| 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 become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
BiotechnologyAgronomics provides exposure to cellular agriculture and alternative protein production. BlueNalu focuses on cultured seafood with commercial launch expected in 2026. Liberation Bioindustries opening first commercial factory for alternative protein production. |
Cellular Agriculture Alternative Protein Biotechnology | |
Data CentersComfort Systems USA benefited from robust demand for data centers and AI-related infrastructure, with the company reporting stronger-than-expected revenue driven by this demand. |
Infrastructure Technology Construction AI Revenue | |
DefenseDefense positioning includes exposure to missiles, air defense and space through companies like Lockheed Martin, supported by large order backlogs providing strong long-term visibility amid heightened geopolitical tensions. |
Military Aerospace Geopolitical Security Infrastructure | |
| 2025 Q3 |
HealthcareFund focuses exclusively on healthcare sector with concentrated portfolio of small-cap companies. Investment approach targets special situations within healthcare including spin-offs, asset sales, business model pivots, and new product launches. Portfolio includes pharmaceutical, medical device, biotechnology, and healthcare IT companies. |
Pharmaceuticals Medical Devices Biotechnology Healthcare IT Special Situations |
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 | 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 |
| 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 |
| 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 contributed 0.41% with 3.85% ending weight. |
| ARGX | argenx SE is a global immunology company focused on improving the lives of patients suffering from severe autoimmune diseases. Their stock jumped 14% due to strong progress in its Vyvgart franchise, driven by higher pre-filled syringe sales volumes for both the myasthenia gravis and chronic inflammatory demyelinating polyneuropathy indications. There are multiple catalysts over the next 12 months that could drive additional growth. |
| 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 | Carvana is one of the largest used car retailers in the US and operates a national e-commerce platform that provides broader selection, lower costs and a more convenient customer experience than traditional dealerships. We view the company as a differentiated, vertically integrated operator with strong advantages in sourcing, logistics, fulfillment and financing that create meaningful barriers to entry. With a small share of a large market, we believe Carvana has a long runway for growth as it scales nationally and captures efficiencies from its acquisition of ADESA's US physical auction business, which adds a national network of wholesale vehicle auction facilities and supports improved unit economics. |
| 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 designs and manufactures precision bearings and engineered components for aerospace, defense, and industrial markets. The stock outperformed in 4Q25 as aerospace demand remained resilient, defense orders accelerated, and operating leverage drove margin expansion. |
| 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, an e-commerce platform that enables merchants to operate and scale digital storefronts, benefited from continued adoption by larger enterprises and improving monetization across its ecosystem. |
| 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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