Artemis SmartGARP European Equity Fund
Q4 2025 update
Source for all information: Artemis as at 31 December 2025, unless otherwise stated.
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.
The fund’s objective is to grow capital over a five-year period.
Performance
The fund had a good fourth quarter (Q4) and a very good year. It was up 9.8% in Q4 and 55.9% for 20251. By comparison, the fund’s first benchmark – the FTSE World Europe ex UK index2 – returned 6.5% and 27.9% over these periods respectively3.
Discrete calendar-year performance
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Artemis SmartGARP European Equity I Acc GBP | 55.9% | 16.4% | 15.1% | 2.0% | 19.5% |
| FTSE World Europe ex UK TR GBP | 27.9% | 3.0% | 15.7% | -7.0% | 17.4% |
| IA Europe Excluding UK average4 | 22.2% | 1.5% | 13.5% | -9.2% | 15.7% |
Past performance is not a guide to the future.
Source: Lipper Limited/Artemis to 31 December 2025 for class I distribution units, GBP. 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
In the fourth quarter of 2025 specifically, Societe Generale (French bank), Lottomatica (Italian lottery), Betsson (Swedish online gambling), Italgas (Italian utility) and BAM (Dutch construction) were among our biggest winners.
Activity
We sold or reduced positions in National Bank of Greece, Genmab (Danish biotech), IREN (Italian utility), Freenet (German telecom) and Aena (Spanish airports) during Q4.
On the other side of the ledger, we bought Boliden (Swedish miner), Alstom (French industrial), Nordex (German industrial), Capgemini (French software) and KGHM (Polish miner).
This is a wide array of shares; however, we believe our SmartGARP automated data-processing tool allows us to quickly and succinctly drill down into company-specific detail.
Outlook
The fund’s long-term success lies in its ability to identify companies that grow faster than the stockmarket in general, we would argue. More recently, the fund has been aided by a re-rating (when shares become more expensive relative to profits) of our holdings from incredibly low levels to valuations that we believe are merely low.
While a period of extraordinary returns may be behind us (and it is impossible to predict the future), our opinion is that performance going forward should still be pretty good. We believe our SmartGARP stock-screening tool can find companies that are good value and can grow over the long term.
Notes and references
2. The FTSE World Europe ex UK index is a widely-used indicator of the performance of European 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.
3. Source: Lipper Limited, Artemis to 31 December 2025
4. The IA Europe Excluding UK 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 European 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.
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.
