Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 10.00% |
| 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| 10.0% | 29.5% | 21.8% | -14.9% | 22.7% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 10.00% |
| 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| 10.0% | 29.5% | 21.8% | -14.9% | 22.7% |
Artemis US Select delivered strong Q4 2025 performance of 7.0% versus 2.7% for the S&P 500, driven by successful stock selection in AI-related semiconductors and healthcare. The fund outperformed for the full year with 10.0% returns versus 9.6% for the benchmark. Key contributors included AMD following AI partnerships, Cardinal's strong healthcare results, and Micron's sold-out memory chips with improved margin outlook. The manager actively repositioned the portfolio, increasing exposure to pharmaceuticals and semiconductors while reducing media and industrials positions. New positions in IQVIA and Applied Materials reflect the healthcare and semiconductor themes. Looking ahead to 2026, the manager expects greater dispersion between AI winners and losers, broader sector participation in market returns, and benefits from falling interest rates and deregulation for financial companies and M&A activity. The fund maintains confidence in its ability to identify these trends early, having demonstrated success in analyzing the AI trade over three years.
The fund focuses on identifying AI winners and losers while building exposure to underperforming sectors like healthcare, positioning for broader market participation and benefiting from falling interest rates and deregulation.
The manager is excited about several themes moving through 2026, expecting greater AI winner/loser dispersion, more sectors contributing to market returns, and benefits from falling rates and deregulation for financials and M&A activity.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 12 2026 | 2025 Q4 | AMAT, AMD, AXON, CAH, CTVA, ETN, IQV, KO, LLY, LYV, META, MU, NVT, PH, RCL, WDC | AI, growth, healthcare, Pharmaceuticals, semiconductors, technology, US Equities | - | The manager expects greater dispersion between AI winners and losers, having demonstrated ability to analyze and identify these groups over the past three years. AMD… |
| Nov 11 2025 | 2025 Q3 | AAPL, ABBV, BE, FIX, TSLA, TXN, WDC | AI, Data centers, demand, infrastructure, semiconductors | PH | The fund highlights accelerating momentum in AI-linked spending, with semiconductor and data-center demand driving results across several holdings. Strong revenue growth from companies supplying AI… |
| Aug 4 2025 | 2025 Q2 | - | earnings, Resilience, selectivity, U.S. Equities, volatility |
AAPL CMG NVDA |
The letter emphasizes resilience in U.S. equities supported by earnings growth, easing inflation pressures, and adaptive corporate behavior. Portfolio activity reflects confidence in select technology,… |
| May 22 2025 | 2025 Q1 | AAPL, AVTR, CTVA, FIX, GOOG, SAIA, VMC, WST | - | - | - |
| Jan 28 2025 | 2024 Q4 | AAPL, AMZN, AVTR, BLDR, FI, FWONK, GS, VST | - | - | - |
| Nov 6 2024 | 2024 Q3 | BLDR, MCK, NVDA, VST, WDC | - | - | - |
| Jul 10 2024 | 2024 Q2 | NVDA | - | - | - |
| Apr 25 2024 | 2024 Q1 | AAPL, CNM, META | - | - | - |
| Jan 8 2024 | 2023 Q4 | AMZN | - | - | - |
| Oct 9 2023 | 2023 Q3 | CEG, CSX, DXCM, META | - | - | - |
| Jul 18 2023 | 2023 Q2 | CX, DXCM | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
PharmaceuticalsEli Lilly represents a high-quality growth franchise in global healthcare, with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages. The company's GLP-1 treatments continue to see demand outpace supply with additional indications on the horizon. |
Pharmaceuticals GLP1 Diabetes Obesity Healthcare | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
| 2025 Q2 |
Resilience2025 tested the fund's thesis severely with a bankruptcy, major customer losses, and cyber-attacks, yet delivered 17.45% net returns. The manager emphasizes that edge comes from exploiting inefficiency rather than avoiding adversity, demonstrating portfolio resilience through active management. |
Adversity Active Management Drawdowns Volatility |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Aug 4, 2025 | Fund Letters | Cormac Weldon | AAPL | Apple Inc. | Information Technology | Consumer Electronics | Bull | NASDAQ | Brand, growth, Margins, services, technology, valuation | Login |
| Aug 4, 2025 | Fund Letters | Cormac Weldon | CMG | Comfort Systems USA Inc. | Consumer Discretionary | Construction & Engineering | Bull | NYSE | backlog, construction, growth, Industrial, Margins, valuation | Login |
| Aug 4, 2025 | Fund Letters | Cormac Weldon | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, datacenter, growth, Margins, semiconductors, valuation | Login |
| Nov 11, 2025 | Fund Letters | Cormac Weldon | PH | Parker-Hannifin Corporation | Industrials | Industrial Machinery | Bull | New York Stock Exchange | Aerospace, Free Cash Flow, Industrials, Margins, ROIC | Login |
| TICKER | COMMENTARY |
|---|---|
| AMAT | Top gainers in the Fund this quarter included Applied Materials (+26%). During the quarter, we trimmed the Fund's holding in Applied Materials as it rallied |
| AMD | AMD was mentioned as an example of businesses that already make money, have shown they can do so through cycles and are priced so that we do not need everything to go right. |
| AXON | Axon Enterprise Inc. develops and produces Taser weapons and body cameras for law enforcement agencies. Investors have grown accustomed to big beats and raises from Axon. A slight beat to third-quarter projections and mixed fourth-quarter guidance triggered a -21% decline. We added to the position due to solid customer growth and retention. There are also numerous growth drivers for their business including Taser 10, bodycam 4, and their artificial intelligence software bundle. |
| CAH | CARDINAL HEALTH INC contributed 0.30% to relative performance |
| CTVA | A decision to separate Corteva's seed and crop protection businesses into two listed entities worked against the agricultural company. The separation may create long-term value, but we sold out of the position on what we felt was a more uncertain outlook. |
| ETN | Eaton's shares pulled back in August following strong performance through July. Like many companies in the industrials complex, Eaton's results did not exceed very high investor expectations. Moving into 2026, we anticipate accelerated growth for the company that is tied to strong trends in data center, aerospace, and defense markets. |
| IQV | IQVIA contributed meaningfully as fears around biotech funding and clinical activity began to ease. While sentiment toward the sector remains fragile, the company's role as a mission-critical infrastructure to drug development remains unchallenged. The first leg of the industry's recent rally was sparked by stabilization, rewarding patience through a prolonged industry downturn. We expect the next leg to gain steam as the recovery accelerates. |
| KO | The Coca-Cola Company represents 9.3% of company owned with cost basis of $1,299 million and market value of $27,964 million, providing $816 million in 2025 dividends. |
| LLY | Eli Lilly shares were a top performer in 4Q25 after delivering strong Q3 2025 earnings in October. Revenue rose 54% year-over-year to $17.6 billion, and adjusted EPS of $7.02 beat consensus of $6.02. Growth was driven by its GLP-1 franchises, Mounjaro and Zepbound, where sales more than doubled year-over-year, alongside strength in other therapeutic areas. Management raised full-year guidance for both revenue and earnings, reinforcing investor confidence in the company's growth outlook. |
| LYV | The ticketing operator delivered a mixed but broadly encouraging update, although some divisions saw a slowdown in profit growth. |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| MU | Core gains were led by investments in the Technology sector including Micron |
| NVT | nVent had a positive 2025 due to surging data center demand related to liquid cooling of servers and a key acquisition helping to improve revenue. |
| PH | The provider of monitors and sensors highlighted an increase in orders across its business, supported by stronger aerospace and HVAC (heating, ventilation and air conditioning) demand. |
| RCL | Royal Caribbean uses technology and AI to optimize pricing, packaging, promotions, and other front-end functions. It also is a heavy user of technology onboard, with many apps created for crew members and for customers to streamline the experience as much as possible. The end product is an amazing, fun vacation at great value, but technology is leveraged in many ways to deliver that experience seamlessly to customers. |
| WDC | Sandisk is a provider of high-performance flash memory storage products (Solid State Drives, memory cards, and USB Flash Drives, etc.). AI requires immense volumes of fast, high-capacity data storage in data centers, edge devices, and consumer products, creating strong demand for its flash memory solutions which in turn allowed the company to exercise pricing power. This all culminated in very strong results and raised guidance during the quarter, as the company appears poised to experience AI-related tailwinds for the foreseeable future. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||