ArtemisSmartGARP Global Equity Fund
Q1 2026 update
Source for all information: Artemis as at 30 March 2026, 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.
Summary
The quarter can be broken down into two distinct parts. January and February saw investors expressing their optimism on the outlook for economic growth and showing increased interest in markets beyond the US, particularly emerging markets. Shares in software companies, however, came under pressure on fears that a new generation of AI tools could threaten their sales1.
In March, the sudden eruption of war in the Middle East sent share prices worldwide lower. Investors sold holdings that had previously been performing well, such as emerging market equities and producers of precious metals, such as gold miners2. The overall result was that global stockmarket indices ended the quarter slightly lower.
Performance
Artemis SmartGARP Global Equity produced a positive return of 3.0% over the quarter3. That compared favourably with falls of 1.3% in its first benchmark, the MSCI AC World index4, and of 3.5% in its second benchmark, the IA Global sector average5.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Artemis SmartGARP Global Equity I Acc GBP | 32.4% | 21.7% | 3.9% | -2.5% | 23.6% |
| MSCI AC World NR GBP | 13.9% | 19.6% | 15.3% | -8.1% | 19.6% |
| IA Global sector average | 10.3% | 12.7% | 12.5% | -11.1% | 18.2% |
Past performance is not a guide to the future.
Source: Lipper Limited, class I accumulation units, to 31 December 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 and detractors
That the fund produced a positive return in a falling market reflected the fact that it had relatively little invested in the technology sector, where share prices came under pressure due to uncertainty about the impact of AI on the sales of software companies. Having around 8% of the fund invested in the shares of energy companies was also helpful.
On a company level, some of the biggest contributors to returns were holdings in companies that supply components to AI data centres, such as Samsung Electronics (memory), Elite Material (copper laminates used in circuit boards), Asia Vital Components (cooling systems), Dell (servers) and TSMC (semiconductors).
The quarter’s biggest negatives included holdings in Synchrony Financial (a US consumer lender), CMOC (a Chinese mining company) and Korea Electric (a utility company).
Activity
In response to the war in Iran, we added to the fund’s holdings in the energy sector and in so-called ‘defensive’ stocks (companies whose share prices should, in theory, fall by less than the wider market during periods of economic turmoil). In terms of individual companies, we added to Dell and initiated new positions in Phillips 66 (oil & gas), FedEx (logistics), and Avnet (electronic equipment). We sold some of our holding in Weibo, a Chinese social media company.
Positioning
Overall, the fund looks much the same as it did when the year began. We continue to favour emerging markets (which account for 32% of our fund versus 12% of the index) over the US (which represents 45% of our fund versus 66% of the index). At present, SmartGARP indicates that attractive investment opportunities are most abundant in the basic resources, banks and autos sectors.
Notes and references
2. Bloomberg, 19 March 2026, Gold-Mining Stocks Erase 2026 Gains as Rate-Cut Bets Fade.
3. Source: Artemis/Lipper to 31 March 2026.
4. The MSCI AC World Index 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
5. 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.
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.
