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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Artemis Global Select Fund 2024 Q2 Investor Letter | Buyside Digest

Back to Fund Profile (Artemis Global Select Fund)

Primary Source Intelligence • Q2 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+0.5%

Annualized+18.9%

Digest Analysis

Quick Take

"Portfolio benefits from TSMC's 22.5% surge offset by China-exposed consumer names like Estée Lauder. Managers adding Japanese exposure and infrastructure plays while maintaining overweight to technology and emerging markets."

Executive Summary

The Artemis Global Select Fund returned 0.5% in Q2 2024, underperforming benchmarks due to volatile earnings reactions despite strong semiconductor performance driven by AI demand. Taiwan Semiconductor led gains with 22.5% returns as AI chip demand surged, while Indian holdings HDFC Bank and Eicher Motors benefited from post-election optimism. Negative contributors included Estée Lauder (-30.5%) due to China weakness and Ryanair (-19.8%) facing pricing pressure. The managers initiated positions in MTU Aero Engines, VINCI, and several Japanese companies while exiting Rio Tinto and Nike. Portfolio positioning remains overweight healthcare, consumer, and technology sectors with geographic overweights to Europe and emerging markets. Looking forward, the managers anticipate interest rate cuts supporting broader market performance beyond technology, Chinese stimulus driving recovery, and opportunities in quality companies trading at attractive valuations positioned for end-market recovery including Campari, Thermo Fisher, and Trip.com.

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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 concentrated sector overweights in technology and healthcare, specific geographic positioning in emerging markets, and detailed thesis explanations for individual holdings. Named positions with clear rationales and willingness to make significant portfolio changes support this score, though the diversified nature prevents higher conviction scoring.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The managers express cautious optimism about future market conditions, citing normalizing inflation leading to rate cuts and expected Chinese stimulus. However, they acknowledge current economic constraints across sectors and housing market challenges, resulting in a mildly positive but measured outlook.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

The fund maintains selective risk-taking with overweight positions in technology and emerging markets while adding new positions in aerospace and infrastructure. The positioning shows moderate risk appetite with geographic and sector concentration but balanced by underweights in defensive areas.

Capital Deployment

25%

De-riskingDeploying

De-risking (25%)

The managers initiated multiple new positions including MTU Aero Engines, VINCI, and several Japanese companies while exiting others like Rio Tinto and Nike. This represents moderate deployment activity through rotation and selective additions, though no cash level changes are disclosed to indicate net deployment.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

Managers indicate selective deployment bias, having initiated several new positions while maintaining existing overweights. They express confidence in finding opportunities in quality companies at attractive valuations but emphasize selectivity rather than aggressive deployment.

Language Signal

15%

BearishBullish

Bearish (15%)

Language is balanced between opportunity identification and risk acknowledgment. While managers discuss attractive valuations and recovery prospects, they equally emphasize constraints, volatility, and sector-specific challenges. Slightly more constructive than cautious overall.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

Managers acknowledge moderate risks including economic constraints on profit growth, higher borrowing costs affecting biotechnology, energy sector challenges, and housing market stagnation. Risks are identified and discussed but not characterized as systemic or extreme threats.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

The managers describe finding many opportunities to buy quality companies at attractive valuations, specifically naming several holdings positioned for recovery. They initiated multiple new positions and express confidence in the current opportunity set, particularly in companies positioned for end-market recovery.

Time Horizon

72%

Short-TermLong-Term

Decade+ (72%)

The fund's stated objective is to grow capital over a five-year period, indicating a medium to long-term investment horizon. Managers discuss multi-year recovery themes and position for structural trends like AI adoption, suggesting patience for thesis realization over several years rather than near-term catalysts.