Artemis Investment Management
Active equity and fixed income views from Artemis Investment Management.
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Artemis Investment ManagementEquities
Artemis UK Future Leaders plc Q1 2026 update | Artemis Funds
The trust's NAV declined 12.6% in Q1 2026 versus a 6.6% fall in its benchmark, with underperformance attributed to weakness in media, technology, and consumer discretionary holdings amid the Iran conflict and rising inflation. Fund managers argue AI threats to portfolio holdings are overstated, maintain a constructive three-to-five-year view on UK smaller companies, and identify stock-specific opportunities where share prices have diverged sharply from business fundamentals.
Artemis Investment ManagementEquities
Artemis Income Fund Q1 2026 update | Artemis Funds
The Artemis Income Fund returned -2.9% in Q1 2026, underperforming the FTSE All-Share (+2.4%) and the IA UK Equity Income sector (-0.9%), primarily due to underweight positions in energy, mining, and defence stocks amid oil price spikes triggered by the Iran conflict. Managers remain committed to their cashflow-focused, long-term investment process, highlight selective additions to EasyJet and 3i on weakness, and note the fund trades at a discount to the broader market with a higher dividend yield.
Artemis Investment ManagementEquities
Artemis SmartGARP UK Equity Fund Q1 2026 update | Artemis Funds
The Artemis SmartGARP UK Equity Fund returned 0.3% in Q1 2026, underperforming the FTSE All-Share (2.4%) primarily due to underweight exposure to oil stocks, with portfolio activity including a rotation from Barclays into HSBC following earnings revisions. The manager expresses modest caution on the broader UK market's valuation versus history, but is more optimistic on the fund's individual holdings, which screen cheaply on a profit-relative basis.
Artemis Investment ManagementEquities
Artemis UK Select Fund Q1 2026 update | Artemis Funds
Quarterly fund commentary covering Q1 2026, in which the Artemis UK Select Fund fell 6.9% versus a 2.4% rise in the FTSE All-Share, with managers discussing key detractors (3i, Vistry, St James's Place) and contributors (Oxford Instruments, avoidance of Unilever and Reckitt). The managers outline new positions in Relx, Rosebank Industries, and IAG, and express a constructive long-term view on UK real estate and housebuilders despite near-term macro headwinds from higher energy prices and inflation.
Artemis Investment ManagementEquities
Artemis UK Smaller Companies Fund Q1 2026 update | Artemis Funds
The Artemis UK Smaller Companies Fund fell 11.0% in Q1 2026, underperforming its Deutsche Numis benchmark and IA sector peer group (both -6.9%), with weakness attributed to media and technology holdings facing perceived AI disruption threats and macro headwinds from the Iran conflict. Managers argue AI risks are overstated for holdings with proprietary data, maintain a 3 - 5 year constructive outlook, and highlight valuation disconnects in names like Mears as opportunities for active stock-pickers.