Artemis SmartGARP Global Equity Fund
Q2 2026 update
Source for all information: Artemis as at 29 June 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 Artemis SmartGARP Global Equity Fund returned 16.9% over the quarter
- The biggest contributors to that return were its holdings in Dell, Samsung and Elite Material
- The main factors holding back performance compared with the index were strong returns from companies that the fund did not hold, such as Micron, SK Hynix and AMD
Performance
Despite our cautious approach to some of the most popular areas of the global stockmarket (such as US technology shares), the Artemis SmartGARP Global Equity Fund returned 16.9% over the quarter1. That compared favourably with a return of 14.2% from its first benchmark, the MSCI AC World index2, and of 13.2% from its second benchmark, the IA Global sector average3. That return also put it in the top 25% of its peer group for the three months to 30 June.
| 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
Regionally, the fund's holdings in the US and emerging markets performed particularly well. Technology investments accounted for most of the fund’s strong performance compared with its benchmark index. But its investments in the shares of mining and healthcare companies performed less well.
On a company level, the biggest contributors were holdings in the shares of Dell (in the US) along with Asian technology companies such as Samsung Electronics (Korea), Elite Material (Taiwan), Nanya Technology (Taiwan) and SK Square (Korea).
As often happens in extreme market conditions, the main factor holding back performance relative to the benchmark was the strong returns of companies that the fund did not own, such as Micron, SK Hynix, AMD and Intel. Shares in China Hongqiao, an aluminium producer, declined as profits for 2025 fell short of the market's expectations.4
Activity
We added to the fund's holdings in: Phillips 66, an oil & gas business in the US; logistics company FedEx; Nutrien, a Canadian fertiliser producer; and SK Square, a South Korean conglomerate which owns 20% of semiconductor giant SK Hynix.5
To fund these purchases, we sold Kepco and United Utilities. We sold part of the holding in Elite Material after a period of strong performance from its shares. We also reduced the fund's holding in Meta.
Regionally, the fund looks broadly the same as it did three months ago. It has less invested in the US and more exposure to emerging markets than the benchmark.
Outlook
As we stand today, short-termism looks prevalent to us. Individual investors have become active participants in stockmarkets, often through investment products that use borrowed money to magnify potential gains and losses.6 There must be a risk that today's investor enthusiasm develops into overexuberance. On balance, then, we are cautious and the fund has less invested in many areas that we believe would be most vulnerable should markets fall, such as semiconductors.
In these conditions, we think the best way to manage uncertainty is to invest in companies whose shares do not appear expensive compared with the profits they make and whose profits are growing more quickly than those of the average company.
Notes and references
2. 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
3. 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.
4. Dow Jones, 23 March 2026, China Hongqiao Shares Fall to Three-Month Low on Earnings Miss
5. SK Hynix – Stock information - Ownership structure as at 31 March 2026
6. Financial Times, 17 July 2026, ‘A casino for investors’: leverage brings huge swings to world’s best-performing market
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.
