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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The fund delivered 31.4% in Q2 2026, 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."
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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