ArtemisSmartGARP Global Equity Fund
Q3 2025 update
Source for all information: Artemis as at 29 September 2025, unless otherwise stated.
CAPITAL AT RISK. All financial investments involve taking risk and the value of your investment may go down as well as up. This means your investment is not guaranteed and you may not get back as much as you put in. Any income from the investment is also likely to vary and cannot be guaranteed.
This is a marketing communication. Before making any final investment decisions, and to understand the investment risks involved, refer to the fund prospectus (or in the case of investment trusts, Investor Disclosure Document and Articles of Association), available in English, and KIID/KID, available in English and in your local language depending on local country registration, available in the literature library.
Fund objective
The fund’s objective is to grow capital over a five-year period.
Summary
Stockmarkets continued their recovery from the lows experienced following the announcement of US tariffs (the taxes levied on imports) with a remarkable lack of volatility1.
The US dominated as enthusiasm around AI reached fever pitch2. It seems to us that the more these companies spend, the greater certainty the market has in their future prospects, even though massive increases in capital expenditure in the past have tended to dampen forward returns3.
Emerging markets (less economically developed countries) also held up well, with Europe lagging behind after a strong period earlier in the year4.
Performance
Artemis SmartGARP Global Equity made 14.1% during the quarter, compared with 9.5% from its first benchmark, the MSCI AC World5 index, and 6.8% from its second benchmark, the IA Global sector average6.
| 2024 | 2023 | 2022 | 2021 | 2020 | |
| Artemis SmartGARP Global Equity I Acc GBP | 21.7% | 3.9% | -2.5% | 23.6% | 1.9% |
| MSCI AC World NR GBP | 19.6% | 15.3% | -8.1% | 19.6% | 12.7% |
| IA Global sector average | 12.7% | 12.5% | -11.1% | 18.2% | 15.1% |
Past performance is not a guide to the future.
Source: Lipper Limited, class I accumulation units, to 30 September 2025. All figures show total returns with dividends and/or income reinvested, net of all charges. Performance does not take account of any costs incurred when investors buy or sell the fund. Returns may vary as a result of currency fluctuations if the investor's currency is different to that of the class. This class may have charges or a hedging approach different from those in the IA sector benchmark.
Contributors/detractors
At a country level, exposure across China, Taiwan and Japan helped the fund. From a sector perspective, companies related to materials (such as natural resources) proved beneficial, in particular holdings in cobalt miner CMOC, copper laminate supplier Elite Material, aluminium producer China Hongqiao and gold miner Barrick, a recent purchase.
Certain technology (Alphabet), healthcare (Halozyme Therapeutics), financial (Banco Bilbao) and online retail (Alibaba) holdings also did well.
Exposure to oil & gas via Gulfport Energy and Expand Energy harmed the fund’s performance, although Qfin (financial services) was the largest individual detractor.
Activity
We bought shares in Yangzijang Shipbuilding and Barrick, but sold out of metals processor Steel Dynamics, Chinese financial Bank of Communications and UK defence company Babcock.
The fund is overweight (a higher-than-average position compared with its benchmark) emerging markets and Europe and underweight (a lower-than-average position compared with its benchmark) the US. At a sector level, it is overweight natural resources, banks and industrial goods, with our most pronounced underweights in technology and non-bank financial services.
Notes and references
1. Bloomberg to 30 September 2025
2. https://www.hl.co.uk/news/whats-driving-global-stock-markets-ai-tech-valuations-and-us-growth
4. Bloomberg to 30 September 2025
5. The MSCI AC World NR GBP is a widely-used indicator of the performance of global stockmarkets, in which the fund invests. It acts as a ‘comparator benchmark’ against which the fund’s performance can be compared. Management of the fund is not restricted by this benchmark.
6. The IA Global sector is a group of other asset managers’ funds that invest in similar asset types as this fund, collated by the Investment Association. It acts as a ’comparator benchmark’ against which the fund’s performance can be compared. Management of the fund is not restricted by this benchmark.
Risks specific to Artemis SmartGARP Global Equity Fund
- Market volatility risk The value of the fund and any income from it can fall or rise because of movements in stockmarkets, currencies and interest rates, each of which can move irrationally and be affected unpredictably by diverse factors, including political and economic events.
- Currency risk The fund’s assets may be priced in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the fund's value.
- Charges from capital risk Where charges are taken wholly or partly out of a fund's capital, distributable income may be increased at the expense of capital, which may constrain or erode capital growth.
- Emerging markets risk Compared to more established economies, investments in emerging markets may be subject to greater volatility due to differences in generally accepted accounting principles, less governed standards or from economic or political instability. Under certain market conditions assets may be difficult to sell.
Important information
The intention of Artemis’ ‘investment insights’ articles is to present objective news, information, data and guidance on finance topics drawn from a diverse collection of sources. Content is not intended to provide tax, legal, insurance or investment advice and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security or investment by Artemis or any third-party. Potential investors should consider the need for independent financial advice. Any research or analysis has been procured by Artemis for its own use and may be acted on in that connection. The contents of articles are based on sources of information believed to be reliable; however, save to the extent required by applicable law or regulations, no guarantee, warranty or representation is given as to its accuracy or completeness. Any forward-looking statements are based on Artemis’ current opinions, expectations and projections. Articles are provided to you only incidentally, and any opinions expressed are subject to change without notice. The source for all data is Artemis, unless stated otherwise. The value of an investment, and any income from it, can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
