Artemis Funds
Artemis US Extended Alpha Fund
US
Jun 2025 → Mar 2026
Our archive holds 2 letters from this strategy, behind 3 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years · follow all of Artemis Funds for every strategy.
What it bought and sold
We exited the position in Ulta Beauty, after a surge higher in its share price pushed its valuation up to our target.
Its recent acquisition of Hanesbrands adds scale, could generate cost synergies and could begin to unlock growth opportunities for a business that has historically been starved of investment.
Whilst we have been taken some profits following the substantial appreciation in its share price, we expect demand for NAND memory, which is vital to the AI buildout, to remain strong.
After meeting with management and debating potential outcomes across the team, we reduced our position.
JB Hunt is a transport company with a leading ‘intermodal’ network that takes freight from trucks to the railway and then back to trucks, cutting costs and improving service to its customers.
By significantly reducing our holdings in Microsoft, Amazon and Alphabet, we have continued to reduce the fund's exposure to the Magnificent Seven stocks.
Perhaps most notably we took money out of our positions in banks such as Wells Fargo.
The biggest addition to the portfolio over the quarter was Targa Resources, a modestly valued energy company operating in the Permian Basin, the largest onshore oilfield in the US.
By significantly reducing our holdings in Microsoft, Amazon and Alphabet, we have continued to reduce the fund's exposure to the Magnificent Seven stocks.
By significantly reducing our holdings in Microsoft, Amazon and Alphabet, we have continued to reduce the fund's exposure to the Magnificent Seven stocks.
Also held
Its investment theses
- Gildan Activewear Inc.Mar 2026Gildan Activewear is a low-cost, vertically integrated apparel maker expanding its cost advantage and scale with potential synergies from Hanesbrands.
- Bank of New York MellonJun 2025Bank of New York Mellon is a financial services company poised for growth through innovation and strategic client relationships, presenting an undervalued investment opportunity with solid earnings potential and lower cyclicality compared to traditional banks.
- TransDigmJun 2025TransDigm is a high-quality aerospace company with robust potential for revenue growth and strong margins, trading at a discount despite its solid aftermarket and defense market prospects.