Nick Shenton

Fun(d) Manager, Artemis. All views are my own and are not intended as investment advice.

[Dom Cooke @domcooke]

Every year in Las Vegas, 60,000 people gather to talk about concrete. In Dubai, the entire medical industry converges under one roof. In Monaco, billions of dollars in luxury yachts change hands in a single weekend.

Behind all of these events is Informa, a £11 billion UK-listed company that controls nearly 1,000 of the world's most important live events. Think of it as the quiet giant of B2B commerce—2.5x larger than its closest competitor, yet barely known outside its industry.

In 2013, Informa owned just 10 trade shows. New CEO Stephen Carter saw that the industry lacked a dominant player and began methodically acquiring the best events in each sector. A decade later, it owned nearly 600 trade shows, including some of the most prestigious events in the world–Cannes Lions, China Beauty Expo, and LEAP (or as Wired calls it, "Digital Davos" in the desert of Saudi Arabia).

Events are expensive, but at scale, they are great businesses.

For every $100 Informa makes in revenue, $80 comes from exhibitors renting space, while the remaining $20 comes from sponsorships, marketing, and attendee fees.

Informa pays $20 for the venue and another $10 for essentials like electricity, WiFi, and staff. The remaining $30 goes to its operational teams, which run these events. That leaves $40 in operating profit.

Exhibitors pay in advance to secure their spot, while Informa pays venues in installments, often with a final payment after the event. And customer retention is high. The strongest shows sell out a year in advance, but even an average event secures 40% of next year's revenue at the current show.

Zoomed out, Informa is projected to make £4.1 billion in revenue and £1.2 billion in operating profit next year. 75% of its revenue comes from these B2B events.

When Covid shut down global travel, Informa’s stock (unsurprisingly) fell 50%. But rather than proving a death blow, the absence of face-to-face networking showed just how essential their gatherings are.

Cities even vie to host Informa's events like they compete for Formula 1 races, knowing a single show can transform their economy. The Fort Lauderdale Boat Show alone generates $2B in local economic impact, 40x Informa's revenue from the event.

Over the past decade, Informa quietly built an empire on a simple insight: in a digital world, the most valuable conversations still happen face-to-face.

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To learn more about the business, I highly recommend @ReustleMatt's conversation with investor Nick Shenton on @bizbreakdowns.

It’s a great episode and covers all aspects of Informa in detail.

[Nick Shenton @profithunterNS]

For investors in the Artemis Income Fund, this is a top 5 positon and we thought you might enjoy the breakdown as a case study on what you own.
Thank you for your support and trust 🙏 ⁦Shout out to ⁦@bizbreakdowns⁩ https://t.co/ghNKtfO2xH

[Nick Shenton @profithunterNS]

https://t.co/q6YA97Y9ff

[Nick Shenton @profithunterNS]

I really enjoyed this. Thoughtful insights informed by deep research. Imho the Power Law applies in many walks of life- including public markets. ⁦@scmallaby⁩ ⁦@ritholtz⁩ https://t.co/i58F0K1KjF

[Nick Shenton @profithunterNS]

https://t.co/JhNpFgdw1b

[Compound248 💰 @compound248]

I’ve been blessed to spend time with many of the world’s great investors.

20 years ago, I made a point to hunt down the best. Many are now popular on Fintwit - Nick Sleep, Li Lu, Chuck Akre. Others should be - Chris Hohn, Larry Robbins, and more.

For🎄: 12 lessons I learned🧵👇

[Patrick OShaughnessy @patrick_oshag]

Our investigation into markets continues with this breakdown of the London Stock Exchange Group

I love learning about old businesses, 300 years in this case. Centuries later, it remains integral.

@zbfuss and @profithunterNS explain the business:

https://t.co/pIFlkCuVfb

[Nick Shenton @profithunterNS]

@patrick_oshag @zbfuss Over three centuries old and still keeping up with the pacesetters when it comes to technology...perhaps there's hope for us all @patrick_oshag 😄 Really enjoyed the conversation with @zbfuss and the team. Happy holidays everyone

[Nick Shenton @profithunterNS]

@niklasoestberg @deliveryherocom Congrats Niklas, it's great to see you motoring past these milestones on the journey to success with @deliveryherocom 👏✌���

[Nick Shenton @profithunterNS]

Great investor, even greater team mate, mentor and friend. One of the very best 🏆 #FMYA

[Investment Week @InvestmentWeek]

We are delighted to announce that Adrian Frost of Artemis is our Outstanding Fund Manager over 25 Years! Congratulations to Adrian #FMYA

[Nick Shenton @profithunterNS]

@jwangARK Profit motive deviates subjective “truth.” A Gospel of Wealth endowment could sustain independent and impartial fact-based reporting. If from tech sector, would be one of its greatest gifts to the world and reset the disturbance in the force

[Nick Shenton @profithunterNS]

Brilliant experience at the Presentations Evening of the Artemis Profit Hunt yesterday. 67 students presenting across 15 teams and >40 Artemis mentors supporting, but mostly listening and learning from the #digitalnatives! #investing #DiversityandInclusion @Arrivaleducate

[Nick Shenton @profithunterNS]

IN PRAISE OF INACTION - https://t.co/qzq9x2Zrtk https://t.co/qzq9x2Zrtk

[Nick Shenton @profithunterNS]

https://t.co/YxCbIIV3Mo

[Nick Shenton @profithunterNS]

Comprehensive and accurate article from @KatrinaLloydIW in #investmentweek on how much the evergreen Mr Frost and I are enjoying the challenge of investing at the moment- with the welcome addition of our third amigo Mr Marsh. Thanks Katrina! https://t.co/krJ7bta56U

[Chaz Hutton @chazhutton]

So here's my favourite little quirky thing in New York, which to me is a perfect embodiment of New York's attitude, and a direct result of New York's street grid, arguably two of the city's most famous aspects…

[Nick Shenton @profithunterNS]

https://t.co/oO0B9G7sPy

[Nick Shenton @profithunterNS]

Business can only gain from exposure to talented young people like Jamie. If you are interested in learning more about how AE and Artemis are working to improve #SocialMobility then DM me https://t.co/Q20mrEr5zJ

[Nick Shenton @profithunterNS]

There are some great reads on here that I can wholeheartedly endorse...and plenty of new ones that are on their way to my bookshelf
https://t.co/5Lntn6trAB