| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.26% | -5.9% | -5.9% |
Artisan Mid Cap Fund generated negative absolute returns but modestly outpaced the Russell Midcap Growth Index during Q1 2026, as value significantly outperformed growth amid market rotation toward lower volatility and income-oriented equities. The portfolio benefited from strong stock selection in industrials and health care, particularly aerospace and defense holdings that gained from continued global defense spending and biotech companies that delivered positive company-specific developments. Key contributors included Comfort Systems, Twist Bioscience, and RBC Bearings, while detractors included DoorDash, MongoDB, and ROBLOX. The team initiated new positions in Semtech, Tradeweb Markets, and SiTime to capitalize on AI-driven infrastructure demand, while exiting Ares, CCC Intelligent Solutions, and Parsons due to weakened conviction. Despite geopolitical escalation, shifting monetary policy expectations, and heightened macroeconomic uncertainty creating market headwinds, the managers maintain confidence in their company-specific growth drivers and view volatility as an opportunity to position in high-quality franchises at attractive valuations.
Focus on company-specific growth drivers through bottom-up stock selection across industries, emphasizing durable profit cycles as the most reliable source of long-term outcomes while taking advantage of market volatility to build positions in high-quality franchises.
The team maintains confidence in the portfolio's company-specific growth drivers despite elevated macroeconomic and policy uncertainty. They view periods of heightened volatility as opportunities to position in high-quality franchises at more attractive valuations, consistent with their bottom-up stock selection process.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 18 2026 | 2026 Q1 | AJG, ALAB, ARES, CCCS, COHR, DASH, EW, MDB, PRS, RBLX, SITM, SMTC, TW, WAT, WING | aerospace, AI, Biotechnology, Data centers, defense, energy, growth, mid cap | - | Mid-cap growth fund outperformed benchmark despite negative returns as value dominated growth during Q1 2026. Strong aerospace, defense, and biotech holdings offset broader market pressures from geopolitical tensions and policy uncertainty. Team actively repositioned portfolio with new AI infrastructure plays while maintaining conviction in company-specific growth drivers over macro headwinds. |
| 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 |
Artisan Mid Cap Fund outperformed benchmarks in 2025 despite Q4 weakness, driven by strong healthcare and AI infrastructure holdings. Biotech names like Argenx and Insmed delivered on product launches while datacenter plays benefited from AI spending. The team added defense and connectivity names while trimming winners, positioning for continued profit cycle opportunities across healthcare, technology, and industrials in a broadening market environment. |
| Oct 19 2025 | 2025 Q3 | ANET, ARGX, ASND, BKR, DASH, DXCM, INSM, IRTC, LPLA, LSCC, LYV, PSTG, RBC, RDDT, SHOP, SNOW, SPOT, TDY, TEAM, TYL, VCYT, WING, WST, WWD | AI, Biotechnology, Cloud, defense, growth, healthcare, mid cap, semiconductors |
ARGX INSM LSCC WING SPOT |
Strong Q3 performance driven by biotech holdings with Argenx and Insmed delivering breakthrough results. AI infrastructure demand supports semiconductor positions despite inventory headwinds. Portfolio benefits from defensive positioning through valuation discipline amid elevated market risks including consumer weakness and policy uncertainty. Fundamental approach focusing on franchise characteristics and profit cycles remains core strategy. |
| Jun 30 2025 | 2025 Q2 | ARGX, ASND, BKR, BWXT, DASH, DUOL, DXCM, HOOD, INSM, IOT, IRTC, LSCC, RBC, RBLX, SHOP, SNOW, SPOT, TEAM, TW, TYL | AI, Biotech, Cloud, growth, mid cap, Streaming, tariffs, technology | - | Artisan Mid Cap delivered strong 14.4% absolute returns but trailed index due to not owning Palantir's meteoric 62% rise. Despite tariff-induced volatility, portfolio's AI-positioned technology holdings, Internet franchises, and biotech innovators performed well. Team used market correction to upgrade into highest conviction ideas at attractive valuations, positioning for strong profit growth ahead. |
| Mar 31 2025 | 2025 Q1 | ANET, AZO, BBY, BFAM, BKR, CCCS, COHR, DASH, DDOG, DECK, GWRE, ILMN, MRVL, ONTO, PLTR, PSTG, SAIA, SNOW, SPOT, TYL, VEEV, VHI, WEST | AI, Cloud, energy, growth, healthcare, mid cap, tariffs, technology | - | Artisan Mid Cap Fund fell 7.35% in Q1 as growth underperformed value amid trade policy uncertainty and AI sector disruption from China's DeepSeek breakthrough. The team is repositioning toward resilient franchises and capital-light AI beneficiaries while monitoring tariff impacts. New positions include Baker Hughes, Snowflake, and Viking, targeting companies with strong company-specific catalysts despite macro headwinds. |
| Dec 31 2024 | 2024 Q4 | APP, EXAS, FTV, GDDY, GTLB, HOOD, HUBB, IR, LYV, MPWR, MRVL, ON, ONTO, PLTR, PSTG, SHOP, SPOT, TEAM, USFD, XYL | AI, Biotechnology, Cloud, growth, healthcare, mid cap, semiconductors, technology | - | Artisan Mid Cap delivered strong 5.14% Q4 returns driven by Internet, media and software holdings benefiting from AI adoption and easing macro pressures. The fund lagged benchmarks due to missing momentum stocks Palantir and AppLovin. Managers remain confident in AI-enabled technology leaders and see attractive healthcare biotech opportunities while monitoring Trump administration policy impacts on portfolio companies. |
| Sep 30 2024 | 2024 Q3 | ANET, ARGX, CBRE, EFX, EXAS, HUBB, HUBS, ILMN, IOT, IRTC, MPWR, NVR, ONTO, PWR, SAIA, SNPS, SPOT, TEAM, WST, XYL | AI, Biotechnology, growth, healthcare, mid cap, real estate, technology | - | Artisan Mid Cap underperformed in Q3 due to healthcare execution issues and cloud software weakness amid enterprise AI spending shifts. The team initiated positions in commercial real estate and water infrastructure plays while maintaining focus on AI enablers with superior technologies. Recent Fed rate cuts should benefit construction and real estate holdings going forward. |
| Jun 30 2024 | 2024 Q2 | ANET, ARGX, CCCS, CELH, CMG, EXAS, FIVE, FWONK, INSM, LSCC, MPWR, MRVL, MTSI, ON, POOL, RBLX, SPOT, TYL, WST | AI, Biotech, Cyclical, growth, healthcare, mid cap, semiconductors, technology | - | Artisan Mid Cap underperformed in Q2 due to weakness in semiconductors, healthcare diagnostics, and financial data services, while restaurants outperformed. The manager remains patient with cyclical holdings experiencing temporary headwinds, believing secular growth drivers will return. New positions were initiated in AI-beneficiary companies while maintaining valuation discipline on outperforming holdings approaching private market value estimates. |
| 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, CELH, CMG, DECK, DPZ, DXCM, EFX, EXAS, FIVE, HUBB, IRTC, JBL, LTTC, LULU, ON, POOL, PWR, RYAN, SAIA, SHOP, TREX, VEEV, WING, XYL | Biotech, Energy Transition, growth, healthcare, mid cap, semiconductors, software, technology | - | Artisan Mid Cap Fund delivered solid Q4 returns despite underperforming its growth benchmark due to healthcare and semiconductor headwinds. Biotech setbacks at Argenx and Ascendis overshadowed strong consumer and software performance. The manager remains confident in secular growth themes including energy transition, e-commerce, and biotechnology innovation, entering 2024 with attractive opportunities across diversified high-quality franchises. |
| Sep 30 2023 | 2023 Q3 | ARGX, ASND, BNTX, DXCM, EXAS, GPN, HALO, HUBS, IR, JBL, LSCC, PWR, RPGN, SAIA, SWAV, TEAM, VEEV, WING, WST, ZS | AI, Biotechnology, Energy Transition, growth, healthcare, mid cap, semiconductors, technology | - | Mid cap growth fund outperformed despite Q3 decline through strong healthcare security selection, particularly biotech pipeline developments. Manager bullish on GLP-1 therapies, AI integration in enterprise software, and energy transition infrastructure. Adding to adversely impacted medical device holdings while initiating new positions in restaurant franchising, utility services, and contract manufacturing. Believes current valuations offer attractive long-term opportunities despite higher rate environment. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI-related investment continues to be a very strong trend with expanding capabilities driving infrastructure demand. Leadership has shifted toward infrastructure-oriented segments such as memory and optical components, while software shares faced pressure from reassessments of business models and competitive positioning. |
Data Centers Infrastructure Software Memory Optical Components |
Defense SpendingStructural shift driven by modernization and global rearmament as governments respond to conflicts, rebuild inventories, upgrade capabilities and establish higher baseline readiness levels. This supports sustained demand across mission-critical technologies including sensing, propulsion, communications and missile defense systems. |
Modernization Rearmament Mission Critical Aerospace Defense Electronics | |
BiotechnologyHealth care remains a key area of strength and conviction with biotech holdings contributing meaningfully to performance through continued progress in underlying product cycles. The sector offers company-specific growth drivers, limited economic sensitivity and generally lower AI disruption risk. |
Product Cycles Growth Drivers Rare Diseases Oncology Gene Therapy | |
Data CentersStrong demand from data center construction driven by hyperscaler customers generates significant revenue for portfolio companies. AI-driven bandwidth demand and need for high-speed connectivity solutions support continued investment in data center infrastructure. |
Hyperscalers Infrastructure Connectivity Bandwidth Construction | |
EnergyEnergy stocks surged with Q1 returns exceeding 30% across major indices as escalation of conflict in Iran drove sharp rise in oil prices and disrupted supplies of industrial inputs. This reinforced rotation toward commodity-sensitive parts of the equity market. |
Oil Prices Commodity Geopolitical Supply Disruption Iran | |
| 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 |
EnergyTalen 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 for data center power and acquired gas-fired power plants. Future benefits expected from rising electricity demand but public backlash over utility bills poses risks. |
Nuclear Data Centers Power Generation | |
AIAI was mentioned as a major market theme driving performance, with South Korea's semiconductor industry benefiting from the AI boom. However, the letter characterizes AI as part of market crowding and tech concentration rather than a specific investment thesis. |
Semiconductors Market Theme | |
| 2025 Q3 |
BiotechnologyHealthcare sector holdings, particularly biotech, led outperformance with strong company-specific results. Argenx's VYVGART therapy showed strong growth with new subcutaneous formulation launch. Insmed received FDA approval for Brinsupri, the first once-daily oral treatment for non-cystic fibrosis bronchiectasis addressing over one million diagnosed patients. |
Autoimmune Pulmonary FDA Approval Commercial Stage Pipeline |
AIAI-related capital expenditures contributed more than 1% to US GDP growth, with tech investment growing at fastest pace since 2000. Portfolio benefits from AI infrastructure demand through semiconductor, hardware and equipment names like Lattice Semiconductor and Pure Storage, despite some weakness in software positions. |
Infrastructure Capital Expenditure Data Centers Compute Investment Boom | |
SemiconductorsLattice Semiconductor positioned well as inventory destocking cycle among industrial and automotive customers nears completion by early 2026. Growing presence in AI data centers and robotics applications positions company for strong growth over both near and long term despite recent inventory overhang challenges. |
Inventory Cycle Data Centers Robotics Field Programmable Recovery | |
DefenseTeledyne benefits from rising global military spending driving demand for high-performance sensors, drones and space systems. Woodward positioned to benefit from significant exposure to next-generation narrowbody aircraft engines and high-margin aftermarket opportunity as shop visits increase. |
Military Spending Sensors Aerospace Aftermarket Defense Electronics | |
CloudMixed performance in cloud-related holdings with strength in infrastructure names like Pure Storage offset by weakness in software positions. Atlassian's cloud revenue growth remains healthy at 26% year-over-year but deceleration suggests limited near-term acceleration in cloud migration. |
Migration Infrastructure Software Revenue Growth Deceleration | |
| 2025 Q2 |
AIPortfolio positioned to benefit from AI adoption with holdings like Snowflake, Tyler Technologies, and Guidewire that help businesses and government implement AI tools. Infrastructure leaders like Pure Storage, Synopsys, and Monolithic Power help make data centers powering AI tools faster and more power-efficient. |
Artificial Intelligence Data Centers Cloud Infrastructure Business Tools Government |
CloudSnowflake benefits from ongoing shift away from on-premise infrastructure with its cloud-native architecture enabling greater scalability, faster performance, and improved efficiency for businesses managing large datasets. New management team driving product launches to improve competitiveness and position for growing AI demand. |
Cloud Infrastructure Data Warehousing Analytics Scalability Migration | |
BiotechnologyHealthcare biotech franchises including Argenx, Ascendis, and Insmed expected to be among fastest growing companies driven by rapid adoption of novel new medicines. Argenx's VYVGART approved for autoimmune diseases with second blockbuster indication for CIDP representing first meaningful advance for patients in decades. |
Novel Medicines Autoimmune Rare Diseases Drug Approval Growth | |
GamingRoblox operates online platform where users play games created by others and create their own games with development tools. Model similar to social network with user-generated content scaling with user growth and viral adoption. Company investing in international expansion, additional video game genres, and operational efficiency for margin expansion. |
User Generated Content Social Platform International Expansion Development Tools Viral Growth | |
StreamingSpotify leads global audio streaming with 675 million monthly active users, benefiting from secular trend of music industry fragmentation and internal product and pricing initiatives. Recent court ruling against Apple allows direct subscription options and more competitive pricing, with conversions from free to premium tier meaningfully increased among Apple users. |
Audio Streaming Music Industry Subscription Model Apple Competition User Growth | |
Trade PolicyTrump administration announced sweeping tariffs on US trading partners escalating to 145% on Chinese goods, creating market volatility and uncertainty for companies. Portfolio positioned with companies having US manufacturing like Argenx to manage tariff risks, while some holdings like Samsara faced contract delays due to tariff uncertainty. |
Tariffs Trade War Manufacturing Policy Uncertainty China | |
| 2025 Q1 |
AIThe fund experienced significant challenges from AI-related holdings as China's DeepSeek AI model disrupted assumptions about data center spending durability. Companies leveraged to data center spending like Arista Networks, Pure Storage, Coherent and Onto Innovation declined, while Marvell was punished despite strong earnings due to high AI expectations. |
Data Centers Semiconductors Cloud Infrastructure Generative AI Custom Accelerators |
Trade PolicyThe new Republican administration announced fresh tariffs on steel, aluminum and autos, with speculation about additional tariffs creating market volatility. The manager is monitoring tariff impacts on portfolio companies and taking action based on supply chain risks, as seen with the Best Buy exit. |
Tariffs Supply Chain China Trade Policy Volatility Global Trade | |
CloudThe fund initiated a position in Snowflake, a leading cloud data warehouse and analytics platform benefiting from the shift away from on-premise infrastructure. The manager sees upside as new management refines sales and marketing strategy to meet growing enterprise demand for data organization and analytics tools. |
Data Warehouse Analytics Enterprise Software SaaS Data Management | |
Energy TransitionBaker Hughes was added as a new position, with the manager highlighting its expanding industrial and energy technology segment driven by secular growth in liquefied natural gas (LNG). The company is well positioned for profitable growth from Europe's increasing demand for US LNG and rising gas infrastructure investments. |
LNG Natural Gas Energy Infrastructure Industrial Technology Gas Equipment | |
TravelViking Holdings was initiated as a new position, representing a leading operator in river and luxury ocean cruising with a business model built around affluent US travelers. The company emphasizes destination-focused itineraries over onboard amenities, supporting higher profitability with strong demand and nearly full 2025 bookings. |
Cruises Luxury Travel Tourism Leisure Premium Services | |
| 2024 Q4 |
AIAI adoption is driving growth across portfolio holdings including custom AI chips from Marvell, networking solutions from Arista Networks, and cloud software companies integrating AI functionality into their platforms. Data centers require vast amounts of electricity to power AI infrastructure, creating energy demand challenges. |
Artificial Intelligence Data Centers Custom Chips Cloud Software Energy Demand |
SemiconductorsMultiple semiconductor holdings are positioned for AI-driven growth including Marvell Technology for custom datacenter chips, MACOM for networking chips, and Onto Innovation for advanced chip inspection systems. The industry faces cyclical pressures but benefits from AI infrastructure buildout. |
Custom Silicon Networking Chips Inspection Systems Cyclical Recovery GPU Alternatives | |
CloudCloud software franchises are making steady progress introducing AI functionality into their solution suites. Companies like Atlassian showed signs of turnaround with higher-than-expected paid seat expansion as macroeconomic pressures ease. |
SaaS Software Development Collaboration Tools Subscription Growth Enterprise IT | |
Data CentersData center growth is driving demand for reliable, large-scale energy sources and creating opportunities for companies like Pure Storage in enterprise data storage and Marvell in custom datacenter chips. Energy consumption could reach 8-10% of global electricity by 2030. |
Energy Consumption Storage Solutions Infrastructure Power Requirements Hyperscalers | |
Energy TransitionTechnology giants committed to net-zero emissions face challenges meeting 24/7 power needs for data centers. Nuclear power including small modular reactors is being explored, though the technology remains relatively immature with regulatory hesitancy from utilities. |
Nuclear Power Carbon Reduction Clean Energy SMRs Hyperscaler Commitments | |
BiotechnologyHealthcare presents attractive valuation opportunities with three biotech holdings expected to see profit acceleration as they launch new medicines with blockbuster sales potential. The sector has been largely left behind in the bull market. |
New Drug Launches Blockbuster Potential Profit Acceleration Valuation Opportunities Pipeline Development | |
| 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 Cloud Infrastructure Technology |
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, testing equipment, and technical consulting. |
PFAS Water Treatment Environmental Regulation Infrastructure | |
Commercial Real EstateThe manager believes the commercial real estate market may be bottoming as the rising interest rate headwind begins to ease. As industry conditions begin to thaw, companies should see increased brokerage volumes and asset management returns. |
Interest Rates Real Estate Brokerage Asset Management Recovery | |
BiotechnologySeveral biotech holdings had strong quarters including 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 studying VYVGART in numerous other rare autoimmune disorders. |
FDA Approval Rare Diseases Clinical Trials Autoimmune Drug Development | |
| 2024 Q2 |
AIAI has received tremendous attention and driven extraordinary gains among companies directly exposed to the trend, such as those producing GPUs, networking equipment and other data center infrastructure. Corporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions. |
Data Centers GPUs Enterprise Software Cloud Infrastructure Semiconductors |
Semiconductor CycleMultiple semiconductor companies are experiencing cyclical pressures from customer destocking of elevated inventories. Most semiconductor companies have been impacted by their customers' destocking elevated inventories in recent quarters, but this seems to be nearing completion. |
Inventory Cyclical Recovery Industrial Automation Vehicle Electrification | |
BiotechnologyThe fund holds positions in commercial-stage biotech companies with approved therapies for autoimmune diseases and serious pulmonary diseases. Companies like Argenx have breakthrough medicines for rare autoimmune disorders with multi-billion-dollar sales potential. |
Autoimmune Rare Diseases Commercial Stage FDA Approval Pipeline | |
GLP1The leaders in GLP-1 obesity therapies, Eli Lilly and Novo Nordisk, have deservedly outperformed dramatically. West Pharmaceutical's capacity expansions support the rapid growth of GLP-1 drugs to treat diabetes and obesity, a category expected to materially drive growth in coming years. |
Obesity Diabetes Packaging Growth Capacity Expansion | |
| 2023 Q4 |
BiotechnologyHealthcare was the weakest performer for the year, primarily due to biotech holdings. Argenx's Vyvgart launch in myasthenia gravis continued to shine, reaching sales north of $1 billion ahead of schedule, but trial failures in two additional indications marred an otherwise stellar year. Ascendis's Skytrofa tracked well in its second year, but FDA approval for TransCon PTH was delayed due to manufacturing questions. |
Rare Diseases Autoimmune Growth Hormone FDA Approval Clinical Trials |
Semiconductor CycleSeveral semiconductor holdings disclosed weakness due to cyclical end-market pressures. The manager's experience suggests these cyclical corrections tend to be relatively short-lived (quarters rather than years), and secular trends driving growth in their businesses should easily overcome macro pressures over a reasonable timeframe. Companies like Lattice Semiconductor and ON Semiconductor faced headwinds but maintain strong market share positions. |
Cyclical Downturn Market Share Industrial Automotive Recovery | |
Energy TransitionThe energy transition requires investment in the US energy grid to support greater electrification. Quanta Services has shifted from oil and gas to renewables, benefiting from Federal incentive programs like the Inflation Reduction Act and Bipartisan Infrastructure Act. Climate change is increasing stress on the existing grid, forcing utilities to increase maintenance spending. |
Grid Upgrade Renewables Infrastructure Spending Electrification Utilities | |
E-commerceShopify was initiated as a position during the 2022 growth stock selloff, viewed as a leading e-commerce franchise that will continue to benefit from key secular tailwinds. The company's decision to exit the logistics business in favor of a capital-light partnership model significantly narrowed the downside range of outcomes and allows focus on developing great e-commerce software solutions. |
Software Capital Light Partnership Model AI Innovation | |
WaterXylem is a global leader in water technology across pumps, smart meters and treatment services. The company completed the acquisition of Evoqua, giving it a leading position in the US water treatment business. Rising demand for solutions to water sustainability challenges should persist as a strong trend for years to come. |
Water Treatment Smart Meters Sustainability Acquisition Technology | |
| 2023 Q3 |
GLP1Manager is bullish on GLP-1 obesity therapies, especially the growth they should enable for biologics packaging franchises like West Pharmaceutical. Believes the public health benefits are real but unlikely to materially restrain growth opportunities of medical device holdings for many years. Taking advantage of attractive valuations in adversely impacted holdings like DexCom. |
Obesity Diabetes Biologics Packaging Medical |
AIManager increasingly impressed by how enterprise software businesses like HubSpot, Veeva, and Atlassian are integrating generative AI capabilities into their products to drive enhanced value propositions to customers. Atlassian is focused on getting AI tools integrated into products to drive additional value and potentially future price increases. |
Enterprise Software Generative Integration Value | |
Energy TransitionThe energy transition requires investments in US energy grid to support greater electrification. Climate change is increasing stress on existing grid, forcing utilities to increase maintenance spending. Utility capex spending growing 5-8% annually to upgrade aging grid infrastructure. Federal incentive programs will fuel long-term growth for companies with transmission and distribution expertise. |
Grid Electrification Infrastructure Utilities Federal | |
BiotechnologyPortfolio benefited from encouraging R&D pipeline news from several biotech holdings, particularly Argenx. Confidence in biopharmaceutical investments increased during the quarter driven by positive pipeline updates. Argenx's successful CIDP trial results opened new multibillion-dollar market opportunity for Vyvgart. |
Pipeline Clinical Trials Therapeutics Development | |
CybersecurityManager believes dual trends of rising security vulnerabilities and increased enterprise digitization will lead to sustained demand, even in a recession. Cybersecurity remains a top concern as cyberattacks can have devastating financial and reputational consequences. Managing security needs of legacy and cloud applications plus remote workers makes IT infrastructure increasingly complex. |
Security Enterprise Digitization Infrastructure Remote | |
SemiconductorsLattice Semiconductor gave back some first-half outperformance in Q3 as semiconductor industry was one of worst performing areas. Financial results showed weakness in cyclical end markets like communications and computing due to 5G rollout slowdown and CPU market working down excess inventory. However, industrial and automotive end markets continued to expand sharply. |
Cyclical Communications Computing Industrial Automotive |
| 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 |
| 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 |
| 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 |
| 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 | IRTC | iRhythm Technologies, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | cashflow, diagnostics, healthcare, marketshare, Wearables | 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 |
| 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 |
| Oct 19, 2025 | Fund Letters | Matthew Kamm | ARGX | argenx SE | Health Care | Biotechnology | Bull | Shanghai Stock Exchange | Autoimmune, Biotech, growth, innovation, pharmaceuticals | Login |
| Oct 19, 2025 | Fund Letters | Matthew Kamm | INSM | Insmed Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, FDA, growth, innovation, Pulmonary | Login |
| Oct 19, 2025 | Fund Letters | Matthew Kamm | LSCC | Lattice Semiconductor Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI, growth, Hardware, robotics, semiconductors | Login |
| TICKER | COMMENTARY |
|---|---|
| FIX | Comfort Systems is a provider of heating, ventilation and air conditioning services. Strong demand from data center construction, driven by hyperscaler customers, now generates a significant portion of the company's revenue. Recent results exceeded expectations, with accelerating revenue growth supported by a strong backlog and continued expansion in modular capacity. We view the company as well positioned to benefit from sustained investment in data center infrastructure. |
| 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 been seeing 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. |
| 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. |
| DASH | DoorDash operates a technology-driven local commerce marketplace. While the stock declined alongside the broader market, underlying results remained strong, with organic gross order volume up 25% and EBITDA up 29%. We increased our position on the pullback during the quarter, as results reinforced our view that DoorDash is gaining share across restaurant, retail and grocery delivery. |
| MDB | MongoDB is a leading database software provider for modern, cloud-native applications that handle unstructured data. The company reported results ahead of expectations; however, growth in its key Atlas product modestly decelerated, and guidance fell short of elevated investor expectations, reflecting a more measured near-term 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. |
| RBLX | ROBLOX is a leading user-generated content platform with strong global growth and operating leverage, supported by AI-driven innovation and infrastructure advantages. The company delivered another strong quarter, with continued user and bookings growth, though momentum moderated from peak levels following an exceptionally strong prior period driven by viral hit games such as Grow a Garden and Steal a Brainrot. Guidance remained solid despite difficult comparisons, supported by continued investment in AI-enabled creation tools, discovery and platform expansion, as well as early traction from age verification features. While shares have declined amid uncertainty about sustaining engagement and broad AI-related concerns, we believe the platform's network effects and product roadmap position it well for continued growth. We added to the position during the quarter. |
| SMTC | Semtech designs semiconductor solutions for high-performance analog and mixed-signal connectivity used in data centers, communications and industrial applications. We initiated a Garden™ position, supported by rising AI-driven bandwidth demand and the need for high-speed connectivity solutions. In addition, a potential divestiture of the lower quality Sierra Wireless business could simplify the story and supports higher earnings estimates and multiple expansion. |
| TW | Tradeweb operates one of the largest global over-the-counter fixed income electronic trading marketplaces. We reinitiated a Garden™ position following a prior exit in mid-2025, with the stock now trading at a more attractive valuation and the recent pause in market share gains appearing temporary. Continued share gains in interest rate swaps, strong international growth and a long runway toward the electronification of fixed income markets support a path to sustained growth and margin expansion. We view the business as a durable compounder with limited disruption risk. |
| SITM | SiTime develops silicon-based timing solutions used across communications, data center and industrial applications. We initiated a Garden™ position as we believe the company is well placed to take advantage of the transition from legacy quartz timing solutions to higher performance, silicon-based miniaturized mechanical and electromechanical devices. Increasing content in AI-driven infrastructure has also been supporting sustained growth. With multiple catalysts emerging, including data center upgrades and new product expansion, we see a potential path to accelerating revenue growth and operating leverage. We used the recent pullback to opportunistically begin building a position. |
| EW | Edwards Lifesciences designs, develops, manufactures and markets products and services for the treatment of late-stage cardiovascular disease. The company has a long history of leadership in heart valve replacement products and is the market leader in minimally invasive valves delivered via catheters. We added to the position as the core aortic valve franchise has been reaccelerating and demand for newer tricuspid valves has been rapidly growing, expanding Edwards' addressable market. This next product cycle is supported by strong clinical data and increasing physician adoption, with Edwards gaining share as competing solutions have struggled to match its clinical outcomes. After several years of heavy investment to support long-term growth, we expect stronger revenue growth to drive margin expansion. |
| WAT | Waters is a leading provider of liquid chromatography and mass spectrometry instruments for pharmaceutical and industrial applications. Its strong recurring revenue and leadership positions in consolidated markets underscore its reputation for innovation and reliability. We expect the company to benefit from a rebound in commercial and late-stage clinical pharma demand, an instrument replacement cycle and growing exposure to biologics. In our view, the core business remains strong and recent integration challenges related to the BD Lifesciences acquisition are likely temporary, with improved execution and merger synergies supporting the next phase of the profit cycle. Based on our assessment, we added to the position during recent weakness. |
| AJG | Arthur J. Gallagher is a leading global insurance brokerage and risk management firm. We view it as a high-quality business with visible organic growth, supported by its diverse wholesale, reinsurance and claims operations. The company also has a strong acquisition record, and we expect its AssuredPartners acquisition to deliver meaningful synergies as integration moves forward. We added to the position on recent weakness as organic growth shows signs of stabilization and margin expansion opportunities emerge, including from integration and AI-related initiatives. |
| ARES | Ares Management is an alternative asset manager with a leading position in private credit and strong capabilities across infrastructure and private equity. We exited the position as macro uncertainty, potential bank deregulation, increasing competition in lending and ongoing concerns around software exposure create a less favorable near-term risk-reward profile. |
| CCCS | CCC Intelligent Solutions provides software for accident claims processing across US insurers and auto repair facilities. We exited the position because the profit cycle has not accelerated despite new product initiatives, and recent results have raised concerns about acquisition integration and implementation delays. While the franchise remains solid and valuation appears inexpensive, we reallocated capital to higher conviction software opportunities. |
| PRS | Parsons is a technology-driven engineering firm serving defense, intelligence and infrastructure markets, with strengths in cybersecurity, missile defense and infrastructure protection. We exited the position as conviction in the profit cycle weakened due to 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 multi-billion-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. |
| 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. 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. |
| ALAB | Astera Labs is a fabless provider of connectivity chips designed to address data, network and memory bandwidth bottlenecks in data centers. Its solutions are designed to improve system efficiency and enable communication across heterogeneous computing architectures, positioning the company to potentially benefit from continued AI-driven infrastructure growth. We reduced the position as our conviction moderated, primarily due to customer concentration risk and increasing investment requirements, while maintaining exposure to the company's longer term growth opportunity. |
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