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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Artemis US Select Fund 2026 Q2 Investor Letter | Buyside Digest

Back to Fund Profile (Artemis US Select Fund)

Primary Source Intelligence • Q2 2026 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.

SOURCE UNAVAILABLE

Fund Returns

QTD+31.4%

Annualized+21.2%

Positioning StanceConstructive

Market CapLarge Cap

Digest Analysis

Quick Take

"Doubling the S&P 500's return through concentrated positions in AI infrastructure suppliers like Micron, AMD, and semiconductor equipment makers. The managers added to Amazon while trimming Meta and Apple, viewing the e-commerce giant as better positioned in AI."

Executive Summary

The Artemis US Select Fund returned 31.4% in Q2 2026, significantly outperforming the S&P 500's 14.4% return, driven by strong individual stock selection. The fund benefited from positions in AI infrastructure suppliers including Micron Technology, Seagate, AMD, Lam Research, and Applied Materials, all of which performed well as large technology companies continued heavy AI investment. The managers added to Amazon despite share price weakness, viewing it as better positioned in AI development than Meta and Apple, which were trimmed. New positions included MongoDB, purchased after AI-related concerns drove shares lower, and UnitedHealth, bought on attractive valuation. Detractors included Primoris Services, which was sold after disappointing earnings, and Walmart, which lowered guidance amid consumer spending concerns. Looking forward, the managers see reduced Middle East tensions supporting lower oil prices and bond yields, while resilient US consumer demand and improving manufacturing activity create a constructive backdrop. The fund maintains focus on AI infrastructure opportunities while continuing to select companies individually across sectors based on strong finances and multi-year growth prospects.

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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 positions in named holdings (12 tickers discussed with specific rationale), explicit position sizing actions (added to Amazon, reduced Meta and Apple, took profits from AMD), and clear thesis statements for individual names. The managers articulate specific reasons for holdings like Amazon's CPU production and AWS capacity, and MongoDB's ability to use AI to improve products. However, the fund appears to hold 20+ positions given its diversified sector exposure, and some hedging language is present ('we think,' 'we believe'), preventing a score above 0.75.

Growth Outlook

55%

BearishBullish

Neutral (55%)

The managers express a constructive view on markets, noting that investors are focusing on the strength of the US economy rather than Middle East uncertainty. They highlight resilient consumer demand, business investment, manufacturing sector growth after three years of contraction, and improving profit forecasts across a wider range of companies. However, they acknowledge that higher bond yields may create periods of volatility, preventing a more strongly bullish score.

Risk Appetite

65%

DefensiveAggressive

Balanced (65%)

The fund is actively deployed with concentrated positions in AI infrastructure and semiconductor companies. The managers added to Amazon despite share price weakness, bought MongoDB on weakness, and initiated UnitedHealth, demonstrating willingness to deploy capital. The fund maintains overweight positions in industrials and healthcare versus the benchmark, indicating a risk-on tilt, though not maximum exposure given some profit-taking from AMD.

Capital Deployment

35%

De-riskingDeploying

Net Neutral (35%)

The fund engaged in capital rotation during the quarter, selling Primoris Services and taking profits from AMD to fund purchases of MongoDB and UnitedHealth, while adding to Amazon. This represents active portfolio management but not net deployment of cash. No cash level data is provided to indicate whether overall exposure increased or decreased. The activity described is primarily rotation rather than net deployment or de-risking, warranting a score slightly above neutral.

Forward Guidance

50%

CautiousExpansionary

Neutral (50%)

The managers indicate they will continue to select companies individually and focus on businesses with strong finances and long-term growth prospects. They see opportunities in AI infrastructure but state that AI does not determine all decisions. The tone is selectively constructive rather than aggressively deploying, with emphasis on individual stock selection across a range of industries rather than broad-based buying.

Language Signal

60%

BearishBullish

Balanced (60%)

The letter contains more bullish than bearish language overall. Positive terms include 'opportunities,' 'strong,' 'attractive,' 'resilient,' 'improving,' and 'performed well.' Risk language is present but limited to acknowledgment of volatility from bond yields and consumer spending concerns at Walmart. The dominant narrative focuses on AI investment opportunities, economic strength, and improving fundamentals, with risk discussion secondary to opportunity discussion.

Perceived Risk

35%

Low RiskElevated

Moderate Risk (35%)

The managers acknowledge moderate risks including potential volatility from higher bond yields and earlier concerns about Middle East tensions affecting energy prices. However, risk discussion is limited and not central to the letter. The managers note that the ceasefire has reduced concerns and that they expect consumer spending worries to ease. Risk language is present but brief, with no systemic warnings or detailed downside scenarios, indicating moderate but not elevated risk perception.

Opportunity Density

70%

ScarceAbundant

Abundant (70%)

The managers see a relatively broad opportunity set, stating they 'see opportunities in businesses that provide the hardware, software and services' behind AI infrastructure. They added multiple new positions (MongoDB, UnitedHealth) and increased existing holdings (Amazon), indicating they are finding attractive ideas. The statement that 'profit forecasts have also improved across a wider range of companies' suggests expanding opportunities beyond just technology. The selective nature of their approach prevents a higher score, but the breadth of activity indicates good opportunity density.

Time Horizon

72%

Short-TermLong-Term

Decade+ (72%)

The fund's stated objective is to grow capital over a five-year period, establishing a multi-year framework. The managers explicitly state they 'focus on businesses with strong finances and long-term (periods of at least five years) growth prospects.' They added to Amazon despite near-term share price weakness and bought Walmart despite near-term guidance concerns, both indicating willingness to look beyond short-term volatility. However, the letter also discusses quarterly performance and near-term catalysts, preventing a score above 0.75.