Wolstencroft: Investor complacency is making me nervous
The manager of the Artemis SmartGARP European Equity Fund says it is at times when other investors stop caring about valuations that they become more important than ever.
Established in 1997, Artemis is a leading UK-based fund manager, offering a range of funds which invest in the UK, Europe, the US and around the world. As a dedicated, active investment house, we specialise in investment management for both retail and institutional investors.
Our sole objective as investors is to outperform the market and produce long-term returns for the people whose money we manage.
We do not have a ‘house view’ or top-down approach to investing and we believe this sets us apart. Each investment team is independent in determining its investment approach. And yet, the Artemis culture supports a strong collegiate ethos. Our teams draw on each other’s experience and knowledge, sharing ideas and insights to achieve a common goal of maintaining and enhancing our standing with clients as trusted and active stewards of their capital.
We believe in creating a strong link between the compensation of our senior staff and the impact that they have on the delivery of value to clients and the success and profitability of our business. Fund managers’ remuneration is linked to the client assets that they run as well as their cultural contribution to the team and the broader business. In addition, all our fund managers invest their own money in the funds they manage, and those of their colleagues, in order to align their interests closely with those of our clients.
The manager of the Artemis SmartGARP European Equity Fund says it is at times when other investors stop caring about valuations that they become more important than ever.
Combining short-dated high yield with cash can produce powerful results.
Most fund managers will tell you they want to buy high-quality companies. After all, who wants to invest in a poorly run business with dismal prospects and a shrinking market share?
UK equity markets are home to a remarkable number of world-leading companies that most people would completely fail to recognise. That’s because these businesses operate in specialist niche areas.
With all the coverage about Elon Musk’s SpaceX IPO and its intergalactic valuation, you may not have noticed when Samsung quietly entered the club through a side door a few weeks ago.
Artemis' Jack Holmes makes a clear case for adding short-dated high-yield bonds to a balanced portfolio.
After years of large-cap dominance, the Russell 2000 has outperformed the S&P 500 year to date: is there more to come?Join the Artemis team as they discuss why they believe broadening earnings, attractive valuations and cyclical tailwinds put US small caps in a strong position for future growth.
Every investor seems to know and accept that AI is changing the world. But what many seem to be overlooking is the speed of change in AI itself.
When something sounds too good to be true, it usually is. So if I told you most fund managers could boost long-term returns by paying more attention to a single metric, your reaction would likely be one of scepticism.
Putting all your money in a global tracker fund means betting the theme of US exceptalism that has driven markets higher over the past 15 years will continue indefinately. Artemis' Harry Eastwood explains why this may not be the case.
Portfolio manager Mark Niznik discusses what attracted them to invest in Bloomsbury Publishing.
Portfolio manager William Tamworth discusses what attracted them to invest in MoneySuperMarket.
Thursday 25 June 10amJoin Raheel Altaf, manager of the Artemis SmartGARP Global Emerging Markets Equity strategy, to learn how the asset class combines low starting valuations, improving earnings momentum and stronger corporate balance sheets to offer a much more compelling risk reward profile than many investors assume.
Register to hear from Philip Wolstencroft and Harry Eastwood as they discuss why there is more to come from the European recovery, what differentiates the SmartGARP approach, where it is finding opportunities today and why we are much more than a value fund.
As Kevin Warsh takes the helm of the US Federal Reserve, he inherits a divided Federal Open Market Committee (FOMC), a president liable to publicly criticize and the spectre of rising inflation. He has also suggested that things need to change at the Fed. These challenges make it hard to predict what course he will plot.
As Kevin Warsh takes the helm of the US Federal Reserve, he inherits a divided Federal Open Market Committee (FOMC), a president liable to publicly criticize and the spectre of rising inflation. He has also suggested that things need to change at the Fed. These challenges make it hard to predict what course he will plot.
Thursday 28 May 10am Register to hear from fund manager and head of fixed income Stephen Snowden on his latest macro views and the impact for the asset class including credit spreads, gilts and why the team disagree with the rate hikes the market is pricing in.
Tuesday 19 May 10am Join Artemis bond managers Jack Holmes and David Ennett as they discuss how short-dated high yield bonds are delivering attractive risk-adjusted returns – particularly valuable when markets face uncertainty – and why technicals point to spreads holding or tightening further.
Smarter than ever? As SmartGARP reaches its 25-year milestone, founder and fund manager Philip Wolstencroft discusses why he creating the stock picking process, why it will outlast him, and the importance of focussing on the data.
If you want to protect your portfolio from war, energy shocks, disruption by AI and concentration risk in market indices, you're not alone. This list of worries is long enough to give even the most committed bull cause to reflect.
As markets digested the impact of the first waves of conflict in Iran, the focus quickly moved onto energy and commodity prices and what they would mean for the global economy.
In life as in investing, it often feels safer to keep doing what worked in the past. Yet for global equity funds, the status quo is anything but safe, in our view.
Register for an update on the Artemis Global Income Fund including the team’s latest analysis of global markets and what they believe will drive future capital flows
Amid geopolitical impact on markets, the Artemis US team will examine key structural drivers for US equities, the recent outpacing of small caps over large caps and whether broader market returns will persist.
Artemis' Philip Wolstencroft runs through similarities between the SmartGARP stock-selection tool and the world's greatest fictional detective.
Artemis ask Head of US equities Cormac Weldon what's behind the broadening out of returns in the US equity market and if it will continue.
Artemis' Fund Manager Ed Legget discussed the impact of recent negative political headlines and what has been attracting international investors back to the UK.
Artemis' Fund Manager Olivia Micklem explains what's behind the YTD outperformance of US small caps vs their larger peers.
Join Artemis’ Mark Niznik and William Tamworth as they challenge the prevailing negativity around the UK market and explore why UK small caps, in particular, could be entering a powerful new phase of opportunity.
Thursday 9 April 10amJoin to hear Ed Legget’s outlook for UK equites, what’s piquing the interest of international investors and the latest portfolio positioning and performance drivers.
Wondering whether the New Year will bring an end to US exceptionalism has become something of tradition among investors as they play the annual forecasting game.
Artemis Fund Manager Olivia Micklem explains what's behind the YTD outperformance of US small caps vs their larger peers.
Artemis Fund Manager Ambrose Faulks presents his outlook for the UK banking sector and which ones excite him the most.
The team explain their longstanding approach to investing, what they focus on and how they will be managing the Murray Income Trust.
Emerging markets had a strong year in 2025. The MSCI EM index rose 34% in US dollar terms, comfortably outperforming the MSCI World index. Even allowing for a weaker dollar, sterling investors saw returns of around 24% – roughly three times that of the S&P 500.
Britons remain famous for their love of queuing, instinctively adhering to the unwritten rule that they form an orderly line when more than one person is waiting for the same thing.
From an investment perspective, the situation presents real challenges. The duration of the conflict remains uncertain. While some expect a resolution may come within weeks, the range of possible outcomes is wide.
While valuations remain a key attraction of emerging markets, Artemis’ fund manager Raheel Altaf will discuss the improving fundamentals and long-term structural trends that further enhance their attractiveness for investors.
Artemis' Stephen Snowden says that the structure of passive bond funds means the way they react to market crashes couldn't be more counterproductive.
A year is a long time in fixed income. Just 12 months ago, monetary and fiscal policy were expected to provide support for bond markets via across-the-board interest rate cuts and a normalisation in government spending following the Covid-era highs.
In this Fund in 5ive, co-manager Jack Holmes and investment director Josh Passmore discuss how the fund achieves true diversification by looking beyond the usual suspects to have beaten its peer group over all time frames.
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