Artemis Funds
Artemis uk smaller companies fund
UK Small-cap
Jun 2025 → Mar 2026
Our archive holds 4 letters from this strategy, behind 5 investment theses and positions in 22 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 years · follow all of Artemis Funds for every strategy.
What it bought and sold
We increased our exposure to medical device manufacturer NIOX, which had lagged despite strong results.
Bloomsbury Publishing (a new holding) announced the publication dates for the next two novels by bestselling author Sarah J Maas, prompting an upgrade in earnings expectations.
we also added to our recent new holding in DiscoverIE, which designs and manufactures specialist electrical components.
We sold our remaining holding in JTC after the recommended £2bn cash bid by private equity firm Permira.
We also sold our small residual holding in Videndum, having decided not to participate in its refinancing.
We started a new holding in Tristel, which supplies chlorine dioxide for high-level disinfection of medical devices (for example ultrasound probes) in hospitals.
Most other sales involved trimming strong relative performers, including Serco, Coats and Secure Trust Bank.
Most other sales involved trimming strong relative performers, including Serco, Coats and Secure Trust Bank.
Most other sales involved trimming strong relative performers, including Serco, Coats and Secure Trust Bank.
A rally in SSP's shares led us to sell our holding.
Also held
Its investment theses
- Tristel plcMar 2026Tristel supplies chlorine dioxide disinfection products with high margins, double-digit organic growth, and transformative US market potential.
- discoverIE Group plcMar 2026discoverIE Group designs specialist electronic components with switching-cost advantages and offers attractive valuation amid upgraded growth expectations.
- discoverIE Group plcDec 2025discoverIE Group plc makes hard-to-switch specialist components and offers double-digit growth at under 15x earnings with a >6% free cash flow yield.
- Bloomsbury Publishing plcDec 2025Bloomsbury Publishing plc offers an 8% FCF yield, net cash, a growing academic mix, strong backlist, and durable IP tailwinds like Harry Potter.
- M&C SaatchiJun 2025M&C Saatchi is an impressively restructured creative agency with a strong cash flow yield and a solid net cash position.