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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Artemis Global Select Fund returned 4.2% for the quarter ending June 30, 2025, navigating macroeconomic uncertainties around US tariffs and initiating major new positions in Texas Instruments and Sandoz."
Natasha Ebtehadj, manager of the Artemis Global Select Fund, reports a return of 4.2% for the quarter ending June 30, 2025. This trails the MSCI All Country World Index benchmark return of 5.0% and the IA Global sector average of 5.3%. The quarter was initially marked by US-led global stockmarket declines on fears of Donald Trump's 'Liberation Day' tariffs, followed by a swift recovery as these tariffs were postponed and reduced. The US dollar experienced its worst first half in over five decades. The manager notes that economic concerns, particularly US tariff policy and the 'One Big Beautiful Bill Act,' are now driving asset prices, forcing asset allocators to question US exposure. Key detractors for the fund included fintech company Fiserv and health insurer UnitedHealth. The fund added to Fiserv on weakness, viewing its Clover business slowdown as temporary, but completely exited UnitedHealth due to ongoing profit knocks and the sudden resignation of CEO Andrew Witty. Positives included strong semiconductor performance from SK Hynix, TSMC, Nvidia, and Texas Instruments, alongside Ryanair and Nu Holdings. The fund initiated major positions in Texas Instruments, citing the trough of the industrial cycle, and Sandoz, targeting growth in biosimilars as biological patents expire.
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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: The Artemis Global Select Fund returned 4.2% for the quarter ending June 30, 2025, navigating macroeconomic uncertainties around US tariffs and initiating major new positions in Te...
Growth Outlook
Market outlook remains moderate conviction: The Artemis Global Select Fund returned 4.2% for the quarter ending June 30, 2025, navigating macroeconomic uncertainties around US tariffs and initiating major new positions in Te...
Risk Appetite
Risk appetite posture is above average conviction: The Artemis Global Select Fund returned 4.2% for the quarter ending June 30, 2025, navigating macroeconomic uncertainties around US tariffs and initiating major new positions in Te...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Artemis Global Select Fund returned 4.2% for the quarter ending June 30, 2025, navigating macroeconomic uncertainties around US tariffs and initiating major new positions in Te...
Forward Guidance
Forward guidance signal: The Artemis Global Select Fund returned 4.2% for the quarter ending June 30, 2025, navigating macroeconomic uncertainties around US tariffs and initiating major new positions in Te...
Language Signal
Tone analysis indicates above average conviction language: The Artemis Global Select Fund returned 4.2% for the quarter ending June 30, 2025, navigating macroeconomic uncertainties around US tariffs and initiating major new positions in Te...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Artemis Global Select Fund returned 4.2% for the quarter ending June 30, 2025, navigating macroeconomic uncertainties around US tariffs and initiating major new positions in Te...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Artemis Global Select Fund returned 4.2% for the quarter ending June 30, 2025, navigating macroeconomic uncertainties around US tariffs and initiating major new positions in Te...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Artemis Global Select Fund returned 4.2% for the quarter ending June 30, 2025, navigating macroeconomic uncertainties around US tariffs and initiating major new positions in Te...
