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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Artemis US Select Fund delivered a solid 9.6% return in Q3 2025, actively taking profits in AI-driven gainers to fund opportunities in financials and healthcare, while keeping a constructive yet disciplined posture heading into year-end."
In Q3 2025, the Artemis US Select Fund generated a 9.6% return, slightly lagging its S&P 500 benchmark (10.0%) but outperforming the IA North America sector average (8.3%). Strong positive contributors included Bloom Energy (bolstered by an Oracle partnership), Western Digital (AI server demand), Comfort Systems, and AbbVie. Relative performance was temporarily hindered by underweight positions in Apple (strong iPhone 17 demand) and Tesla, alongside weakness in Texas Instruments. In response, the managers reduced Texas Instruments, increased their Apple holding, and took profits in AI leaders Bloom Energy and Nvidia to fund new positions in Cardinal Health and JP Morgan. The managers maintain a constructive outlook for year-end, pointing to a resilient consumer, expected interest rate reductions, potential Trump administration tax cuts, and persistent AI capex, whilst maintaining valuation discipline to protect against market overexuberance.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Artemis US Select Fund delivered a solid 9.6% return in Q3 2025, actively taking profits in AI-driven gainers to fund opportunities in financials and healthcare, while keeping a co...
Growth Outlook
Market outlook remains high conviction: Artemis US Select Fund delivered a solid 9.6% return in Q3 2025, actively taking profits in AI-driven gainers to fund opportunities in financials and healthcare, while keeping a co...
Risk Appetite
Risk appetite posture is above average conviction: Artemis US Select Fund delivered a solid 9.6% return in Q3 2025, actively taking profits in AI-driven gainers to fund opportunities in financials and healthcare, while keeping a co...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Artemis US Select Fund delivered a solid 9.6% return in Q3 2025, actively taking profits in AI-driven gainers to fund opportunities in financials and healthcare, while keeping a co...
Forward Guidance
Forward guidance signal: Artemis US Select Fund delivered a solid 9.6% return in Q3 2025, actively taking profits in AI-driven gainers to fund opportunities in financials and healthcare, while keeping a co...
Language Signal
Tone analysis indicates above average conviction language: Artemis US Select Fund delivered a solid 9.6% return in Q3 2025, actively taking profits in AI-driven gainers to fund opportunities in financials and healthcare, while keeping a co...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Artemis US Select Fund delivered a solid 9.6% return in Q3 2025, actively taking profits in AI-driven gainers to fund opportunities in financials and healthcare, while keeping a co...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Artemis US Select Fund delivered a solid 9.6% return in Q3 2025, actively taking profits in AI-driven gainers to fund opportunities in financials and healthcare, while keeping a co...
Time Horizon
Investment time horizon reflects a high conviction orientation. Artemis US Select Fund delivered a solid 9.6% return in Q3 2025, actively taking profits in AI-driven gainers to fund opportunities in financials and healthcare, while keeping a co...
