Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 62.2% | -6.1% | -6.1% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 62.2% | -6.1% | -6.1% |
The Artemis US Select Fund returned -6.1% in Q1 2026 versus -2.5% for the S&P 500, with sector allocation detracting despite positive stock selection. The quarter began strongly with AI hyperscaler investment announcements supporting sentiment and market broadening creating active management opportunities. However, escalating Middle East geopolitical tensions drove oil price spikes and inflation concerns, leading to interest rate repricing and March volatility. The fund benefited from AI data center investments through holdings in GE Vernova, Bloom Energy, Applied Materials, and Seagate Technology, while detractors included Constellation Energy (regulatory concerns), IQVIA and Wayfair (AI disruption fears), and underweight energy exposure. Portfolio activity included selling Microsoft and trimming Amazon and Alphabet to fund Broadcom, Targa Resources, Procter & Gamble, and Citizens Financial Group positions. The fund maintains largest overweights in industrials and healthcare while reducing technology allocation and increasing Magnificent Seven underweight. Despite quarterly underperformance, the fund delivered strong 21.2% returns over 12 months versus 15.1% for the index, positioning for continued market broadening beyond mega-cap concentration.
Active management positioned to exploit broadening market opportunities beyond mega-cap concentration, with overweight positions in industrials and healthcare while selectively participating in AI infrastructure beneficiaries.
The macro backdrop remains mixed but broadly supportive of US equities with resilient economic growth. Uncertainty remains elevated from geopolitical developments, fiscal dynamics and inflation influencing interest-rate expectations. Larger companies remain relatively well positioned due to scale, pricing power and balance-sheet strength. Signs of gradual broadening in market leadership beyond mega-cap stocks, combined with elevated dispersion in returns, creates a more favourable backdrop for active management.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 28 2026 | 2026 Q1 | AMAT, AMZN, ATI, AVGO, BE, CEG, CFG, GEV, GOOGL, IQV, MSFT, PG, RKT, STX, TRGP, W | AI, Data centers, energy, healthcare, industrials, semiconductors, technology |
CEG IQV W RKT GEV BE AMAT STX ATI AVGO TRGP |
Artemis US Select underperformed in Q1 2026 (-6.1% vs -2.5% S&P 500) due to sector allocation despite positive stock selection. AI data center beneficiaries performed well while energy underweight and regulatory concerns hurt. Portfolio rotation from mega-cap tech to industrials and healthcare continues, positioning for market broadening beyond narrow leadership. |
| 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 | - | Artemis US Select outperformed in Q4 2025 with strong AI semiconductor and healthcare stock selection. The manager increased pharmaceutical and semiconductor exposure while reducing media positions, positioning for greater AI winner/loser dispersion and broader sector participation in 2026. Falling rates and deregulation expected to benefit financials and M&A activity. |
| Nov 11 2025 | 2025 Q3 | AAPL, ABBV, BE, CAH, FIX, JPM, NVDA, TSLA, TXN, WDC | AI, Data centers, growth, large cap, semiconductors, technology, US | PH | Artemis US Select returned 9.6% in Q3, benefiting from AI momentum through Bloom Energy and Western Digital while reducing Texas Instruments on semiconductor weakness. Managers remain bullish on US markets citing healthy consumers, expected Trump tax cuts, rate cuts, and continued AI spending. Portfolio favors capital goods, semiconductors, and financials over tech hardware. |
| Aug 4 2025 | 2025 Q2 | AAPL, ABBV, ALL, CEG, CHD, CMFY, FI, KO, MU, NVDA, PCG, STX, TDG, TMO, TXN, WFC, WMT | Data centers, nuclear, semiconductors, tariffs, technology, US |
AAPL CMG NVDA |
Artemis US Select outperformed with 10.1% returns in Q2 2025, driven by data center and semiconductor exposure. The fund increased Nvidia to overweight expecting Blackwell chip profits to beat estimates, while reducing defensive positions. Despite tariff volatility and debt concerns, managers remain optimistic about US economic health and earnings growth outpacing international peers. |
| May 22 2025 | 2025 Q1 | AAPL, ALL, AVTR, CTVA, EXP, FI, GOOGL, GS, KO, PCG, SAIA, VMC, WST | AI, Data centers, healthcare, industrials, tariffs, technology, Trade Policy, value | - | Artemis US Select Fund fell 14.7% in Q1 2025 as Trump tariff uncertainty and Chinese AI competition disrupted markets. Managers adopted defensive positioning, reducing cyclical exposure while adding stable earners like Coca-Cola. Healthcare and industrials weighed on performance while technology underweights helped marginally. Cautious outlook maintained until trade policy clarity emerges. |
| Jan 28 2025 | 2024 Q4 | AAPL, AMZN, AVTR, BLDR, CEG, COHR, CPRI, ELV, FI, FWONK, GS, IP, KKR, LIN, NVDA, SAIA, TPG, UNH, VST, WMT | AI, Capital markets, energy, large cap, stock selection, technology, Trump | - | Artemis US Select outperformed in Q4 with 10.8% returns, driven by strategic Magnificent 7 positioning and diverse stock selection including independent power producers and Goldman Sachs. Managers reduced Apple exposure on China risks while adding cyclical names. Despite inflation and policy risks, they remain optimistic on 2025 prospects given strong US fundamentals and earnings growth expectations. |
| Nov 6 2024 | 2024 Q3 | AVGO, AVTR, BLDR, CEG, FWONA, GOOGL, INTC, MCK, META, MSFT, NVDA, PH, V, VST, WDC | AI, clean energy, energy, large cap, technology, US Equities, Utilities | - | Artemis US Select underperformed in Q3 but maintains YTD outperformance through strategic positioning in AI infrastructure, clean energy, and housing themes. Manager exited underperformers Intel and McKesson while adding Broadcom as largest new position. Strong performance from utilities Vistra and Constellation Energy offset technology headwinds. Expects continued volatility with election uncertainty ahead. |
| Jul 10 2024 | 2024 Q2 | AAPL, BLDR, COHR, ELV, GOOGL, LW, META, MU, NVDA, SAIA, SYK, TSLA, WDC | AI, growth, large cap, semiconductors, technology, US | NVDA | Artemis US Select Fund underperformed in Q2 but maintains strong YTD returns of 20.1%. Nvidia remains the top contributor despite growing manager caution about valuations. The fund continues finding AI infrastructure opportunities while reducing mega-cap underweights and adding healthcare exposure. Manager sees broadening opportunity set beyond technology dominance with asymmetric risk-reward across sectors. |
| Apr 25 2024 | 2024 Q1 | AAPL, ALL, CEG, CNM, EXP, HUM, META, NSC, NVDA, PCG, SAIA, TFII, WDC, ZTS | AI, industrials, infrastructure, Outperformance, stock selection, technology, Transportation |
AAPL META NSC ALL CNM |
Strong Q1 outperformance driven by stock selection, particularly underweighting Apple and overweighting Meta. Added positions in Norfolk Southern, Allstate, and Core & Main while trimming winners. Manager remains optimistic on company-specific opportunities despite macro uncertainty, focusing on microeconomic fundamentals with a healthy pipeline across sectors. |
| Jan 8 2024 | 2023 Q4 | AMZN, AVTR, BKR, BLD, BX, DXCM, EXP, HES, MCK, META, NVDA, TMO, WDC, WFC | Cloud, energy, financials, healthcare, Housing, semiconductors, technology |
AMZN BLDR |
Artemis US Select outperformed through stock selection, led by Amazon's AWS recovery and housing theme strength via Builders FirstSource and Eagle Materials. Energy and healthcare lagged. Manager took profits in Nvidia and Meta while adding to financials ahead of expected Fed rate cuts. Outlook centers on housing recovery, healthcare normalization, and memory-chip pricing stabilization. |
| Oct 9 2023 | 2023 Q3 | BX, CEG, CSX, DXCM, KHC, META, SAIA, TFII | active management, energy, healthcare, large cap, stock selection, technology, Transportation |
CEG ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO DXCM CSX AER|AWI|MUSA|NEU|SAIA|WTM TFII ABX |
Artemis US Select outperformed through stock selection as markets focused on fundamentals over factors. High-conviction holdings Constellation Energy and Meta drove returns via energy transition and AI themes. Freight consolidation opportunity from Yellow Corp bankruptcy benefits Saia and TFI International holdings. Despite higher-for-longer rate risks, manager sees continued opportunities in mispriced businesses, especially life sciences. |
| Jul 18 2023 | 2023 Q2 | AMZN, AVTR, BLDR, CEG, CPRT, CSX, DXCM, EXP, MCK, MCO, META, NVDA, ORCL, VMC | AI, Cloud, earnings, Housing, infrastructure, Recovery, technology |
AMZN ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO EXP BLDR VMC CSX ALTG|AREN|CVGI|PBPB|QBTS|QMCO|SCOR|TURN DXCM |
Artemis US Select outperformed with 10.4% Q2 returns driven by balanced stock picking across housing recovery and AI themes. Building materials companies benefited from strong housing starts while tech holdings Nvidia and Meta delivered on AI applications. New positions in CSX, Moody's, and Dexcom target recovery opportunities despite recession uncertainty. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI hyperscalers announced additional investments supporting positive sentiment. The fund benefited from AI data center investments through holdings in GE Vernova, Bloom Energy, Applied Materials, and Seagate Technology. However, some holdings like IQVIA and Wayfair were negatively impacted by concerns about AI disruption to data-oriented businesses. |
Data Centers Hyperscalers Infrastructure |
Data CentersStrong performance from companies benefiting from the huge wave of capital investment in AI data centers. GE Vernova saw demand from data centers outstrip supply, Bloom Energy announced major deals with data center participants including Oracle Cloud Infrastructure, and Applied Materials benefited from optimistic outlook for wafer-fabrication equipment due to AI data center demand. |
Power Generation Infrastructure Equipment | |
EnergyThe fund's underweight to oil & gas detracted from performance as escalating geopolitical tensions in the Middle East drove oil price spikes. The manager initiated a position in Targa Resources, a midstream energy business focused on gas and NGLs in the US Permian field, reflecting opportunities in natural gas liquids production growth. |
Oil Natural Gas Midstream | |
SemiconductorsApplied Materials benefited from optimistic outlook for wafer-fabrication equipment due to demand from AI data centers. Seagate Technology performed well driven by strong results and robust demand for memory supplied to data centers. Growing demand for semiconductors contributed to increased earnings forecasts for S&P 500 companies. |
Memory Equipment Manufacturing | |
| 2025 Q4 |
TechnologyThe Fund invests at least 80% of net assets in technology companies across multiple sub-industries including IT consulting, internet services, application software, communications equipment, semiconductors, and interactive media. The portfolio focuses on companies with sector-leading cash flows, attractive valuations, and sustainable profitability prospects. |
Software Hardware Semiconductors Internet Communications |
| 2025 Q3 |
AIContinued momentum in AI spending with very little sign of let-up. Strong demand from AI servers boosted Western Digital's memory chip business with 30% revenue growth. The fund took profits in AI-related names like Bloom Energy and Nvidia while remaining positioned for the ongoing AI infrastructure build-out. |
Data Centers Semiconductors Memory Cloud Servers |
SemiconductorsMixed semiconductor performance with Western Digital benefiting from AI server demand while Texas Instruments faced headwinds from falling semiconductor demand. The fund reduced its Texas Instruments position until seeing more evidence of recovery while maintaining exposure to AI-driven semiconductor opportunities. |
Memory Analog Semiconductors Semi Equipment AI Chip Designers | |
Data CentersBloom Energy delivered record quarterly performance with 20% revenue growth, highlighted by its partnership to provide power to Oracle Cloud Infrastructure data centers. This reflects the ongoing infrastructure investment required to support AI and cloud computing growth. |
Cloud Infrastructure Energy Power Equipment AI Oracle | |
| 2025 Q2 |
Data CentersThe fund is positioned in data center beneficiaries including Comfort Systems, Constellation Energy, Seagate, and Micron. Management cited strong demand persisting across tech/data centers with no current signs of slowdown in capital expenditure. Constellation announced a 20-year agreement with Meta to provide nuclear power for data centers. |
Data Centers Cloud Infrastructure Nuclear Storage |
SemiconductorsThe fund increased its Nvidia position back to overweight as analysis suggests profits will beat consensus estimates with the ramp-up of new Blackwell chips. Also bought Texas Instruments, expecting a cyclical upturn in demand for analog chips. Micron is experiencing a demand surge due to data center construction. |
Semiconductors AI Memory Analog GPUs | |
Trade PolicyUS tariffs were a significant market driver during the quarter, causing initial sell-offs before markets rebounded when enforcement was delayed. The fund managers expect inflation to creep up as tariff impacts are incorporated into pricing, with some consumer companies warning about tariff effects. |
Tariffs Trade Policy Inflation Pricing | |
| 2025 Q1 |
Trade PolicyTrump's tariff announcements are creating significant market uncertainty and forcing portfolio repositioning. The managers believe tariffs are likely permanent as a revenue generation mechanism for tax cuts, leading them to reduce exposure to companies sensitive to trade disruptions. |
Tariffs Trade War Supply Chain Revenue Tax Cuts |
AIThe introduction of Chinese AI company DeepSeek caused major market disruption, leading to widespread selling in AI-related stocks. However, the managers believe concerns about reduced AI spending are misguided as there's no hard evidence of actual spending cuts. |
DeepSeek AI Spending Technology Competition Efficiency | |
Data CentersComfort Systems represents an opportunity in data center construction, benefiting from skilled labor demand and Trump's domestic investment agenda. The company's ability to build data centers positions it well despite immigration policy constraints on labor supply. |
Construction Skilled Labor Infrastructure Immigration Investment | |
| 2024 Q4 |
AIThe mega caps' massive spending on AI has lifted various businesses from clean power producers to companies providing skilled labor to build data centers. This theme is likely to continue in the race to develop the best AI offering, though questions remain about forward returns impact. |
Data Centers Cloud Semiconductors Infrastructure Technology |
Independent Power ProducersVistra and Constellation Energy were positive contributors. Independent power producers with diversified energy mix can sell electricity into open markets at market rates. The combination of pricing advantage and nuclear assets makes these businesses attractive, especially positioned for data center deals. |
Nuclear Energy Utilities Data Centers Power | |
Capital MarketsGoldman Sachs was the largest active bet and top contributor. The firm benefits from favorable rate outlook as capital markets and M&A activity would likely pick up. Trump election expected to boost M&A activity through loosening regulation after FTC intervention made many transactions unattractive. |
Investment Banks M&A Regulation Interest Rates Trading | |
| 2024 Q3 |
AIAI infrastructure remains a key focus with memory chips being critical to AI development. NVIDIA experienced volatility due to Blackwell chip delays and broader AI concerns, but the manager maintains long-term optimism. Broadcom was added as a beneficiary of datacenter efficiency investments. |
AI Infrastructure Memory Datacenters Chips Computing |
Energy TransitionClean energy continues to be a strong theme with Vistra and Constellation Energy performing well. Vistra benefited from strong demand for clean energy from data centers, while Constellation secured a 20-year power purchase agreement with Microsoft for premium pricing. |
Clean Energy Power Utilities Renewable Grid | |
Data CentersData centers are driving demand for clean energy and infrastructure investments. The manager sees significant opportunities in companies that benefit from datacenter efficiency improvements and power requirements. |
Datacenter Infrastructure Power Efficiency Computing | |
| 2024 Q2 |
AINvidia finds itself in a unique situation as the only company that can supply the means to develop AI models. Its customers are the largest, most cash-generative companies in the world who are extremely motivated to make their own AI tools. The fund identified key beneficiaries of AI infrastructure buildout including companies supplying network cabling, lasers, and memory chips integral for training large language models. |
Data Centers Semiconductors Cloud GPUs Memory |
SemiconductorsThe fund has maintained an overweight position in Nvidia since Q2 2023, which stands as the top contributor over one year. However, the manager is becoming more cautious about the level of optimism and analyst estimates. Memory chip suppliers like Micron and Western Digital are seen as integral beneficiaries of the memory-intensive task of training large language models. |
Memory GPUs Semi Equipment Chip Designers AI | |
| 2024 Q1 |
AIMeta leveraged its AI Research SuperCluster to regain advertising targeting ability after Apple's privacy changes, supporting ad revenue recovery. AI integration within Meta's advertising business has been a key driver of performance. |
Advertising Targeting Revenue Recovery Technology Meta |
InfrastructureWater infrastructure in the US has been underinvested for years and is starting to receive funding, including from the infrastructure bill. This supports the outlook for Core & Main, which distributes pipes and fittings for water and waste-water applications. |
Water Funding Construction Municipal Investment | |
LogisticsThe fund holds positions in transportation companies including Saia (less than truckload), Norfolk Southern (rail freight), and TFI International (trucking). Norfolk Southern is expected to benefit from cyclical recovery combined with revenue growth and margin harmonization. |
Transportation Rail Trucking Freight Recovery | |
| 2023 Q4 |
HousingStructural shortage in housing inventory in the US with homeowners reluctant to move from low mortgage rates to high rates, creating demand for new builds. Household formation is picking up due to demographic shifts, favoring housebuilders and building material suppliers. |
Homebuilders Building Materials Mortgage Demographics |
CloudAmazon's AWS cloud business showing recovery from trough revenue growth with margins improving significantly. Expectation that AWS growth should accelerate into 2024 as the cloud recovery continues. |
AWS Cloud Infrastructure Revenue Growth Margins | |
| 2023 Q3 |
AIMeta's significant incremental investment in AI and datacentre infrastructure will lead to meaningful new revenue opportunities both through growing in existing markets and entirely new product categories. Constellation Energy benefits indirectly from the AI wave as energy-intensive data centres are being built in the states that Constellation serves. |
Data Centers Infrastructure Revenue Growth Energy Demand Technology |
Energy TransitionConstellation Energy is a nuclear power/clean energy supplier that benefits from customers' willingness to pay more given volatility in energy prices. Its reliability and focus on clean energy position it well as a trusted supplier in the energy transition. |
Nuclear Clean Energy Reliability Energy Security Power Generation | |
GLP1Novel GLP-1 diabetes drugs from Novo Nordisk and Eli Lilly treat Type 2 diabetes and obesity, with data showing cardiovascular benefits. Market concerns about reduced demand for diabetes management tools like CGMs appear overdone, as CGMs have a role in helping manage adoption of these new drugs. |
Diabetes Obesity Cardiovascular Medical Devices Drug Therapy | |
LogisticsYellow Corp bankruptcy created opportunities in the less-than-truckload freight industry. Both Saia and TFI International are positioned to benefit from capacity removal, improved pricing power, and volume increases as Yellow's freight shifts to other carriers. |
Freight Trucking Capacity Pricing Power Market Share | |
| 2023 Q2 |
AITechnology holdings including Amazon, Meta Platforms, Oracle and Nvidia all contributed to performance. Meta Platforms reported strong results driven by artificial intelligence applications in their advertising business. Nvidia was purchased ahead of their blowout earnings when they provided specific guidance on AI business size. |
Artificial Intelligence Machine Learning Technology Advertising Cloud |
Building MaterialsBuilding products positions Eagle Materials, Builders FirstSource, and Vulcan Materials performed well. Housing data continues to surprise positively despite high mortgage rates, with demand shifting from existing to new homes due to homeowners reluctance to swap low mortgage rates for higher ones. |
Construction Housing Infrastructure Materials Homebuilders | |
CloudAmazon and Microsoft cloud businesses experienced slowdowns as customers grew into previously purchased capacity. However, both companies indicated in first-quarter reports that the slowdown would be shorter than originally expected, providing optimism for recovery. |
Cloud Computing AWS Enterprise Software Technology Infrastructure |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 18, 2023 | Fund Letters | Artemis US Select Fund | AMZN | Amazon.com Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Capacity utilization, Cloud computing, e-commerce, recovery, retail, technology | Login |
| Jul 18, 2023 | Fund Letters | Artemis US Select Fund | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Tech, Artificial Intelligence, digital advertising, social media, technology, user engagement | Login |
| Jul 18, 2023 | Fund Letters | Artemis US Select Fund | EXP | Eagle Materials Inc | Materials | Construction Materials | Bull | NYSE | Building materials, construction materials, Housing Construction, infrastructure, New Home Starts, Wallboard | Login |
| Jul 18, 2023 | Fund Letters | Artemis US Select Fund | BLDR | Builders FirstSource Inc | Industrials | Trading Companies & Distributors | Bull | NYSE | Building materials, construction, Early-Stage Construction, homebuilding, Siding, Trusses | Login |
| Jul 18, 2023 | Fund Letters | Artemis US Select Fund | VMC | Vulcan Materials Company | Materials | Construction Materials | Bull | NYSE | aggregates, construction materials, Federal Infrastructure Bill, housing market, infrastructure, materials | Login |
| Jul 18, 2023 | Fund Letters | Artemis US Select Fund | CSX | CSX Corporation | Industrials | Rail Transportation | Bull | NASDAQ | freight transportation, operating leverage, railroad, Service Performance, Transportation, Volume Recovery | Login |
| Jul 18, 2023 | Fund Letters | Artemis US Select Fund | ALTG|AREN|CVGI|PBPB|QBTS|QMCO|SCOR|TURN | Moody's Corporation | Financials | Financial Exchanges & Data | Bull | NYSE | Credit cycle, credit ratings, debt issuance, financial services, oligopoly, recurring revenue | Login |
| Jul 18, 2023 | Fund Letters | Artemis US Select Fund | DXCM | DexCom Inc | Health Care | Health Care Equipment | Bull | NASDAQ | Diabetes, Glucose Monitoring, Healthcare Technology, international expansion, Medical devices, Medicare | Login |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | W | Wayfair | Internet Retail | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | Consumer Discretionary, e-commerce, furniture, Home goods, housing market, market share | Login |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | RKT | Rocket Companies | Mortgage Finance | Thrifts & Mortgage Finance | Neutral | New York Stock Exchange | Fintech, housing affordability, Interest rates, mortgage finance, Real Estate, technology | Login |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | GEV | GE Vernova | Specialty Industrial Machinery | Electrical Equipment | Bull | New York Stock Exchange | AI infrastructure, data centers, electrical equipment, Industrials, Power generation, Supply-Demand | Login |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | BE | Bloom Energy | Electrical Equipment & Parts | Electrical Equipment | Bull | New York Stock Exchange | Brookfield, clean energy, data centers, Fuel cells, Oracle, power solutions, scalable technology | Login |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | AMAT | Applied Materials | Semiconductor Equipment & Materials | Semiconductor Equipment | Bull | NASDAQ | AI data centers, Chips, Manufacturing Equipment, semiconductor equipment, technology, Wafer Fabrication | Login |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | STX | Seagate Technology | Computer Hardware | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Cloud computing, data centers, data storage, Hard Drives, Memory, technology hardware | Login |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | ATI | ATI Inc. | Metal Fabrication | Steel | Bull | New York Stock Exchange | Aerospace, Aircraft engines, Maintenance, Nickel, Pricing power, Specialty-Metals, Titanium Alloys | Login |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | AVGO | Broadcom | Semiconductors | Semiconductors | Bull | NASDAQ | AI data centers, Data Center Spending, infrastructure software, Networking, semiconductors, technology | Login |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | TRGP | Targa Resources | Oil & Gas Midstream | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Export Facilities, Gas Processing, midstream energy, Natural gas liquids, Permian Basin, pipeline | Login |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | CEG | Constellation Energy | Utilities - Independent Power Producers | Independent Power and Renewable Electricity Producers | Bear | NASDAQ | energy, Independent Power Producer, Nuclear Power, Regulatory risk, utilities, Wholesale Electricity | Login |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | IQV | IQVIA | Diagnostics & Research | Life Sciences Tools & Services | Bull | New York Stock Exchange | AI disruption, Clinical research, drug development, Healthcare Data, life sciences, pharmaceuticals | 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 |
| 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 |
| Jul 10, 2024 | Fund Letters | Artemis US Select Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, data centers, Gpu, growth, semiconductors, technology hardware | Login |
| Apr 25, 2024 | Fund Letters | Artemis US Select Fund | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | Bear, China, Competition, consumer electronics, iPhone, Smartphones, technology hardware, valuation | Login |
| Apr 25, 2024 | Fund Letters | Artemis US Select Fund | CNM | Core & Main Inc. | Industrials | Trading Companies & Distributors | Bull | NYSE | Acquisitions, Bull, construction, Distribution, Government Spending, Infrastructure Bill, Municipal, Water infrastructure | Login |
| Apr 25, 2024 | Fund Letters | Artemis US Select Fund | ALL | The Allstate Corporation | Financials | Property & Casualty Insurance | Bull | NYSE | Auto Insurance, Bull, financials, Insurance Cycle, Pricing power, Property & Casualty Insurance | Login |
| Apr 25, 2024 | Fund Letters | Artemis US Select Fund | NSC | Norfolk Southern Corporation | Industrials | Rail Transportation | Bull | NYSE | Bull, Cyclical Recovery, Freight, Industrials, margin expansion, Rail Transportation, Share Buybacks | Login |
| Apr 25, 2024 | Fund Letters | Artemis US Select Fund | META | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, Bull, cost discipline, digital advertising, social media, Supercomputing, technology, turnaround | Login |
| Jan 8, 2024 | Fund Letters | Artemis US Select Fund | BLDR | Builders FirstSource Inc | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Building materials, Demographics, Distributor, homebuilding, Housing, New Construction, Structural Shortage | Login |
| Jan 8, 2024 | Fund Letters | Artemis US Select Fund | AMZN | Amazon.com Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, e-commerce, growth, margin expansion, retail, technology | Login |
| Oct 9, 2023 | Fund Letters | Artemis US Select Fund | CSX | CSX Corporation | Industrials | Railroads | Neutral | NASDAQ | Cyclical Recovery, freight transportation, industrial transportation, Management Transition, railroad, Shipping Volumes | Login |
| Oct 9, 2023 | Fund Letters | Artemis US Select Fund | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI investment, cost-cutting, data centers, digital advertising, growth story, Platform Transition, social media | Login |
| Oct 9, 2023 | Fund Letters | Artemis US Select Fund | AER|AWI|MUSA|NEU|SAIA|WTM | Saia Inc | Industrials | Trucking | Bull | NASDAQ | Capacity-Reduction, industry consolidation, LTL Freight, market share gains, Network Utilization, Pricing power, Trucking | Login |
| Oct 9, 2023 | Fund Letters | Artemis US Select Fund | DXCM | DexCom Inc | Health Care | Health Care Equipment | Bull | NASDAQ | CGM Technology, Contrarian Investment, Diabetes Management, GLP-1 drugs, healthcare innovation, Medical devices | Login |
| Oct 9, 2023 | Fund Letters | Artemis US Select Fund | TFII | TFI International Inc | Industrials | Trucking | Bull | NYSE | industry consolidation, Integration Opportunity, LTL Freight, Operational Improvement, Trucking, UPS Acquisition, volume growth | Login |
| Oct 9, 2023 | Fund Letters | Artemis US Select Fund | ABX | Blackstone Inc | Financials | Asset Management & Custody Banks | Bull | NYSE | alternative assets, Asset Gathering, asset management, Credit Business, Deal Activity, private equity, Real Estate | Login |
| Oct 9, 2023 | Fund Letters | Artemis US Select Fund | CEG | Constellation Energy Corporation | Utilities | Electric Utilities | Bull | NASDAQ | AI infrastructure, clean energy, data centers, Energy Reliability, Nuclear Power, Pricing power, utilities | Login |
| TICKER | COMMENTARY |
|---|---|
| CEG | Independent power producer Constellation Energy was impacted by potential regulatory changes in one region of the US wholesale power market. Proposals to cap wholesale electricity prices and reform auctions raised concerns about energy pricing and producers' profit margins. |
| IQV | IQVIA provides clinical-research services and healthcare data to the life sciences industry. The shares were caught up in a sell-off driven by concerns AI would disrupt data-oriented businesses. However, we believe widespread disruption to the drug-development process is unlikely in the medium term and the company should benefit from a recovery in demand. |
| W | The recent performance of e-commerce company Wayfair, which sells furniture, homewares and decor online, was also impacted by worries about disruption from AI. We believe the balance between risk and reward here remains compelling over the medium term. Wayfair will benefit from any recovery in the housing market and is taking market share in the home furnishings industry. |
| RKT | A small position in Rocket Companies was a slight detractor from performance. The company consists of tech-driven real estate, mortgage and financial services businesses. The balance between risk and reward in the event that mortgage rates start moving in the right direction looks attractive. The conflict in the Middle East, however, has clearly introduced a lot of uncertainty, driving up mortgage rates. While we still think housing affordability is on the political agenda, we are carefully managing the position sizing. |
| GEV | For GE Vernova, a manufacturer of power generation equipment, demand (particularly from data centres) continued to outstrip supply. |
| BE | Bloom Energy also provides power solutions for data centres. Its solid oxide fuel cells offer power that is clean, efficient, always on and scalable. The company has announced major deals with data centre participants and operators, including Oracle Cloud Infrastructure, Brookfield Asset Management and American Electric Power. |
| AMAT | Applied Materials, a semiconductor equipment and materials engineering company, benefited from an optimistic outlook for wafer-fabrication equipment due to demand from AI data centres. |
| STX | Seagate Technology, which supplies memory to data centres, performed well, driven by strong results and robust demand. |
| ATI | Looking beyond the AI theme, ATI was also a strong performer. It produces specialty nickel and titanium alloys used in aerospace engines and airframes. Strong demand, a growing base of installed engines and elevated maintenance activity are driving sustained pricing power and attractive earnings growth. |
| MSFT | We sold our position in Microsoft and reduced our positions in Amazon and Alphabet, reflecting our view that there are more attractive opportunities elsewhere. |
| AMZN | We sold our position in Microsoft and reduced our positions in Amazon and Alphabet, reflecting our view that there are more attractive opportunities elsewhere. |
| GOOGL | We sold our position in Microsoft and reduced our positions in Amazon and Alphabet, reflecting our view that there are more attractive opportunities elsewhere. |
| AVGO | We recycled capital from these transactions into Broadcom, reducing our underweight in a stock that we believe will benefit from AI data centre spending. |
| TRGP | We initiated a position in Targa Resources, a midstream energy business active in transportation and storage in the US Permian field. Its focus is on gas and NGLs (natural gas liquids), production of which is growing more quickly than of oil, reflecting changing gas-to-oil ratios in the Permian Basin. The company is investing in a new NGL pipeline and in additional export facilities, which should accelerate its growth. |
| PG | We also added holdings in consumer goods company Procter & Gamble and Citizens Financial Group, a regional bank. |
| CFG | We also added holdings in consumer goods company Procter & Gamble and Citizens Financial Group, a regional bank. |
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