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 Oct 14, 2026
Artisan Mid Cap Fund (ARTMX) posted a net return of -4.16% in Q3 2026, bringing its year-to-date net return to 6.29%. The fund outperformed its benchmark, the Russell Midcap Growth Index, which declined 5.84% during the quarter, generating roughly 168 basis points of relative alpha despite mid-cap growth facing significant headwinds from rising interest rates and extreme market cap dispersion. Relative performance was led by strong security selection in communication services and an overweight stance in health care, which offset relative drag from an underweight position in the surging energy sector and select semiconductor holdings. Macroeconomic conditions grew more challenging as developed market central banks tightened policy, highlighted by the Federal Reserve's 25 bps rate increase in September and the 30-year Treasury yield reaching levels not seen since 2002. Persistent geopolitical conflict in the Middle East drove crude oil past $100 per barrel, while escalating US-Canada trade disputes and US national debt surpassing $40 trillion elevated fiscal and market risks. In response, market leadership rotated away from capital-intensive AI infrastructure toward mega-cap technology and defensive value, prompting the management team to prioritize resilient, idiosyncratic corporate profit cycles over broader macroeconomic tailwinds. Portfolio turnover during the quarter reflected disciplined capital reallocation across its Garden, Crop, and Harvest stages. The investment team initiated new Garden positions in Manhattan Associates, Okta, and Clean Harbors, while adding on share price weakness to Lattice Semiconductor, Robinhood Markets, Compass, and Twilio. To fund these investments and optimize risk-adjusted exposure, the team exited Monolithic Power Systems, FTAI Aviation, and Ionis Pharmaceuticals, while trimming appreciated positions in Twist Bioscience, Veracyte, Viking Holdings, and US Foods where valuations or near-term catalysts appeared less compelling.
The fund invests in high-quality mid-cap growth companies entering identifiable, idiosyncratic profit cycles supported by durable secular tailwinds and defensible competitive advantages rather than relying on macroeconomic conditions.
The team maintains that elevated interest rates, persistent fiscal deficits, and geopolitical tensions will keep market volatility high, making macroeconomic reliance risky. Consequently, they intend to stay focused on identifying idiosyncratic, company-specific profit cycles supported by durable secular growth trends, while maintaining valuation discipline across technology and long-duration equities.
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