp. | Materials | Gold | Bull | NYSE | Commodities, Gold, Mining, Precious Metals, Record Revenues, Streaming | Login |
| May 28, 2025 | Fund Letters | Artemis Global Select Fund | CEG | Constellation Energy Corporation | Utilities | Independent Power Producers & Energy Traders | Neutral | NASDAQ | energy, Event-driven, M&A, profit-taking, utilities | Login |
| May 28, 2025 | Fund Letters | Artemis Global Select Fund | TTEK | Tetra Tech, Inc. | Industrials | Research & Consulting Services | Bull | NASDAQ | Consulting, contrarian, Engineering services, government contracts, political risk, Value | Login |
| May 28, 2025 | Fund Letters | Artemis Global Select Fund | STAN.L | Standard Chartered PLC | Financials | Diversified Banks | Bull | LSE | banking, capital allocation, Cost control, income growth, Share Buybacks, UK | Login |
| Dec 31, 2024 | Fund Letters | Artemis Global Select Fund | AXP | American Express | Financials | Consumer Finance | Bull | NYSE | consumer finance, credit cards, High-Income Demographics, membership model, network effects, Payment Networks, Premium Brand | Login |
| Dec 31, 2024 | Fund Letters | Artemis Global Select Fund | OTIS | Otis Worldwide | Industrials | Industrial Machinery | Bull | NYSE | China exposure, Elevators, Escalators, industrial services, Installed base, Maintenance Contracts, recurring revenue, Service Business | Login |
| Dec 31, 2024 | Fund Letters | Artemis Global Select Fund | VMC | Vulcan Materials | Materials | Construction Materials | Bull | NYSE | construction materials, government contracts, Hurricane Repair, infrastructure spending, market leader, non-residential construction, operational efficiency | Login |
| Dec 31, 2024 | Fund Letters | Artemis Global Select Fund | WFC | Wells Fargo | Financials | Banks | Bull | NYSE | banking, Deregulation, financial services, Political Catalyst, Regulatory Relief, Trump administration | Login |
| Sep 30, 2024 | Fund Letters | Artemis Global Select Fund | 2608.HK | Anta Sports Products Limited | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | HKEX | brand portfolio, China, Consumer Discretionary, Retail Transformation, Sportswear, store expansion, valuation discount | Login |
| Sep 30, 2024 | Fund Letters | Artemis Global Select Fund | 0700.HK | Tencent Holdings Limited | Communication Services | Interactive Media & Services | Bull | HKEX | China, Gaming, market leader, platform, social media, super app, technology, valuation | Login |
| Sep 30, 2024 | Fund Letters | Artemis Global Select Fund | 6273.T | SMC Corporation | Industrials | Industrial Machinery | Bull | TSE | high margins, Industrial automation, industrial machinery, Japan, market dominance, Pneumatics, Temporary Weakness | Login |
| Sep 30, 2024 | Fund Letters | Artemis Global Select Fund | AMZN | Amazon.com Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, e-commerce, growth, market share, technology, valuation | Login |
| Sep 30, 2024 | Fund Letters | Artemis Global Select Fund | SNPS | Synopsys Inc | Information Technology | Application Software | Bull | NASDAQ | chip design, EDA software, Industrial Software, merger, semiconductors, supply chain, technology | Login |
| Jun 30, 2024 | Fund Letters | Artemis Global Select Fund | RYA.L | Ryanair Holdings | Industrials | Passenger Airlines | Bull | LSE | Airlines, cash flow, Cost leadership, Europe, Fleet Investment, Low cost, market share | Login |
| Jun 30, 2024 | Fund Letters | Artemis Global Select Fund | HDB | HDFC Bank | Financials | Banks | Bull | NYSE | banking, Emerging markets, Government Spending, India, Liquidity, Private Sector | Login |
| Jun 30, 2024 | Fund Letters | Artemis Global Select Fund | EL | Estée Lauder Companies | Consumer Staples | Personal Care Products | Bull | NYSE | Beauty, China, Cosmetics, cost-cutting, margin expansion, premium brands, turnaround | Login |
| Jun 30, 2024 | Fund Letters | Artemis Global Select Fund | TSM | Taiwan Semiconductor Manufacturing Company | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI, Foundry, manufacturing, Pricing power, semiconductors, Taiwan, technology | Login |
| Jun 30, 2024 | Fund Letters | Artemis Global Select Fund | GFNORTEO.MX | Grupo Financiero Banorte | Financials | Banks | Bull | BMV | banking, Collaborative Government, Emerging markets, financial services, Mexico, political risk | Login |
| Jun 30, 2024 | Fund Letters | Artemis Global Select Fund | EICHERMOT.NS | Eicher Motors | Consumer Discretionary | Automobile Manufacturers | Bull | NSE | Consumer Discretionary, India, market share, Motorcycles, premium, Royal Enfield, Volume Recovery | Login |
| TICKER | COMMENTARY |
|---|---|
| FI | Shares in Fiserv fell after its Clover business, which provides hardware and software payment solutions to small and medium-sized businesses, experienced a slowdown in sales growth. Having previously taken some profits in the company, we added to our position on the weakness: we believe the slowdown to be temporary and other investors to have overreacted. |
| UNH | In its Q1 results, UnitedHealth announced another unexpected knock to profits from higher usage of its healthcare services, which caused us to re-evaluate the longer-term investment case. Later in the quarter, its shares sold off further when chief executive Andrew Witty unexpectedly stepped down and guidance for 2025 was suspended. We exited our position given all the uncertainty. |
| 000660.KS | Semiconductor shares rebounded strongly during the quarter, with SK Hynix, TSMC, Nvidia and Texas Instruments among our top 10 contributors. |
| TSM | Semiconductor shares rebounded strongly during the quarter, with SK Hynix, TSMC, Nvidia and Texas Instruments among our top 10 contributors. |
| NVDA | Semiconductor shares rebounded strongly during the quarter, with SK Hynix, TSMC, Nvidia and Texas Instruments among our top 10 contributors. |
| TXN | We only bought into the latter stock in April. Texas Instruments designs and manufactures analogue chips and semiconductors that are based on older technologies but are ubiquitous in everyday electronic devices. Our investment case centres on two aspects: 1. We believe we are at the trough of the industrial cycle, while inventory levels have been run down. 2. Texas Instruments is coming to the end of a heavy investment cycle in which it has spent significant amounts of money building factories in the US. As production ramps up, better utilisation should feed through to higher margins and returns. |
| RYA.L | Ryanair delivered strong quarterly results which reiterated positive trends for 2025 in both ticket pricing and demand. The company was also added to the MSCI World Index at the end of May, which should help boost ownership among investors. |
| NU | Digital bank Nu Holdings benefited from a rebound in Latin American markets as fears over tariff threats rescinded, most notably in Mexico where Trump did not dismantle the United States-Mexico-Canada Agreement (USMCA). We believe this decision implied a pragmatic angle in the US president's ideology where he refrained from targeting its biggest trading partners. In addition, Nu is ramping up its fintech banking model in Mexico, which is potentially its biggest market. |
| SDZ.SW | Pharmaceutical company Sandoz was spun out of Novartis in 2023. It manufactures and distributes generic and biosimilar medicine (a biological drug that is similar to medicine that has already been approved) for the treatment of diseases such as cancer, diabetes and arthritis. Key to the investment case of Sandoz is the projected growth in biosimilars over the next few years, with many biological medicines coming off patent. Yet we believe none of this is reflected in the share price. As the business model shifts towards this faster-growing side of the business, we think profits should grow more quickly and the share price should rise. |
| TTEK | We also continued to build our holding in Tetra Tech, which provides management consulting and engineering services for industrials. |
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