The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Sep 30, 2026
Artisan Global Discovery Fund Institutional Class returned -7.24% net of fees in Q3 2026, trailing its benchmark, the MSCI AC World Small Mid Index, which declined 2.20%. For the year-to-date period through September 30, 2026, the Institutional Class gained 3.05% net of fees compared to 11.06% for the benchmark. Relative underperformance in Q3 was primarily driven by adverse security selection in industrials and information technology, coupled with underweight positioning in energy and financials, which were the index's leading sectors. These headwinds were partially offset by positive stock selection in communication services and an overweight allocation to health care. The macroeconomic environment during the third quarter was defined by rising sovereign yields, central bank rate increases, elevated oil prices surpassing $100 per barrel, and mounting geopolitical tensions. Tighter financial conditions and persistent US budget deficits prompted long-term Treasury yields to reach multi-decade highs. Equity leadership shifted sharply, with large caps and value equities outperforming growth and small/mid-cap tiers. Within technology, the team observed an inflection point where broad AI hardware and semiconductor infrastructure spending faced heightened scrutiny over durability, financing costs, and return on investment. In response to these market dynamics, the team actively trimmed or exited capital-intensive AI infrastructure hardware holdings, ending campaigns in Monolithic Power Systems and Modine Manufacturing while exiting Tradeweb Markets due to competitive shifts. Capital was consolidated into high-conviction franchises exhibiting idiosyncratic profit cycles, including additions to Lattice Semiconductor, Cognex, RBC Bearings, and West Pharmaceutical. New Garden positions were initiated in Manhattan Associates, Okta, and Clean Harbors.
The fund seeks long-term capital appreciation by investing in companies with identifiable, company-specific profit cycles and differentiated competitive advantages that can compound value independently of broad macroeconomic conditions.
US economic resilience faces headwinds from elevated commodity prices and rising borrowing costs, prompting a focus on company-specific profit cycles rather than macro-dependent businesses. In technology, capital is selectively shifting from capital-intensive hardware infrastructure to enterprise and vertical software beneficiaries of AI.
Moderate Conviction Bullish
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