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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Artemis US Select Fund 2024 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (Artemis US Select Fund)

Primary Source Intelligence • Q3 2024 Letter Analysis

Artemis US Select Fund Quarterly Analysis

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

Fund Returns

QTD-2.7%

Annualized+21.2%

Digest Analysis

Quick Take

"Artemis US Select underperformed in Q3 but maintains YTD outperformance through strategic positioning in AI infrastructure, clean energy, and housing themes. Manager exited underperformers Intel and McKesson while adding Broadcom as largest new position."

Executive Summary

The Artemis US Select Fund delivered -2.7% in Q3 2024, underperforming the S&P 500's -0.2% return, though maintaining a year-to-date lead at 16.9% versus 16.0%. Performance was dragged by technology, industrials, and consumer discretionary positions, while utilities and energy provided strong offsetting returns. Key detractors included Western Digital, McKesson, and Intel, leading to exits from the latter two positions. Top performers included Vistra and Constellation Energy, benefiting from clean energy demand and long-term power agreements. The manager made strategic portfolio adjustments, significantly reducing Alphabet in favor of Meta, exiting Visa, and adding Broadcom as the largest new position to capitalize on datacenter efficiency investments. New positions in Parker Hannifin and Liberty Media were also initiated. Looking forward, the manager expects continued market volatility and is closely monitoring election outcomes, while maintaining focus on companies with strong risk-reward profiles across AI infrastructure, energy transition, and housing supply shortage themes.

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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 manager demonstrates moderate-high conviction through specific position sizing language (largest transaction, overweight position, core holding), clear exit decisions based on performance, and explicit preferences (Meta over Alphabet). Multiple named positions with thesis explanations and willingness to make concentrated bets like the Broadcom addition support this score.

Growth Outlook

38%

BearishBullish

Neutral (38%)

The manager expresses caution about market conditions, explicitly stating they don't expect to enter a period of calm and acknowledging substantial volatility. While not deeply bearish, the tone is cautious with concerns about economic health and election uncertainty.

Risk Appetite

15%

DefensiveAggressive

Defensive (15%)

The fund maintains active positioning with strategic adjustments including the largest transaction being an addition (Broadcom). While some positions were exited, new positions were also initiated, suggesting a selective but still constructive risk appetite.

Capital Deployment

20%

De-riskingDeploying

De-risking (20%)

The fund shows moderate deployment activity with the largest transaction being an addition (Broadcom) and two new position initiations (Parker Hannifin, Liberty Media). However, this was partially offset by exits from McKesson, Intel, and reduction in Alphabet, suggesting rotation rather than aggressive net deployment.

Forward Guidance

45%

CautiousExpansionary

Neutral (45%)

The manager indicates they will be spending significant time modeling election outcomes and expects continued volatility. The guidance suggests a cautious, monitoring approach rather than aggressive deployment, though not fully defensive.

Language Signal

0%

BearishBullish

Bearish (0%)

The language is balanced between risk acknowledgment (volatility, uncertainty, headwinds) and opportunity identification (attractive risk-reward, long-term potential, growth potential). Neither bullish nor bearish language dominates the letter.

Perceived Risk

65%

Low RiskElevated

Elevated Risk (65%)

The manager identifies multiple specific risks including continued market volatility, election uncertainty requiring extensive modeling, AI capital expenditure concerns, and economic uncertainty from employment data. Risk discussion is substantial and specific rather than generic.

Opportunity Density

55%

ScarceAbundant

Selective (55%)

The manager identifies selective opportunities in specific areas like datacenter efficiency, clean energy demand, and housing supply shortage. While opportunities exist, the emphasis on selectivity and the need for careful modeling suggests a moderately constrained opportunity set.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

The manager demonstrates a multi-year perspective with references to long-term potential (NVIDIA), 20-year power agreements (Constellation Energy), and ongoing themes like housing supply shortage. The focus on fundamental business quality over near-term volatility suggests a 2-5 year investment horizon.