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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 4, 2026
Artemis US Select Fund generated a net return of -3.3% net of fees in the third quarter of 2026, trailing the S&P 500 GBP Net Total Return benchmark gain of 2.2% and the IA North America sector average net return of 1.0%. Year-to-date, the fund returned 19.3% net of fees compared to 14.0% for the primary benchmark. Relative underperformance during the quarter was primarily driven by sharp drawdowns across AI infrastructure suppliers and an underweight stance in mega-cap technology champions that staged a late-quarter rally. Exposure was adjusted to establish a slight overweight in hyperscalers while moderating AI hardware weights. The macroeconomic environment was characterized by economic resilience, prompting a 25-basis-point interest rate increase from the Federal Reserve and pushing 10-year Treasury yields to 5.28%. Despite a 42% surge in Brent crude oil driven by US-Iran geopolitical friction, broader corporate earnings continued to expand without widespread refinancing headwinds. Technology market leadership rotated away from semiconductor infrastructure toward software and cybersecurity platforms previously deemed susceptible to artificial intelligence disruption. Portfolio turnover reflected active repositioning across the AI ecosystem and cyclical healthcare. The strategy established new long positions in Twilio and Lumentum, while scaling stakes in Meta and Microsoft. Capital was reallocated away from ServiceNow, MongoDB following executive turnover, and Micron via profit-taking. High-conviction holdings in Cloudflare, IQVIA Holdings, and Thermo Fisher Scientific contributed positively, whereas JB Hunt and Applied Materials detracted due to transient operational and sentiment headwinds.
Active capital allocation across the US equity universe exploits sentiment dislocations across the AI ecosystem while targeting durable corporate earnings growth in technology, healthcare, and infrastructure.
US corporate earnings are expected to remain resilient and support equities even in an elevated interest rate environment. The opportunity within artificial intelligence is broadening from infrastructure suppliers into hyperscalers and application software.
Moderate Conviction Bullish
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