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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Artemis Global Select Fund 2024 Q4 Investor Letter | Buyside Digest

Back to Fund Profile (Artemis Global Select Fund)

Primary Source Intelligence • Q4 2024 Letter Analysis

Artemis Global Select Fund Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Artemis Global Select Fund. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD+2.7%

Annualized+18.9%

Positioning StanceCONSTRUCTIVE

GeographyGlobal, US, Europe, Asia

Digest Analysis

Quick Take

"Artemis Global Select underperformed in Q4 as large tech rallied without fund participation. New positions in American Express, Vulcan Materials, and Wells Fargo target network effects, infrastructure spending, and deregulation benefits."

Executive Summary

The Artemis Global Select Fund returned 2.7% in Q4 2024, underperforming benchmarks as gains concentrated in large technology names the fund doesn't own. The managers added positions in American Express, Vulcan Materials, Wells Fargo, and Otis, focusing on companies with strong competitive moats and recurring revenues. American Express was purchased for its network effects and high-income customer loyalty, while Vulcan Materials should benefit from infrastructure spending. The fund reduced European exposure due to economic fragility and tariff threats but maintains positions in global companies listed there. Trump's election victory created a market-friendly environment with deregulation benefiting financials. China faces tariff headwinds but has significant stimulus potential with high household savings. Key risks include European economic weakness and trade policy uncertainty. The managers remain optimistic about 2025 fundamentals, expecting central bank support through rate cuts while selectively positioning around regional macro differences. Portfolio positioning emphasizes quality companies with pricing power and defensive characteristics.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

68%

CautiousHigh

Moderate (68%)

The fund demonstrates moderate-high conviction through specific position additions with clear investment theses for American Express, Vulcan Materials, and others. Managers provide detailed rationale for each holding and sizing decisions, but the diversified nature and hedged language around macro conditions prevents higher scoring.

Growth Outlook

50%

BearishBullish

Neutral (50%)

The managers express optimism about 2025 with Trump administration being market-friendly and central bank support, but acknowledge significant regional headwinds in Europe and China tariff concerns. The outlook is constructive but balanced with meaningful risk acknowledgment.

Risk Appetite

25%

DefensiveAggressive

Defensive (25%)

The fund reduced European exposure due to risks while making selective new investments. This shows a cautious but not defensive positioning - willing to deploy capital selectively while reducing exposure to problematic regions.

Capital Deployment

15%

De-riskingDeploying

De-risking (15%)

The fund made several new purchases (American Express, Vulcan Materials, Wells Fargo, Otis) while also selling positions (Elevance, Estée Lauder, Aena, Uber) and trimming VINCI. This appears to be capital rotation rather than net deployment, with no cash level changes mentioned.

Forward Guidance

25%

CautiousExpansionary

Cautious (25%)

The managers are selectively adding positions in specific themes like payments and infrastructure while reducing regional exposure. They're watching for Chinese stimulus size and monitoring conditions rather than aggressively deploying.

Language Signal

25%

BearishBullish

Bearish (25%)

Language includes positive terms like 'reason to cheer' and 'market-friendly' but is balanced with risk language around 'fragile' Europe, 'threats', and 'difficult conditions'. More cautious than bullish overall.

Perceived Risk

65%

Low RiskElevated

Elevated Risk (65%)

The managers identify multiple specific risks including European economic fragility, tariff threats to China and Europe, political instability in France, and competitive pressures on European industrials. Risk discussion is substantial and central to positioning decisions.

Opportunity Density

60%

ScarceAbundant

Selective (60%)

The managers found several attractive opportunities to add (American Express, Vulcan Materials, Wells Fargo, Otis) while also identifying companies to exit. This suggests a selective but reasonably rich opportunity set requiring careful stock picking.

Time Horizon

72%

Short-TermLong-Term

Decade+ (72%)

The fund's stated objective is to grow capital over a five-year period, and managers discuss long-term prospects for companies like Amazon's two-decade growth runway and American Express's network durability. However, some catalyst dependency around Trump policies and Chinese stimulus suggests medium-term rather than permanent capital approach.