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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Artemis Global Select Fund 2024 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (Artemis Global Select Fund)

Primary Source Intelligence • Q3 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

Annualized+18.9%

Digest Analysis

Quick Take

"Artemis Global Select underperformed in Q3 due to tech volatility and healthcare weakness, but managers remain constructive on 2025 outlook. They rotated toward China and Europe while reducing US exposure, adding Anta Sports and Tencent while selling Alphabet and Apple."

Executive Summary

The Artemis Global Select Fund declined 3.7% in Q3 2024, underperforming benchmarks due to technology sector volatility and healthcare headwinds. Samsung was the largest detractor amid semiconductor cycle weakness, while Amazon and Synopsys faced temporary issues despite strong underlying fundamentals. The managers added Chinese positions Anta Sports and Tencent following a research trip, benefiting from government stimulus measures. They also purchased Japanese industrial company SMC. The fund sold Alphabet and Apple on strong performance and exited Texas Instruments due to high valuations. Geographically, the portfolio shifted to overweight Europe and emerging markets while becoming underweight the US. Looking ahead, the managers expect supportive conditions in 2025 with central bank rate cuts and potential Chinese fiscal stimulus. However, Middle East tensions and inflation risks remain concerns. Performance will depend on company-specific factors, with technology and healthcare sectors expected to drive profit growth. The fund maintains a concentrated approach focused on undervalued companies with strong fundamentals.

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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 managers demonstrate moderate-high conviction through specific position sizing decisions, named holdings with detailed rationales, and clear geographic allocation shifts. They provide specific catalysts and timeframes for holdings like Anta Sports (low double-digit growth over next five years) and make decisive buy/sell decisions. However, the diversified nature of the portfolio and acknowledgment of multiple scenarios prevents a higher score.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The managers express cautious optimism about 2025 with central bank support and Chinese stimulus providing tailwinds, but acknowledge significant risks from Middle East tensions and inflation concerns. The outlook is constructive but balanced with meaningful caveats.

Risk Appetite

15%

DefensiveAggressive

Defensive (15%)

The fund made selective additions in China and Japan while taking profits from US technology names. The geographic rotation suggests moderate risk appetite but the profit-taking behavior indicates some caution. Overall positioning appears balanced rather than aggressive.

Capital Deployment

25%

De-riskingDeploying

De-risking (25%)

The fund added three new positions (Anta Sports, Tencent, SMC) while selling three others (Samsung, Alphabet, Apple, Texas Instruments). This represents active rotation rather than net deployment, as proceeds from sales funded new purchases. The activity suggests selective deployment but no major cash level changes are indicated.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

The managers state the setup going into 2025 should give stockmarkets reason to cheer and expect supportive conditions from central banks. However, they emphasize performance will depend on company specifics and acknowledge multiple risk factors, showing measured optimism.

Language Signal

20%

BearishBullish

Bearish (20%)

The letter contains balanced language with both opportunity-focused terms (attractive, cheap, good demand) and risk-aware language (concerns, tensions, not out of the woods). The net balance slightly favors constructive language but remains measured throughout.

Perceived Risk

55%

Low RiskElevated

Moderate Risk (55%)

The managers identify several specific risks including Middle East tensions affecting oil prices, inflation concerns, and the need for central bank support to continue. They acknowledge uncertainty around Chinese stimulus effectiveness and note they are not yet out of the woods on inflation. Risk discussion is meaningful but not alarmist.

Opportunity Density

60%

ScarceAbundant

Selective (60%)

The managers found attractive opportunities in China following their research trip and identified value in Japanese industrials, suggesting reasonable opportunity availability. However, they also sold positions due to high valuations (Texas Instruments) and took profits from strong performers, indicating selectivity is required in the current environment.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

The managers demonstrate a multi-year investment horizon, explicitly stating expectations for Anta Sports over the next five years and discussing long-term outlooks for MTU Aero Engines. They focus on fundamental business drivers rather than near-term catalysts, though they do reference some shorter-term factors like Chinese stimulus timing.