William Tamworth had no idea Russia was going to invade Ukraine in 2022 – so why did he hold companies that make warships, armoured vehicles and ordnance?

From AI to interest rates, the themes driving the US equity market are creating more winners and more losers.

Olivia Micklem responds to some of the most common questions she currently receives.

Every company listed on the stock market will be affected by AI in some way. Artemis US Select manager Cormac Weldon runs through the implications for investors.

Higher turnover is not necessarily a drawback. For SmartGARP, moving capital from stocks with weakening prospects into those with improving earnings and better valuations has been an important source of returns.

Waiting for a clear reason for a stock to recover can mean missing the opportunity. Defence stocks show how buying overlooked companies at attractive valuations can pay off when circumstances eventually change.

Despite strong gains in technology and emerging markets, Artemis still sees opportunities where company earnings are improving but share prices have yet to fully reflect this. China and Brazil are highlighted as areas where valuations remain attractive.

The article looks at the risks of having so much of the US market concentrated in a small number of large technology companies. Artemis instead looks for attractively priced companies that are improving, with opportunities also being found outside the largest names.

My quarterly updates are pretty sparse when it comes to text and my monthly commentaries are non-existent to minimal. However, I felt the urge to write a longer note, mostly because I am growing nervous about problems brewing in wider financial markets. 

As Christopher Nolan’s new telling of ‘The Odyssey’ hits movie screens across Britain, I’ve been pondering what its hero might be able to teach us about investing, at a time when markets, in my view, are overheating. 

Passive fixed income funds took in $303bn of new money last year, compared with $237bn for active strategies¹. The passive share of international fixed income markets is now 39% – up from 27% a decade ago². You can see the direction of travel, and I should be cross. 

In this Fund in 5ive, Artemis’ 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.

It’s an old adage that there’s no such thing as a free lunch – somewhere down the line there’s a payment to be made. Except perhaps in the world of fixed income.  

Since Liz Truss and Kwasi Kwarteng’s disastrous mini budget sent a wrecking ball through the gilt market in September 2022, the ‘moron premium’ has entered common parlance, at least within financial circles. The phrase, which refers to sovereign debt yields rising because of politicians’ mistakes, was brought out of retirement and dusted off when 30-year gilt yields spiked in August and September 2025, peaking around 5.7%¹. 

Many great thinkers through the ages have prized the concept of simplicity. Leonardo da Vinci believed it to be “the ultimate sophistication”; Albert Einstein quipped that “everything should be made as simple as possible, but not simpler”; while author William Golding concluded that “the greatest ideas are the simplest”. Then why, I wonder, do so many investment professionals try to make things so complicated?  

A pressing debate for investors and asset allocators is whether corporate bond spreads are too tight. If yields are almost as high for a theoretically much safer government bond, shouldn’t they just buy gilts instead? Or even park their money in cash, given the high rates some savings accounts are paying out at present. 

In this video, the team discuss how they have consistently beaten the benchmark, their investment process, what excites them about the future of UK equities and who the joker of the team is!

The Artemis SmartGARP European Equities Fund is up 33% over one year*. We ask manager Philip Wolstencroft if investors have missed the boat.