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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Artemis Global Select Fund 2024 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Artemis Global Select Fund)

Primary Source Intelligence • Q1 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+10.7%

Annualized+18.9%

Digest Analysis

Quick Take

"Artemis Global Select outperformed in Q1 2024 driven by AI-exposed technology stocks like Nvidia and Meta. Managers repositioned away from Japan after strong gains, increased emerging market exposure, and initiated positions in quality names like AMD and Nestlé."

Executive Summary

The Artemis Global Select Fund returned 10.7% in Q1 2024, outperforming both the MSCI All Country World index and its sector average. The fund benefited from strong performance in technology stocks, particularly those exposed to artificial intelligence demand, with top contributors including Nvidia, Meta, and Amazon. Japan was the best-performing major market as corporate governance reforms began delivering results, though currency headwinds reduced returns for international investors. The managers took profits in Japanese holdings and repositioned the portfolio with an underweight in the US, overweight in Europe, and increased exposure to emerging markets through new investments in Indian, Mexican, and Chinese companies. Key detractors included HDFC Bank, Baker Hughes, and Intel. New positions were initiated in companies including Campari, AMD, Elevance Health, Micron Technology, Ryanair, and Nestlé. Despite concerns about potential bubble conditions in some sectors, the managers continue to find attractive opportunities across global markets, focusing on quality businesses with sustainable growth trading at reasonable valuations.

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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 positioning in named holdings like Nvidia, Meta, and Amazon as top contributors, specific new position initiations across six companies, and clear sector overweights in healthcare, financials, and consumer discretionary. However, the diversified global approach and hedged language around market conditions prevent a higher score.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The managers express cautious optimism, acknowledging bubble concerns in some industries but stating they are still finding plenty of attractive opportunities across global markets. Mixed signals with some positive regional outlooks balanced by valuation concerns.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

The fund is actively repositioning with profit-taking in Japan, increasing emerging market exposure, and initiating new positions across multiple sectors. This suggests a moderate risk-on stance despite some defensive elements.

Capital Deployment

25%

De-riskingDeploying

De-risking (25%)

The fund shows moderate deployment activity through six new position initiations (Campari, AMD, Elevance Health, Micron, Ryanair, Nestlé) and increased emerging market exposure. However, this is balanced by profit-taking in Japan and three complete exits, suggesting rotation rather than aggressive net deployment.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

The managers plan to continue focusing on best-in-class businesses with sustainable growth at attractive valuations. They express confidence in finding opportunities but acknowledge the need for selectivity given valuation concerns.

Language Signal

20%

BearishBullish

Bearish (20%)

Language is balanced with both opportunity-focused terms (attractive opportunities, compelling, supportive growth trends) and risk-aware language (bubble territory, concerns, worries). Slightly more constructive than cautious overall.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

The managers acknowledge specific risks including bubble concerns in some sectors, elevated US inflation affecting rate cut expectations, and economic/political challenges in China. However, these risks are discussed in measured terms without alarm, and the managers continue to see opportunities despite these headwinds.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

Despite acknowledging bubble concerns in some industries, the managers explicitly state they are still finding plenty of attractive opportunities across global markets. The initiation of six new positions and continued focus on undervalued areas suggests a reasonably rich opportunity set.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

The fund demonstrates a multi-year investment horizon, referencing long-term growth trends for life sciences companies, long-term opportunities in Chinese consumer companies, and sustainable growth as a core focus. The five-year fund objective and patient approach to undervalued situations supports a longer-term orientation.