| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.11% | -5.45% | -5.45% |
Artisan Global Discovery Fund declined 5.45% in Q1 2026, underperforming the MSCI All Country World Small Mid Index which gained 0.23%. The quarter was marked by geopolitical escalation, energy price shocks, and shifting monetary policy expectations. Negative stock selection in information technology, consumer discretionary and real estate drove underperformance, while industrials and an underweight to financials provided some offset. The manager initiated new positions in ROBLOX, H World Group and ASM International while adding to existing holdings including Twist Bioscience, Sea and Compass during market weakness. Top contributors included Modine Manufacturing, Twist Bioscience and RBC Bearings, while Sea, Compass and MongoDB were the largest detractors. The portfolio maintains strong conviction in health care, AI infrastructure, and aerospace and defense themes. Despite macroeconomic uncertainty, the manager believes the environment of broader market participation and increased dispersion creates opportunities for their bottom-up stock selection process to add value over time.
Bottom-up stock selection across global small and mid-cap companies focused on company-specific growth drivers and durable profit cycles, with particular conviction in health care, AI infrastructure, aerospace and defense sectors.
The manager believes the environment remains supportive of their bottom-up stock selection process, with periods of broader market participation and greater dispersion creating more opportunities for differentiated research. They maintain confidence in the portfolio's company-specific growth drivers and view periods of heightened volatility as opportunities to position for attractive long-term returns.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 29 2026 | 2026 Q1 | ASMI, ASND, COHR, COMP, HTHT, INSM, MDB, MOD, MSI, PRS, RBC, RBLX, SE, SPOT, TWST, WING | AI, Biotechnology, Data centers, defense, energy, global, mid cap, small cap | - | Global small-mid cap fund declined 5.45% amid geopolitical shocks and energy price volatility. Software holdings pressured by AI disruption concerns while industrials and defense names contributed positively. Manager initiated new positions in ROBLOX, H World Group and ASM International, maintaining conviction in health care, AI infrastructure and aerospace themes despite near-term headwinds. |
| Jan 27 2026 | 2025 Q4 | ARGX, ASND.CO, BAB.L, BKR, BLD, CCC, COH, DUOL, FROG, FWONA, INSM, IRTC, LABS, LYV, MOD, MPWR, MTSI, PEN, PSTG, RBC, SAIL, SE, SPOT, TTAN, TXRH, TYL, VRCY, WESCO, WST, WWD | AI, Biotechnology, defense, global, growth, healthcare, SMID Cap, technology |
COHR INSM FROG SE SPOT BAB LN TXRH BLD SAIL TTAN NEM GR IOT IRTC MTSI |
Artisan Global Discovery delivered strong absolute returns in 2025 driven by healthcare biotech strength and selective AI infrastructure plays. The team maintained conviction in franchise businesses with accelerating profit cycles while managing positions with valuation discipline. Portfolio positioning across healthcare, technology, defense and industrials reflects confidence in diverse company-specific opportunities despite elevated macro uncertainty. |
| Oct 24 2025 | 2025 Q3 | ARGX, ASND, BAB.L, BFAM, CW, INSM, IRTC, LSEG.L, LYV, PRCT, PURE, PX, RBC, SE, TDY, TEAM, TYL, WAY, WING, WST | AI, Biotechnology, defense, global, growth, healthcare, small cap, technology |
MOD PSTG ASND LSEG LN PRCT WING TDY WAY MOD PSTG ASND LSEG LN PRCT WING WAY |
Fund underperformed in Q3 due to software sector headwinds from AI disruption concerns, but healthcare holdings led by biotech names delivered strong results amid potential sector recovery. Managers strategically repositioned away from AI-vulnerable businesses toward aligned opportunities while maintaining conviction in franchise-quality companies benefiting from accelerating profit cycles despite elevated market valuations and macro uncertainties. |
| Jul 31 2025 | 2025 Q2 | ARIS, BAB LN, GDDY, GXI, III LN, IOT, IRTC, MIPS SS, RBC, SAIA, SPOT, SRT GR, TTD, WING | discovery, Global Growth, inflection points, underfollowed, valuation |
BAB LN IRTC SPOT ARIS SAIA GXI GR RBC WING III LN |
|
| Mar 31 2025 | 2025 Q1 | ARIS, ASND, BAB.L, CCCS, GWRE, ILMN, IRTC, MTSI, PRCT, PSTG, SAIA, SE, SPOT, TTI, TWST, TYL, USFD, VEEV, WAB, WST | AI, Biotechnology, defense, global, healthcare, SMID Cap, technology, Trade Policy | - | Artisan Global Discovery underperformed in Q1 2025 as markets rotated from growth to value amid trade policy uncertainty and AI infrastructure concerns. Defense spending beneficiary Babcock and biotech Ascendis led contributors while AI-exposed names like MACOM detracted. The team is using volatility to upgrade into resilient franchises with recession-resistant demand and company-specific catalysts. |
| Dec 31 2024 | 2024 Q4 | ARGX, ASND, FWONA, GALDF, GXI.DE, HUBS, INSM, LYV, MPWR, MTSI, NZYM-B.CO, ON, ONTO, PSTG, SE, SGE.L, SPOT, SRT3.DE, TEAM, VCYT, WST | AI, Biotechnology, global, growth, healthcare, semiconductors, technology | - | Artisan Global Discovery outperformed through strong security selection, particularly in technology and healthcare. AI-positioned holdings like MACOM and PureStorage drove gains while biotech names offered attractive valuations. The team added 10 new positions while trimming highly valued securities. Forward outlook emphasizes political uncertainty and policy changes as key variables, with healthcare presenting compelling opportunities despite technology conviction remaining strong. |
| Sep 30 2024 | 2024 Q3 | 0669.HK, ARGX, COHR, CWAN, EFX, ESTC, GALDA.SW, GWRE, GXI.DE, HUBB, IRTC, MPWR, MTSI, NZYM-B.CO, ONTO, PWR, SDZ.SW, TCOM, TREX, TTEK, TYL, VCYT, VEEV, WST | AI, global, growth, healthcare, industrials, SMID Cap, technology, water | - | Artisan Global Discovery underperformed in Q3 despite strong software holdings performance, hurt by sector allocation. The team added water infrastructure and biosimilar plays while trimming overvalued positions. Key focus areas include AI enablers with superior technology, water treatment opportunities from new EPA regulations, and electrical grid modernization beneficiaries. |
| Jul 20 2024 | 2024 Q2 | AAPL, AMZN, ANET, BSY, ESTC, FWONA, GOOGL, LSCC, MPWR, MRO.L, MSFT, MTSI, NVDA, ON, ONTO, SAIA, SE, TWST, TYL, WING | AI, Cyclical, global, growth, semiconductors, SMID Cap, software, technology | - | Artisan Global Discovery underperformed in Q2 as AI-driven mega-caps dominated while mid-caps struggled. Semiconductor and software holdings faced cyclical headwinds despite strong secular growth drivers. The team initiated positions in Liberty Formula One, Elastic, and Onto Innovation while maintaining discipline on valuation. Focus remains on identifying quality franchises with accelerating profit cycles trading below private market value. |
| Apr 15 2024 | 2024 Q1 | ANET, BAB.L, BSX, CELH, HUBS, LSCC, MIPS.ST, MKTX, MPWR, PWR, RDC.DE, SAIA, SPGI, SPOT, SWAV, TEAM, TW, TYL, VEEV, VRT | AI, Data centers, global, growth, healthcare, Logistics, mid cap, technology | - | Artisan Global Discovery outperformed in Q1 2024 through strong security selection, led by Shockwave Medical, Spotify, and Saia. The fund initiated positions in Celsius, Babcock International, and Vertiv while maintaining disciplined exposure to AI beneficiaries. Healthcare holdings are recovering after 2023 underperformance. The manager expects continued uncertainty but focuses on quality franchises with secular growth drivers. |
| Dec 31 2023 | 2023 Q4 | AMD, ARQX, BC.MI, EFX, EXAS, GXI.DE, HUBB, HUBS, MRO.L, ON, QNTA, TREX, VEEV, WST | AI, Biotechnology, Energy Transition, growth, healthcare, semiconductors, small cap, technology | - | Global Discovery Fund delivered 21% returns in 2023 despite Q4 underperformance versus benchmark. Portfolio benefited from AI exposure through AMD and energy transition themes via new utility infrastructure positions. Healthcare biotech holdings faced clinical setbacks but GLP-1 suppliers performed well. Manager maintains conviction in franchise businesses with secular growth drivers at reasonable valuations. |
| Apr 10 2023 | 2023 Q3 | 0669.HK, ADYEN.AS, AMD, ARGX, BSX, GXI.DE, LSCC, LSEG.L, ON, SWAV, TEAM, VEEV | Biotechnology, global, growth, Medical Devices, payments, software |
ARGX TEAM ADYEN SWAV |
Global discovery fund delivered mixed Q3 results with biotechnology and software winners offset by payments sector weakness. Strong performance from Argenx FDA approvals and Atlassian cloud growth countered by Adyen competitive pressures and Shockwave margin concerns. Portfolio maintains focus on innovative companies with strong profit cycles across global markets despite challenging macro environment. |
| Jan 20 2023 | 2022 Q4 | 0ABI LN, 0I4Q LN, CNHI, CTLT, GMAB, GXI GR, IR, LSCC, MPWR, PUMA, RYTM, SAIA, SIVB, TEAM, ZS | - | - | |
| Sep 11 2022 | 2022 Q3 | AZTA, BBVA, BURL, CAE, CTLT, GNRC, ON, SMGKF, TEAM, VEEV, VMI | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI-related investment continues to be a very strong trend with expanding capabilities sending software shares tumbling as investors reassess business models. Leadership has shifted toward infrastructure-oriented segments such as memory and optical components. The manager sees opportunities among holdings like Modine Manufacturing, Monolithic Power Systems, Lattice Semiconductor, Semtech, ASM, Coherent and SiTime. |
Infrastructure Software Data Centers Memory Optical |
DefenseThe manager sees a structural shift driven by modernization and global rearmament. Governments are responding to near-term conflicts, rebuilding inventories, upgrading capabilities and establishing higher baseline levels of readiness. This supports sustained demand across mission-critical technologies including sensing, propulsion, communications and missile defense systems. |
Modernization Rearmament Mission Critical Aerospace Components | |
BiotechnologyHealth care remains a key area of strength and conviction within the portfolio. Biotech holdings such as Ascendis Pharma and Twist Bioscience contributed meaningfully to performance, reflecting continued progress in underlying product cycles. The manager remains optimistic given company-specific growth drivers, limited economic sensitivity and generally lower AI disruption risk. |
Drug Discovery Therapeutics Innovation Growth Drivers Defensive | |
EnergyEnergy stocks surged with Q1 returns exceeding 30% across major indices due to escalation of conflict in Iran and disrupted supplies of industrial inputs. The manager's underweight position in energy detracted from performance as commodity-driven inflation pressures increased market sensitivity. |
Commodities Geopolitical Inflation Oil Prices Conflict | |
Data CentersCompanies such as Modine Manufacturing benefited from strong demand in data center cooling end markets, supported by hyperscale data center customers and expanding portfolio of advanced cooling solutions. AI-related capital spending continues to support sustained demand across the broader ecosystem. |
Cooling Infrastructure Hyperscale Capital Spending Thermal Management | |
| 2025 Q4 |
E-commerceCarvana was the top performer as a vertically integrated e-commerce platform for used cars. The company eliminates traditional dealerships and provides a haggle-free experience with vast nationwide inventory. With less than 2% market share, Carvana has a long runway of profitable growth ahead. |
Used Cars Digital Platform Market Share |
Energy TransitionTalen Energy was a major contributor for the third consecutive year as an independent power producer owning nuclear facilities. The company expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers and acquired gas-fired power plants for $3.8 billion. |
Nuclear Power Data Centers Carbon Free | |
AIAI was mentioned as a major market theme driving performance, with South Korea's semiconductor industry benefiting from the AI boom. The letter notes market crowding around the tech/AI theme as a challenge for active managers in 2025. |
Semiconductors Market Theme | |
| 2025 Q3 |
AIAI investment boom contributed over 1% to US GDP growth through first half of year, with tech investment growing at fastest pace since 2000. However, rapid AI advancements are creating uncertainty about which software companies can successfully integrate AI versus those facing business model disruption. |
Artificial Intelligence Technology Investment Business Model Disruption Software Integration GDP Growth |
BiotechnologyHealthcare sector showing signs of recovery with favorable policy developments potentially lifting regulatory overhang. Companies like Ascendis launching breakthrough medicines into large markets with strong momentum, transforming financial profiles of these franchises. |
Drug Launches Regulatory Policy Medical Innovation Revenue Growth Market Penetration | |
Defense SpendingRising global military spending driving demand for high-performance sensors, drones and space systems. Companies like Teledyne and Parsons positioned to benefit from secular growth in defense spending and expanding infrastructure development. |
Military Spending Defense Technology Sensors Drones Space Systems | |
Data CentersStrong growth driven by increased business with hyperscale customers and addition of new accounts. Rising demand across newer geographies and expansion into advanced product lines like rack-level and modular data center cooling solutions. |
Hyperscale Cooling Solutions Infrastructure Geographic Expansion Advanced Products | |
Healthcare ITRevenue cycle management platforms benefiting from competitor disruptions and AI integration opportunities. Companies like Waystar positioned to gain from cyberattack fallout at competitors while delivering measurable ROI through automation. |
Revenue Cycle Management Automation Cyber Security AI Integration Healthcare Technology | |
| 2025 Q1 |
Defense SpendingDefense spending is accelerating globally with increasing defense budgets benefiting companies like Babcock. The European Commission announced an €800 billion plan to boost defense spending, and Germany plans to relax debt brakes for defense investments. |
Defense Military Geopolitics Infrastructure Nuclear |
AIAI developments created market volatility with China's DeepSeek challenging US AI leadership assumptions. This raised questions about long-term returns on AI investments and impacted data center infrastructure companies, though the broader cloud computing trend remains intact. |
Artificial Intelligence Data Centers Cloud Technology Innovation | |
Trade PolicyTrump administration's aggressive tariff announcements created significant market uncertainty. The US/China trade war has intensified meaningfully while moderate increases are expected with other partners, affecting supply chains and corporate confidence. |
Tariffs China Supply Chain Policy Geopolitics | |
BiotechnologyBiotech companies with strong drug launches are performing well despite macro pressures. Ascendis Pharma's Yorvipath launch for hypoparathyroidism is exceeding expectations, with additional pipeline opportunities in achondroplasia treatment. |
Pharmaceuticals Drug Development Healthcare Innovation Rare Diseases | |
WaterWater handling and recycling solutions in oil production present growth opportunities. Aris Water Solutions operates in the Permian Basin with proprietary assets for wastewater collection and disposal, exploring new use cases including data center cooling. |
Water Treatment Oil Production Environmental Infrastructure Recycling | |
Surgical RoboticsSurgical robotics adoption continues with companies like PROCEPT BioRobotics gaining market share in benign prostatic hyperplasia treatment. The technology provides greater efficacy and safety advantages with potential expansion into prostate cancer treatment. |
Medical Devices Robotics Healthcare Surgery Innovation | |
| 2024 Q4 |
AIData centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. The team owns multiple technology category leaders positioned to help enable AI advances, including MACOM for networking chips, PureStorage for data storage, and Onto Innovation for inspection systems. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites. |
Data Centers Networking Storage Cloud Software |
BiotechnologyHealthcare has been largely left behind in this bull market and now presents some of the portfolio's most attractive valuation opportunities. The team anticipates profit acceleration for biotech holdings including Argenx, Ascendis and Insmed as they launch new medicines with blockbuster sales potential. |
Pharmaceuticals Drug Development Rare Diseases Valuations | |
SemiconductorsThe portfolio includes multiple semiconductor holdings with different exposures. MACOM benefits from steady growth in data center and defense end markets as a trusted foundry program member. Monolithic Power Systems faces temporary headwinds in 2025 as additional power semiconductor suppliers qualify for NVIDIA GPU needs, though other growth drivers remain. ON Semiconductor grapples with inventory right-sizing and slower EV sales growth. |
Data Centers Defense Power Management Electric Vehicles | |
Energy TransitionTechnology giants like Google, Microsoft and Amazon have committed to reducing carbon footprints and achieving net-zero emissions. Hyperscalers may pursue nuclear power sources as a low-carbon energy source providing stable supply. There's mounting evidence they may need to push emissions goals to satisfy energy demand, with investment implications for natural gas as a go-to fuel source. |
Nuclear Natural Gas Carbon Reduction Data Centers | |
| 2024 Q3 |
AIThe team is focused on AI enablers that remain well positioned to benefit from reasonable industry investment levels because they are gaining market share based on superior technologies. They are watching to see if large AI investments translate to productivity gains or competitive advantages. |
Artificial Intelligence Data Centers Semiconductors Technology Investment |
WaterThe team has been researching water sustainability issues and PFAS contamination in drinking water. New EPA regulations require public water systems to monitor and limit PFAS, creating market opportunities for companies providing filtration systems, water treatment services, and technical consulting. |
PFAS EPA Regulation Treatment Infrastructure | |
Grid UpgradeThe US electrical grid needs substantial investment to avoid outages and support future green energy installations. Companies like Hubbell are well positioned as leading suppliers of transmission and distribution components to utilities. |
Electrical Grid Transmission Distribution Utilities Infrastructure | |
BiotechnologyThe portfolio includes biotech holdings like Argenx, which received FDA approval for VYVGART in CIDP and continues to see strong performance in myasthenia gravis. The company is investing in clinical trials for numerous other rare autoimmune disorders. |
FDA Approval VYVGART CIDP Rare Diseases Clinical Trials | |
TravelTrip.com is positioned to benefit as China outbound travel returns to normal levels. The company strengthened its domestic positioning during the pandemic and can now leverage this for global share gains, particularly in greater Asia. |
China Outbound Travel Online Travel Market Share Recovery | |
GenericsSandoz is a global leader in generics and biosimilars serving over 100 markets. The company will be a key beneficiary of overall industry growth in biosimilars, which will improve its growth profile and drive improving profitability given the higher margin profile. |
Biosimilars Generic Drugs Margin Expansion Global Markets Growth | |
| 2024 Q2 |
AIAI has received tremendous attention and driven extraordinary gains among shares of companies directly exposed to the trend. Nvidia entered the year valued at $1.2 trillion, ended the quarter at over $3 trillion and briefly surpassed Microsoft as the most valuable public company. The manager believes well-positioned cloud software franchises will leverage generative AI advances to enhance their platforms and increase customer demand. |
Data Centers GPUs Cloud Software Semiconductors |
Semiconductor CycleMost semiconductor companies have been impacted by customers destocking elevated inventories in recent quarters, but this seems to be nearing completion. The manager has seen inventory downcycles in semiconductors before and they don't last forever. Several holdings are experiencing short-term cyclical headwinds but secular growth drivers will soon return to the fore. |
Semiconductors Inventory Cyclical Growth Technology | |
CloudCorporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions. While growth has slowed, these franchises are still compounding at healthy rates. Over the medium term, well-positioned cloud software franchises will leverage generative AI advances to enhance their platforms. |
SaaS Enterprise Software AI Technology Growth | |
DefenseMACOM Technology Solutions is a trusted manufacturer for US military and aerospace applications as a member of the US Department of Defense's trusted foundry program. The company offers a comprehensive portfolio of products that support the demanding performance requirements of today's aerospace and defense systems. |
Defense Aerospace Semiconductors Government Technology | |
| 2024 Q1 |
AIAI is deserving of attention as a technology trend with diverse use cases being explored and processing power gains suggesting improving effectiveness. The fund has exposure to AI beneficiaries across the technology food chain including chip manufacturers, networking equipment providers, and cloud software leaders incorporating AI functionality. |
Artificial Intelligence GPUs Data Centers Cloud Software Processing Power |
HealthcareHealthcare exposure was a source of underperformance in 2023 but has begun to yield stronger results in Q1 2024. The fund holds medical device companies like Shockwave Medical and Boston Scientific that are benefiting from innovation in cardiovascular treatments and minimally invasive procedures. |
Medical Devices Cardiovascular Innovation FDA Approval Minimally Invasive | |
LogisticsThe fund invests in less-than-truckload shipping through Saia, which operates in a structurally attractive area of transportation with network advantages. The company is entering a new growth phase that should unlock additional operating leverage after competitor Yellow's bankruptcy. |
Transportation Network Effects Operating Leverage Terminal Expansion Market Share | |
Data CentersRising AI-driven GPU use in data centers has spiked the need for efficient thermal management solutions. The fund holds Vertiv, which is well positioned to benefit from a multiyear profit cycle in data center construction activity and a mix shift toward GPU-based data centers that consume 2X-3X more power. |
Cooling Solutions Power Management GPU Infrastructure Energy Efficiency Thermal Management | |
| 2023 Q4 |
AIAMD's stock strength driven by growing excitement around AI exposure and MI300 GPU chip launch to compete against NVIDIA. Manager believes this could be a $20 billion opportunity for AMD that would nearly double its revenue. Software companies are rapidly exploring generative AI tools, with early opportunities for vendors to expand solutions via integrated AI. |
Artificial Intelligence GPUs Data Centers Generative AI Software |
Energy TransitionMultiple holdings positioned for energy transition including Quanta Services benefiting from grid modernization and renewable energy infrastructure. Hubbell well-positioned as leading supplier of transmission and distribution components to utilities. Federal incentive programs like Inflation Reduction Act should fuel long-term growth as renewable energy comes online. |
Renewables Grid Infrastructure Utilities Federal Incentives | |
GLP1Strong performance from companies leveraged to GLP-1 obesity therapies growth. Manager believes these weekly self-administered injection therapies represent excellent opportunity for pen device component suppliers. Portfolio includes West Pharmaceutical Services and Gerresheimer as key suppliers of packaging components and specialty glass/plastic products. |
Obesity Diabetes Medical Devices Pharmaceuticals | |
Semiconductor CycleSeveral semiconductor holdings disclosed weakness due to cyclical end-market pressures, particularly in automotive segment. Manager's experience suggests these cyclical corrections tend to be relatively short-lived (quarters rather than years). Expects secular trends driving growth to easily overcome macro pressures over reasonable timeframe. |
Semiconductors Automotive Cyclical End Markets | |
CloudAMD's data center CPUs used in cloud service provider servers benefit from broad secular tailwind of cloud adoption. Company has performance and pricing advantage over Intel enabling continued market share capture. Data centers identified as key secular driver for semiconductor growth over medium and long-term horizons. |
Data Centers Cloud Computing Market Share Infrastructure | |
BiotechnologyHealthcare sector out of favor due to concerns about early-stage biotech funding in higher rate environment and reduced China life sciences spending. Argenx experienced trial failures for two additional indications despite strong Vyvgart launch performance. Manager maintains high confidence in company's multibillion-dollar sales potential across multiple diseases. |
Clinical Trials Drug Development Autoimmune Funding | |
| 2023 Q3 |
BiotechnologyArgenx is a commercial stage biotechnology company with an approved first-in-class therapy for autoimmune diseases. The company's platform antibody treatment Vyvgart has one indication in market for treating myasthenia gravis that is experiencing a successful launch, with FDA approval for subcutaneous injection version and positive results for CIPD treatment. |
Autoimmune Myasthenia Gravis CIPD FDA Approval Commercial Stage |
Medical DevicesShockwave is a medical device company developing products for calcified cardiovascular disease. The company received FDA approval earlier than expected for its C2Plus intravascular lithotripsy device for coronary procedures, providing 50% increase in treatment capacity versus current C2 device, with strong 49% revenue growth. |
Cardiovascular Lithotripsy FDA Approval Coronary Procedures Treatment Capacity | |
Enterprise SoftwareAtlassian is a leading provider of innovative, customizable team-collaboration software tools. The company experienced slower software user additions in 2022 but has rallied with strong fundamental performance, recent earnings topping analyst expectations, and solid guidance including 25-30% growth in strategically important cloud business for 2024 fiscal year. |
Collaboration Software Cloud Business User Growth Team Tools SaaS | |
PaymentsAdyen is a payment company providing merchants with a single platform to accept e-commerce, mobile and point-of-sale payments in multiple countries. The company reported disappointing results where revenue growth slowed due to increased competitive pressure within e-commerce as clients switched to lower cost payment providers, leading to position exit due to uncertainty around competitive intensity and pricing pressure. |
E-commerce Payments Merchant Platform Competitive Pressure Payment Processing Pricing Pressure |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | Jason L. White | COHR | Coherent Corp. | Information Technology | Optoelectronic Equipment | Bull | New York Stock Exchange | AI, data centers, Margins, Photonics, semiconductors | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | INSM | Insmed Incorporated | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Drug launch, growth, healthcare, Pulmonology | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | FROG | JFrog Ltd. | Information Technology | Application Software | Bull | NASDAQ | AI, cloud, Devops, Security, Software | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | SE | Sea Limited | Communication Services | Internet Services & Infrastructure | Bull | New York Stock Exchange | ecommerce, Internet, Margins, Platforms, Southeast Asia | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | SPOT | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | Audio, media, monetization, Streaming, Subscriptions | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | BAB LN | Babcock International Group plc | Industrials | Aerospace & Defense Services | Bull | New York Stock Exchange | Defense, Government, infrastructure, Margins, turnaround | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | TXRH | Texas Roadhouse, Inc. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Branding, consumer, Margins, Restaurants, Unit growth | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | BLD | TopBuild Corp. | Industrials | Building Products | Bull | New York Stock Exchange | Acquisitions, Building materials, construction, Cyclicality, data centers | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | SAIL | SailPoint Technologies Holdings, Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, cloud, cybersecurity, Identity, Software | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | TTAN | ServiceTitan, Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | Payments, SaaS, Trades, vertical software, Workflow | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | NEM GR | Nemetschek SE | Information Technology | Application Software | Bear | Xetra | Aec Software, execution risk, exit, Macro, Subscriptions | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | IOT | Samsara Inc. | Information Technology | Application Software | Bear | New York Stock Exchange | exit, growth, IoT, Telematics, valuation | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | IRTC | iRhythm Technologies, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Cardiac, cashflow, FDA, healthcare, Wearables | Login |
| Jan 27, 2026 | Fund Letters | Jason L. White | MTSI | MACOM Technology Solutions Holdings, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Bookings, data infrastructure, Margins, semiconductors, valuation | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | MOD | Modine Manufacturing Co. | Consumer Discretionary | Electrical Components & Equipment | Bull | NYSE | AI infrastructure, Capacity growth, hyperscale, margin expansion, secular tailwinds, thermal management | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | PSTG | Pure Storage Inc. | Information Technology | Computer Hardware | Bull | NYSE | All-flash storage, ARR, Cost efficiency, hyperscalers, market share, Subscriptions | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | ASND | Ascendis Pharma A/S | Health Care | Biotechnology | Bull | NASDAQ | Biotech, innovation, Launch uptake, pipeline, platform, Revenue visibility | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | LSEG LN | London Stock Exchange Group plc | Financials | Financial Exchanges & Data | Bull | NYSE | Ai partnership, financial data, Moat, monetization, Pricing pressure, risk management | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | PRCT | PROCEPT BioRobotics Corp. | Health Care | Medical Devices | Bull | NASDAQ | BPH, Clinical evidence, growth, leadership, Margins, Medical robotics | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | WING | Wingstop Inc. | Consumer Discretionary | Restaurants | Bull | NASDAQ | advertising, Franchising, Loyalty, operational efficiency, ROIC, Unit growth | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | TDY | Teledyne Technologies Inc. | Information Technology | Aerospace & Defense / Electronic Instruments | Bull | NYSE | Automation, Defense, EPS growth, Free Cash Flow, Imaging, M&A, Sensors | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | WAY | Waystar Holding Corp. | Health Care | Health Care Technology | Bull | NASDAQ | AI, Automation, Healthcare IT, Revenue cycle, Roi, Switching, Workflow | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | MOD | Modine Manufacturing Co. | Consumer Discretionary | Electrical Components & Equipment | Bull | NYSE | AI infrastructure, Capacity growth, hyperscale, margin expansion, secular tailwinds, thermal management | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | PSTG | Pure Storage Inc. | Information Technology | Computer Hardware | Bull | NYSE | All-flash storage, ARR, Cost efficiency, hyperscalers, market share, Subscriptions | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | ASND | Ascendis Pharma A/S | Health Care | Biotechnology | Bull | NASDAQ | Biotech, innovation, Launch uptake, pipeline, platform, Revenue visibility | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | LSEG LN | London Stock Exchange Group plc | Financials | Financial Exchanges & Data | Bull | NYSE | Ai partnership, financial data, Moat, monetization, Pricing pressure, risk management | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | PRCT | PROCEPT BioRobotics Corp. | Health Care | Medical Devices | Bull | NASDAQ | BPH, Clinical evidence, growth, leadership, Margins, Medical robotics | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | WING | Wingstop Inc. | Consumer Discretionary | Restaurants | Bull | NASDAQ | advertising, Franchising, Loyalty, operational efficiency, ROIC, Unit growth | Login |
| Oct 24, 2025 | Fund Letters | Jason L. White | WAY | Waystar Holding Corp. | Health Care | Health Care Technology | Bull | NASDAQ | AI, Automation, Healthcare IT, Revenue cycle, Roi, Switching, Workflow | Login |
| Jul 31, 2025 | Fund Letters | Jason L. White | BAB LN | Babcock International Group PLC | Other | Aerospace & Defense | Bull | NYSE | backlog, Contracts, Defense, Government, Margins, Nuclear, Procurement, services, turnaround | Login |
| Jul 31, 2025 | Fund Letters | Jason L. White | IRTC | iRhythm Technologies, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Cardiology, diagnostics, Digitalhealth, growth, Margins, Medtech, Reimbursement, Wearables | Login |
| Jul 31, 2025 | Fund Letters | Jason L. White | SPOT | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | NYSE | advertising, antitrust, Audio, Margins, monetization, Regulation, Streaming, Subscriptions | Login |
| Jul 31, 2025 | Fund Letters | Jason L. White | ARIS | Aris Water Solutions, Inc. | Utilities | Oil & Gas Equipment & Services | Bull | NYSE | Basin, Cyclicality, infrastructure, midstream, oil, Pipelines, Recycling, Water | Login |
| Jul 31, 2025 | Fund Letters | Jason L. White | SAIA | Saia, Inc. | Industrials | Road & Rail | Bear | NASDAQ | Capacity, Cycle, Freight, Margins, Pricing, tariffs, Transportation, Volumes | Login |
| Jul 31, 2025 | Fund Letters | Jason L. White | GXI GR | Gerresheimer AG | Health Care | Life Sciences Tools & Services | Bear | - | biologics, Costs, Cyclicality, Destocking, Margins, Packaging, pharma | Login |
| Jul 31, 2025 | Fund Letters | Jason L. White | RBC | RBC Bearings Incorporated | Consumer Discretionary | Industrial Machinery & Supplies & Components | Bull | NASDAQ | Aerospace, Bearings, Industrials, Moats, Pricing, recovery, Supplychain | Login |
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| Jul 31, 2025 | Fund Letters | Jason L. White | III LN | 3i Group plc | Information Technology | Asset Management & Custody Banks | Bull | NYSE | Discounting, growth, NAV, Privateequity, retail, valuation | Login |
| Sep 30, 2023 | Fund Letters | Artisan Global Discovery | ARGX | Argenx SE | Health Care | Biotechnology | Bull | NASDAQ | Autoimmune, biotechnology, CIPD, Commercial Stage, Fcrn, FDA approval, Myasthenia Gravis, Platform Therapy | Login |
| Sep 30, 2023 | Fund Letters | Artisan Global Discovery | TEAM | Atlassian Corp | Information Technology | Application Software | Bull | NASDAQ | Australia, cloud migration, collaboration software, recurring revenue, SaaS, Software Tools, Team Productivity | Login |
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| Sep 30, 2023 | Fund Letters | Artisan Global Discovery | SWAV | Shockwave Medical Inc | Health Care | Health Care Equipment | Bull | NASDAQ | cardiovascular, FDA approval, Intravascular Lithotripsy, Medical devices, Pipeline Investment, Revenue Growth, Treatment Capacity | Login |
| TICKER | COMMENTARY |
|---|---|
| RBLX | ROBLOX is a leading user-generated content platform with strong global growth and operating leverage, supported by AI-driven innovation and infrastructure advantages. We initiated a Garden™ position as the stock appears to be pricing in a sharp deceleration in growth, elevated investment spending and increased competitive risks, despite stable underlying engagement and bookings. We believe Roblox's developer ecosystem, global distribution and social network effects create a differentiated platform with long-term monetization potential. We view concerns around emerging AI competition as overstated. Following the recent pullback, we see a disconnect between valuation and fundamentals, with significant risk already reflected in the share price. |
| HTHT | H World Group is a leading multi-brand hotel operator and franchisor in China, with a strong position in the midscale and upper midscale segments. We initiated a larger Garden™ position as China's hotel cycle shows early signs of recovery, supported by improving revenue per available room trends and recovering consumer demand. We believe the company's shift toward an asset-light model, combined with ongoing industry consolidation, positions it to accelerate growth and expand margins. While this transition is still in its early stages, it is already contributing positively to return on invested capital, which we expect to continue improving over time. |
| ASMI | ASM is a leading manufacturer of front-end semiconductor capital equipment, with core strengths in atomic layer deposition (ALD) and epitaxy. We initiated a Garden™ position given the increasing importance of ALD as the semiconductor industry approaches the physical limits of traditional lithography-based scaling and transitions toward more complex 3D architectures. This transition is driving increased demand for ALD and epitaxy processes, which are required to coat and fill these structures with atomic-level precision. As a market leader with approximately 55% share in ALD, we believe ASM is well positioned to benefit from this trend and deliver secular growth. |
| TWST | Twist Bioscience is a life sciences company that leverages a proprietary silicon-based DNA writing platform, with synthetic biology applications across drug discovery, diagnostics, agriculture and industrial materials. Recent results exceeded expectations, with upside in revenue and gross margin, as the company raised full-year revenue guidance and confirmed its adjusted EBITDA breakeven in fiscal Q4 2026. We think Twist is well positioned for continued market share gains and its products are key enablers of novel cancer diagnostics. The company has also seen increased demand from large pharmaceutical and AI-driven customers for sequence synthesis and data generation, which may support incremental growth as computational approaches gain broader adoption. We added to the position during the quarter. |
| MOD | Modine is a global leader in thermal management. During the quarter, management raised its growth outlook, supported by strong demand from hyperscale data center customers and its expanding portfolio of advanced cooling solutions. The company also announced the divestiture of its performance technologies business, repositioning itself as a pure-play climate solutions provider focused on data center and HVAC cooling. We believe this strategic move enhances Modine's growth profile and margin potential. |
| RBC | RBC Bearings is a leading provider of specialty bearings, gearing and motion control products, with over 70% of revenue derived from sole- or primary-sourced components—underscoring its critical role in customer supply chains. The company delivered strong results, supported by continued momentum in aerospace and defense, price increases, content gains and improving aircraft production rates. Its backlog remains at record levels, reflecting robust underlying demand. Management also highlighted improving industrial trends driven by semiconductor demand and new product introductions. We expect the company to benefit from sustained growth in aerospace production and margin expansion over time. |
| SE | Sea is a leading Southeast Asian Internet company operating in digital entertainment, e-commerce and digital financial services. The company delivered strong top-line growth supported by robust gross merchandise value expansion. However, margin expectations moderated as management increased investment in logistics, its VIP loyalty program and content. While these investments weighed on near-term profitability, they are intended to capture longer term growth opportunities. Shares declined as investors focused on the pace of margin expansion. We believe the current level of investment is appropriate given the company's stage of development and does not signal a structural change in its profitability trajectory. We added to the position during the quarter. |
| COMP | Compass is a residential real estate brokerage that leverages an integrated technology platform to enhance agent productivity and client engagement. Shares declined despite better-than-expected quarterly results and the earlier-than-anticipated close of its acquisition of Anywhere Real Estate. Investor concerns centered on potential AI disruption, rising interest rates and soft near-term revenue guidance, partly impacted by severe winter weather. We added to the position during the pullback, as we do not believe AI poses a material threat to Compass' agent-led model. Residential real estate transactions remain complex, relationship-driven and high value, and prior technological shifts have reinforced—rather than replaced—the role of experienced agents. We also view the impact of higher interest rates and weather-related factors as temporary. |
| MDB | MongoDB is a leading database software provider for modern, cloud native applications that handle unstructured data. The company reported results that were ahead of expectations, though growth for its key Atlas product modestly decelerated and guidance came in below elevated investor expectations, reflecting a more measured near-term growth outlook. Shares declined on the lack of near-term estimate upside, and we maintained the position, given our view that MongoDB will continue to gain share with rising enterprise adoption, expanding AI-related use cases and improving financial performance. |
| MSI | Medline provides medical-surgical products and supply chain solutions through its Medline brand and supply chain solutions segments, combining vertically integrated manufacturing across core clinical categories with third-party product distribution and customized logistics services for health care customers globally. This integrated model benefits from significant scale and long-standing customer relationships, supporting a large, recurring revenue base and what we believe to be attractive long-term economics. In its first earnings release since it went public in December, the company exceeded revenue expectations, reported solid EBITDA performance and announced $2.4 billion in new customer signings, highlighting continued demand momentum. Despite these results, the stock pulled back following the release, largely reflecting near-term margin headwinds. We viewed the pullback as an attractive opportunity to increase our position, given Medline's improving growth profile, expanding profitability and a valuation that we believe does not yet fully reflect its competitive positioning and longer term earnings potential. |
| SPOT | Spotify, a leading audio streaming platform, is well positioned to further monetize its dominant role in global music distribution and discovery through subscription pricing, advertising and tiered subscription offerings, in our view. We believe the upcoming super-premium tier represents a meaningful catalyst. In its most recent quarter, Spotify delivered solid user growth and operating leverage, with revenue and operating income exceeding guidance. Management highlighted improving gross margin trends and reiterated its confidence in its AI-enabled roadmap, including deeper integration with large language models and continued expansion of its advertising network. While shares declined amid broader multiple compression and concerns around advertising trends, underlying fundamentals are improving. We view Spotify's recommendation engine as a key competitive advantage, enabling personalized discovery in an increasingly abundant content ecosystem. In this context, we see AI as a reinforcing, rather than disruptive, force. We added to the position on recent weakness. |
| INSM | Insmed, a biotechnology company focused on pulmonary diseases, continues to execute well. Its lead product, ARIKAYCE®, continues to perform well, with steady commercial growth and durable demand providing a stable revenue base. Early launch data for Brinsupri™ indicate patient uptake and prescriber adoption are tracking ahead of expectations, further derisking the commercial opportunity. Management has highlighted strong demand alongside manageable near-term payer dynamics. We are encouraged by the company's execution and believe Brinsupri™ has the potential to drive a meaningful profit cycle in the coming quarters and years. We added to the position amid industry volatility. |
| COHR | Coherent is a leading supplier of lasers and photonics solutions used across data center, industrial and communications applications. Recent results exceeded expectations, with strong demand for high-speed optical components supporting AI-driven data center growth and margin expansion. Management also expressed increased confidence in its vertically integrated indium phosphide platform, which provides supply chain flexibility and a competitive advantage in a capacity-constrained industry. Given strong performance and a valuation nearing the upper end of our assessed range, we trimmed the position while maintaining conviction in the long-term opportunity. |
| WING | Wingstop is a quick-service restaurant chain focused on chicken wings with a highly franchised, asset-light model. We reduced the position as near-term fundamentals have softened, amid negative same-store sales reflecting continued pressure on its core lower income consumer. We are also concerned about brand health, given the sustained weakness in same-store sales and the potential knock-on effects on franchisees' willingness to invest at a pace that may not keep up with market expectations. While longer term opportunities remain, driven by initiatives such as Smart Kitchen, a loyalty program launch and new advertising campaigns, we have lower conviction in the near-term profit cycle and resized the position accordingly. |
| PRS | Parsons is a technology-driven engineering firm serving the defense, intelligence and infrastructure markets, with strengths in cybersecurity, missile defense and infrastructure protection. We began exiting the position as conviction in the profit cycle weakened following reduced visibility on large contract wins, a shifting procurement backdrop and increased uncertainty around federal spending. Recent setbacks, including the sunsetting of a large contract and the loss of a multibillion-dollar contract to a competitor, reinforced our view that external factors could continue to limit upside. While the franchise remains solid, we chose to redeploy capital into higher conviction defense opportunities. |
| ASND | Ascendis Pharma contributed meaningfully to performance, reflecting continued progress in underlying product cycles. |
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