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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Artemis US Select Fund returned an impressive 10.1% in Q2 2025, significantly outperforming its benchmark by capturing powerful secular data-center and AI trends while rotating out of defensive positions into higher-beta cyclical names."
The Artemis US Select Fund, managed by Cormac Weldon and Chris Kent, delivered a robust performance of 10.1% for the second quarter of 2025, outperforming its primary benchmark, the S&P 500 Index, which returned 4.4%. This strong quarterly result comes despite macroeconomic hurdles, including sweeping US tariff announcements, heightened geopolitical tensions in the Middle East, and growing concerns surrounding US national debt sustainability. Stock markets rebounded strongly after delayed enforcement of reciprocal tariffs, aided by positive US employment figures and cooling inflation. The fund's performance was bolstered by key contributors such as Apple, Comfort Systems, Constellation, Seagate, and Micron, which benefited from strong data-center demand and secular trends in AI. Negative pressure came from positions in Fiserv, Thermo Fisher, Church & Dwight (which was subsequently exited), and Allstate. In response to these dynamics, the managers executed strategic portfolio rebalancing, upgrading Nvidia to an overweight position ahead of the Blackwell chip rollout, purchasing Texas Instruments to capture a cyclical analog chip upturn, and acquiring Wells Fargo, AbbVie, and TransDigm. Defensive holdings like Walmart, Coca-Cola, Allstate, and PG&E were reduced or sold entirely. The managers maintain a highly constructive forward outlook, citing robust economic growth and superior US corporate earnings.
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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 US Select Fund returned an impressive 10.1% in Q2 2025, significantly outperforming its benchmark by capturing powerful secular data-center and AI trends while rotating...
Growth Outlook
Market outlook remains high conviction: The Artemis US Select Fund returned an impressive 10.1% in Q2 2025, significantly outperforming its benchmark by capturing powerful secular data-center and AI trends while rotating...
Risk Appetite
Risk appetite posture is high conviction: The Artemis US Select Fund returned an impressive 10.1% in Q2 2025, significantly outperforming its benchmark by capturing powerful secular data-center and AI trends while rotating...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Artemis US Select Fund returned an impressive 10.1% in Q2 2025, significantly outperforming its benchmark by capturing powerful secular data-center and AI trends while rotating...
Forward Guidance
Forward guidance signal: The Artemis US Select Fund returned an impressive 10.1% in Q2 2025, significantly outperforming its benchmark by capturing powerful secular data-center and AI trends while rotating...
Language Signal
Tone analysis indicates high conviction language: The Artemis US Select Fund returned an impressive 10.1% in Q2 2025, significantly outperforming its benchmark by capturing powerful secular data-center and AI trends while rotating...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Artemis US Select Fund returned an impressive 10.1% in Q2 2025, significantly outperforming its benchmark by capturing powerful secular data-center and AI trends while rotating...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Artemis US Select Fund returned an impressive 10.1% in Q2 2025, significantly outperforming its benchmark by capturing powerful secular data-center and AI trends while rotating...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Artemis US Select Fund returned an impressive 10.1% in Q2 2025, significantly outperforming its benchmark by capturing powerful secular data-center and AI trends while rotating...
