| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.6% | -0.4% | 12.8% |
| 2025 |
|---|
| 14.8% |
The Artisan Mid Cap Fund delivered a modest negative return in Q4 2025 but outpaced the Russell Midcap Growth Index by several percentage points, generating strong absolute returns for the full year that meaningfully outperformed both benchmark indices. The portfolio benefited from continued strength in information technology and healthcare, particularly holdings exposed to datacenter and AI infrastructure spending, while biotech holdings delivered strong results as product launches gained momentum. Key contributors included Argenx with strong VYVGART sales growth, Coherent benefiting from AI-driven datacenter demand, and Insmed's successful Brinsupri launch. Consumer internet stocks like ROBLOX and Spotify gave back portions of earlier gains despite healthy fundamentals. The team initiated new positions in L3Harris, Astera Labs, and Carvana while exiting Veeva and Snowflake. Looking ahead, the managers remain optimistic about their healthcare exposure, AI-related opportunities managed with valuation discipline, and growing conviction in industrials. They believe the broadening market environment favors their process of seeking growth opportunities across industries through deep sector expertise.
The fund seeks to invest in companies with franchise characteristics that are benefiting from an accelerating profit cycle and trading at a discount to private market value, focusing on high-quality franchises with identifiable profit cycles across healthcare, technology, and industrials.
The team remains focused on executing their investment process by emphasizing high-quality franchises, valuation discipline and identifiable profit cycles. They believe the portfolio is well positioned to navigate volatility as it has across past market cycles. The broadening market environment beyond a small number of runaway winners is viewed as favorable for their process.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 19 2026 | 2025 Q4 | ALAB, APG, ARGX, ASND, BKR, COHR, CVNA, DASH, INSM, LHX, MACOM, MDB, RBC, RBLX, SHOP, SPOT, TTAN, VEEV, WAT, WST | AI, Biotechnology, defense, growth, healthcare, industrials, mid cap, technology |
COHR INSM RBLX MDB VEEV SPOT LHX ALAB CVNA TTAN WAT SNOW FERG IRTC |
AI-related capital spending remains an area of active debate entering 2026. The team continues to find compelling opportunities among companies positioned to benefit from AI… |
| Oct 19 2025 | 2025 Q3 | ARGX, DXCM, INSM, LPLA, LSCC, NTBLQ, RBC, RDDT, SNOW, SPOT, TDY, TEAM, TTAN, TYL, VCYT, WING, WWD | aerospace, Artificial Intelligence, Automation, Biotech, semiconductors |
ARGX INSM LSCC WING SPOT |
Healthcare innovation is accelerating with new drugs and devices from companies like Argenx and Insmed driving strong profit cycles. Technology exposure benefits from AI-led investment… |
| Jun 30 2025 | 2025 Q2 | - | Capital Allocation, earnings growth, Franchises, Mid Caps, profit cycles | - | The letter centers on investing in mid-cap companies with franchise characteristics entering an accelerating profit cycle. Management emphasizes disciplined capital allocation across early, peak, and… |
| Mar 31 2025 | 2025 Q1 | ASC SJ, AZO, BBY, BFAM, BKR, CCCS, DASH, DDOG, DECK, MRVL, PLTR, SAIA, SNOW, SPOT, VKTX, WST | - | - | - |
| Dec 31 2024 | 2024 Q4 | CSGP, EXAS, HOOD, IR, MNDY, MPWR, MRVL, MSFT, NVR, ON, PLTR, PSTG, SPOT, TEAM, XYL | - | - | - |
| Sep 30 2024 | 2024 Q3 | 2019 HK, ARGX, CBRE, CELH, COHR, DXCM, EW, EXAS, ILMN, ONTO, RYTH, SPOT, TTEK, WST | - | - | - |
| Jun 30 2024 | 2024 Q2 | ANET, ARGX, CCC, CELH, CMG, EXAS, FIVE, INSM, LSCC, MRVL, MTSI, POOL, RBLX, SPOT, TYL, WST | - | - | - |
| Apr 15 2024 | 2024 Q1 | BJ, CMG, DASH, EFX, EXAS, GDDY, LULU, NVR, ON, POOL, RGEN, SPOT, SWAV, TEAM, VRT, WCC, XYL | - | - | - |
| Jan 15 2024 | 2023 Q4 | ARGX, ASND, BNTX, CELH, CMG, DXCM, JBL, LSCC, LULU, ON, RGEN, RYAN, SHOP, VEEV, XYL | - | - | - |
| Sep 30 2023 | 2023 Q3 | 0KSR LN, A, BNTX, DXCM, GPN, IR, JBL, LSCC, NVST, SAIA, SWAV, TDY, TEAM, WING, ZS | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
BiotechnologyHealthcare industry positioned for catch-up growth after several years of below-trend performance. Government spending expected to increase relative to feared cuts, with companies signaling improvement in revenue growth. Focus on 'picks & shovels' businesses serving the industry. |
Life Science Tools Pharmaceuticals CRO & CDMO Healthcare Research | |
Data CentersSupply constraints curtailing infrastructure buildout rate, but compute capacity is being used immediately upon coming online. This differs from dot-com bubble when dark fiber was installed ahead of need. Labor, power and land shortages creating bottlenecks. |
Supply Constraints Utilization Bottlenecks Infrastructure | |
DefenseThe team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. |
Defense Budgets Aerospace Nuclear Submarines | |
| 2025 Q3 |
HealthcareHealthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. |
M&A Product Approval Earnings Biotech |
IndustrialsThe fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus. |
Infrastructure Automation Transportation Electrical Equipment Waste Management | |
Technology |
||
| 2025 Q2 |
ProfitCycle |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 19, 2026 | Fund Letters | Matthew Kamm | TTAN | ServiceTitan, Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | growth, Payments, Trades, Verticalsaas, Workflows | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | WAT | Waters Corporation | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | biologics, Consumables, instruments, lifesciences, Recurring_revenue | Login |
| Oct 19, 2025 | Fund Letters | Matthew Kamm | ARGX | argenx SE | Health Care | Biotechnology | Bull | Shanghai Stock Exchange | Autoimmune, Biotech, growth, innovation, pharmaceuticals | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | SNOW | Snowflake Inc. | Information Technology | Application Software | Bear | New York Stock Exchange | AI, cloud, Consumption, Data, valuation | Login |
| Oct 19, 2025 | Fund Letters | Matthew Kamm | INSM | Insmed Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, FDA, growth, innovation, Pulmonary | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | FERG | Ferguson Enterprises Inc. | Industrials | Industrial Distribution | Bear | New York Stock Exchange | construction, Distribution, Housing, M&A, valuation | Login |
| Oct 19, 2025 | Fund Letters | Matthew Kamm | LSCC | Lattice Semiconductor Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI, growth, Hardware, robotics, semiconductors | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | IRTC | iRhythm Technologies, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | cashflow, diagnostics, healthcare, marketshare, Wearables | Login |
| Oct 19, 2025 | Fund Letters | Matthew Kamm | WING | Wingstop Inc. | Consumer Discretionary | Restaurants | Bull | NASDAQ | efficiency, franchise, growth, Restaurants, technology | Login |
| Oct 19, 2025 | Fund Letters | Matthew Kamm | SPOT | Spotify Technology SA | Communication Services | Media & Entertainment | Bull | NYSE | growth, media, monetization, Streaming, Subscriptions | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | COHR | Coherent Corp. | Information Technology | Optical Components | Bull | New York Stock Exchange | AI, datacenters, Margins, Optics, Photonics | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | INSM | Insmed Incorporated | Health Care | Biotechnology | Bull | NASDAQ | Biotech, Druglaunch, Execution, growth, Pulmonology | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | RBLX | Roblox Corporation | Communication Services | Interactive Home Entertainment | Bull | New York Stock Exchange | AI, Creators, Engagement, Gaming, Platforms | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | MDB | MongoDB, Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, cloud, Databases, Developers, growth | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | VEEV | Veeva Systems Inc. Class A | Health Care | Health Care Technology | Bear | New York Stock Exchange | AI, Churn, Competition, lifesciences, SaaS | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | SPOT | Spotify Technology S.A. | Communication Services | Music Streaming | Bull | New York Stock Exchange | Audio, Margins, monetization, Streaming, Subscriptions | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | LHX | L3Harris Technologies, Inc. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Defense, Drones, Missiles, Nationalsecurity, Satellites | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | ALAB | Astera Labs, Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Bandwidth, Connectivity, datacenters, semiconductors | Login |
| Jan 19, 2026 | Fund Letters | Matthew Kamm | CVNA | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | Autos, ecommerce, Logistics, scale, Unit_economics | Login |
| TICKER | COMMENTARY |
|---|---|
| ALAB | Astera Labs is a fabless provider of connectivity chips designed to address data, network and memory bandwidth bottlenecks in datacenters. Modern GPUs and CPUs often cannot operate at full performance due to limitations in how they connect to memory and networks, and Astera's chips help remove these constraints to improve system efficiency. The company also enables communication across different types of chips, supporting the industry's shift toward heterogeneous computing. With continued cloud growth and rising AI demand driving rapid datacenter expansion, we believe Astera has a strong long-term growth opportunity. We took advantage of a recent pullback to start a Garden℠ position. |
| APG | APi Group Corp. (APG), a leading provider of fire and life safety, security, elevator and escalator, and specialty services, was a top contributor in the SMID Cap strategy this quarter. APG delivered record third-quarter results, with revenues up 14% (10% organic) and Adjusted EBITDA +15%. The company continued to execute its inspection-first strategy, delivering its 21st consecutive quarter of double-digit inspection growth in North America. |
| ARGX | Shares of argenx SE contributed to performance, rising 14.0% during the fourth quarter and finishing 2025 up 37.8%. Argenx is a leading biotechnology company best known for developing Vyvgart, the leading FcRn inhibitor for the treatment of autoimmune conditions. Sales of Vyvgart continue to progress well in Generalized Myasthenia Gravis (Generalized MG) while the Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) launch is also off to a strong start. |
| BKR | Within the commodity sector - where we are positioning for sustained tensions around currency debasement, energy consumption and strategic asset security - we initiated Baker Hughes. Baker Hughes gives us exposure to energy services, a sub-sector of the oil and gas industry that supplies equipment and expertise to upstream, midstream, and LNG operators across the project lifecycle. It is particularly well positioned within LNG infrastructure – an area where the long-term dynamics look very positive. |
| COHR | Copart is the leading global marketplace for damaged and end-of-life vehicles, sitting between insurance companies that need to dispose of total-loss cars and a fragmented, worldwide base of dismantlers, rebuilders, dealers, and exporters. Against that backdrop, the last four quarters have been stronger in the business than in the stock. Revenue and operating income have continued to grow, helped by steady fee-per-unit gains, higher international contribution, and ongoing expansion of yards and services. These concerns about near-term volume and a supposedly resurgent competitor have weighed on sentiment, and the share price has reflected that—Copart is down roughly 30% in 2025. |
| CVNA | Our portfolio looks very skewed to Carvana, but that is a feature of the strategy – to let winners run. We did not buy Carvana at this size; it is this size because it is up 100x from its 2022 lows. Carvana uses its technology to manage pricing, logistics, inspections, reconditioning workflow, merchandising, and more. These are all cogs in the industrial machine it has assembled to buy and sell cars to end customers. Significant proprietary technology has been developed to enable Carvana's retail and wholesale operations. Because Carvana is digitally native and has significant size and scale, it has been able to invest in significantly more technology than other auto dealers. |
| DASH | DoorDash Inc. operates a commerce platform that connects merchants, consumers, and independent contractors. reported better-than-expected quarterly results. However, management announced a significant increase in planned investments for 2026, which led to a -17% decline in its share price. |
| INSM | Insmed Inc., a biopharmaceutical company focused on developing and commercializing therapies for patients with rare diseases, advanced 21% over the quarter. We have been pleased with the launch of Brensocatib, a first-in-class oral medication that treats non-cystic fibrosis bronchiectasis. The reception has been positive from physicians, patients, and payers. |
| LHX | L3Harris is a global aerospace and defense company. We believe it is well positioned to benefit from growing investment in next-generation missile defense and national security programs that require advanced propulsion, satellite systems and low-Earth orbit tracking capabilities. These efforts represent a large and expanding market opportunity that could support faster revenue growth over the coming years. In addition, as warfare increasingly involves low-cost drone threats, L3Harris's strengths in sensing and counter-drone technologies position it well to address a critical and evolving defense need. We were able to initiate the new position during the quarter at an opportunistic entry point following recent share price weakness. |
| MDB | Top 3 contributors to absolute performance: GOOGL, AAPL, MDB |
| RBC | RBC Bearings, Inc. (RBC) manufactures engineered precision bearings and related products for customers in the aerospace, defense, and industrial markets. It is a market leader with a strong reputation for technical capabilities, product quality, and on-time delivery. RBC outperformed in 4Q as its quarterly results beat consensus estimates on both revenue and EPS. Its Aerospace and Defense business (A&D, 44% of total revenue) was particularly strong, essentially 'firing on all cylinders.' Management expects strong growth in its A&D backlog and is in the process of adding capacity to meet demand. Growth in its Industrial business (56% of total revenue) remains sluggish, but management has significantly improved the profit margins of this business and is now in the process of implementing growth initiatives. We continue to like RBC's leadership team, well-established strategic playbook, as well as its opportunities for growth and capital deployment. |
| RBLX | An overweight position in Roblox Corp. (RBLX) detracted from performance. The stock declined following quarterly earnings, which signaled slower profit growth and uncertainty around future bookings. |
| SHOP | Shopify Inc. is a cloud-based software provider for multi-channel commerce. Shares rose 8.3% in the fourth quarter, finishing 2025 up 51.1% on strong financial results that outperformed Street expectations. The company is demonstrating rapid growth at scale with gross merchandise value (GMV) and revenues each growing over 30% year-on-year. |
| SPOT | Spotify is the world's leading audio streaming platform. Third-quarter results showed continued operating progress, with users increasing 11% to 713 million and subscribers growing 12% to 281 million. Meanwhile, operating income expanded to a mid-teens margin, alongside a record quarterly free cash flow. Despite the momentum, the shares weakened as investors reset near-term margin expectations. Spotify has been a top contributor to long-term Fund performance, and we remain confident that pricing, product innovation, advertising efficiency, and an expanding ecosystem can continue to widen margins over time, as reinforced this quarter by the launch of Spotify recommendations within ChatGPT. |
| TTAN | ServiceTitan is a leading provider of vertical software solutions for the trades, including plumbing, HVAC and electrical. Its platform supports the entire workflow from lead generation to payment, generating revenue through subscriptions and usage-based processing. We see meaningful growth opportunities through new customer acquisition, upselling and expansion into additional trades. During the quarter, we increased our position following a pullback amid broader software industry weakness, reflecting our conviction in the durability of its profit cycle. |
| VEEV | Veeva Systems Inc. provides industry cloud solutions to the global life sciences industry. The company delivered solid fiscal third-quarter results and issued guidance above the Street. Veeva management reiterated confidence in achieving its 2030 financial targets, maintaining that the current focus on competitive dynamics with Salesforce.com in the customer relationship management (CRM) market (20% of Veeva's total revenues) does not undermine its long-term trajectory. Despite these positives, the stock sold off by -25% on competitive concerns in the CRM market as Veeva projected lower Vault CRM customer versus its initial expectations. |
| WAT | Waters reported solid results supported by growth in Asia, and we increased the position following its acquisition of Becton Dickinson's biosciences and diagnostics business |
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