| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.79% | 17.86% | 10.91% |
The Artisan Mid Cap Fund delivered strong absolute returns of 17.93% in Q2 2026, outpacing the Russell Midcap Growth Index's 14.55% return. The portfolio participated in the sharp appreciation of AI-enabling stocks, particularly through semiconductor holdings that saw multiple positions rise more than 100% during the period. Relative outperformance was led by stock selection in health care and consumer discretionary, with the health care portfolio rising over 18% and outperforming the sector by roughly 16 percentage points. Key contributors included Twist Bioscience, Lattice Semiconductor and Comfort Systems, driven by strong demand from data center construction and AI-related applications. The team initiated positions in Entegris, Modine Manufacturing and C.H. Robinson Worldwide while exiting ROBLOX, Insulet and Cencora as profit cycles matured. Despite elevated valuations in AI-related stocks, the team sees compelling long-term earnings prospects and expects market volatility to create opportunities. Software valuations have become more interesting, though the team awaits signs of derisking before committing more capital. The portfolio remains focused on balancing participation in secular trends with valuation discipline.
The Artisan Mid Cap Fund focuses on identifying companies in the early to middle stages of profit cycles, with particular emphasis on AI infrastructure, semiconductors, biotechnology and data center-related opportunities in Q2 2026.
The team remains focused on balancing participation in powerful secular trends with valuation discipline and conviction in identifiable profit cycles. While valuations across many AI-related stocks have moved meaningfully higher, the long-term earnings prospects remain compelling, and market volatility is expected to periodically create opportunities to add at more attractive valuations. Software valuations are now much more interesting, and the team is waiting for signs of derisking before committing more capital. The current environment continues to create opportunities for bottom-up stock selection, particularly in high-quality growth franchises that may be temporarily overlooked as investor attention concentrates elsewhere.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 17 2026 | 2026 Q2 | ARGX, ASND, CHRW, COR, ENTG, FIX, GH, INSM, LHX, LSCC, MDB, MOD, PODD, PSTG, TDY, TW, TWST | AI, Biotechnology, Data centers, growth, Health Care, mid cap, semiconductors, technology | - | Artisan Mid Cap Fund returned 17.93% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. Multiple AI-enabling semiconductor positions rose over 100% as data center demand accelerated. Health care outperformed the sector by 16 percentage points driven by biotech holdings. The team initiated positions in data center cooling and logistics while harvesting maturing profit cycles. AI infrastructure remains compelling despite elevated valuations. |
| 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 Q2 |
AIAI infrastructure investment remained a powerful structural driver, supporting capital flows into semiconductors, data center infrastructure and related industries. The portfolio participated in strong appreciation of AI-enabling stocks, particularly through semiconductor holdings. The team focuses on franchises whose intellectual property and market positioning should allow them to gain share as AI infrastructure designs evolve, including data center cooling, 800-volt electrical architecture, fuel cells, advanced semiconductor materials and high-speed networking. |
Semiconductors Data Centers Infrastructure Cloud GPUs |
Data CentersStrong demand from data center construction, driven by hyperscaler customers, now accounts for a majority of revenue for holdings like Comfort Systems. Modine announced a long-term capacity agreement with a strategic data center customer that reinforced demand visibility through 2029. The team sees compelling long-term profit cycles driven by growing demand for data center cooling and thermal management. |
Cooling Infrastructure Hyperscalers Capacity Thermal Management | |
SemiconductorsSeveral semiconductor holdings produced exceptional returns, with multiple positions rising more than 100% during the period. Lattice Semiconductor reported strong results with revenue and guidance exceeding expectations as demand accelerated across servers, communications and industrial applications. Entegris was initiated due to long-term content growth potential driven by node transitions, materials innovation and advanced packaging, with improving visibility into fab construction demand and confirmed gross margin recovery potential. |
Memory Foundries Semi Equipment Chip Designers Advanced Packaging | |
BiotechnologyStock selection in health care was the largest contributor to relative performance, driven primarily by biotech holdings. The health care portfolio rose over 18% during Q2, outperforming the sector return within the index by roughly 16 percentage points. Company-specific developments boosted shares of Twist Bioscience, Veracyte and Argenx. Strong earnings and stock returns came from biotech drug companies like Argenx and Ascendis Pharma, as well as from life sciences tools and diagnostics innovators. |
Drug Discovery Diagnostics Life Science Tools Rare Diseases Gene Therapy | |
DefenseAerospace and defense holdings gave back some of their Q1 gains, detracting modestly from relative results. L3Harris is well positioned to benefit from growing investment in next-generation missile defense, space sensing and national security programs. Recent results exceeded expectations with 15% organic growth, and order activity remained strong with backlog reaching $41 billion and international demand accelerating. However, the team began harvesting the position as they reallocated capital within the defense sector. |
Defense Spending Aerospace Missile Defense Space Defense Electronics | |
LogisticsC.H. Robinson Worldwide was initiated as the company appears to be in the early stages of a profit cycle driven by improving freight market conditions, ongoing productivity gains and continued execution of its multiyear lean operational transformation. Management's early adoption of AI-enabled tools is improving efficiency and service levels, which may support market share gains and margin expansion as freight volumes recover. |
Freight Brokerage Trucking Supply Chain Transportation Automation | |
DiagnosticsGuardant Health delivered another strong quarter, driven by continued strength in testing volumes and accelerating adoption of its Shield colorectal cancer screening test, prompting management to raise full-year revenue guidance. The company is well positioned to benefit from increasing adoption of precision oncology and AI-enabled diagnostics, supported by a growing data repository, expanding reimbursement opportunities and several upcoming product catalysts. |
Oncology Liquid Biopsy Cancer Screening Precision Medicine Clinical Labs | |
SoftwareSoftware industry exposure was offset by investor concerns about AI disintermediation which continued to weigh on holdings. Software valuations are now much more interesting, and leading franchises have efforts underway to leverage their installed bases and data assets to help customers realize value from AI. The team has modest capital at work in software but is waiting for signs of derisking before committing more. MongoDB was reduced as AI is increasing medium-term competitive risks by reducing switching costs and placing greater pricing pressure on the database layer. |
SaaS Enterprise Software Databases Cloud AI Disruption | |
| 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 | 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 |
| 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 | IRTC | iRhythm Technologies, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | cashflow, diagnostics, healthcare, marketshare, Wearables | 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| 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, driven by strength in its DNA synthesis and protein solutions segment, as well as improving growth in next-generation sequencing. The company continues to benefit from growing demand from large pharmaceutical and AI customers for DNA synthesis and data generation, which may support incremental growth as computational approaches to drug discovery gain broader adoption. We trimmed the position during the quarter due to the stock's recent strong performance. |
| LSCC | Lattice is a fabless leader in low-power field-programmable gate arrays. The company reported strong quarterly results, with revenue and guidance exceeding expectations as demand accelerated across servers, communications and industrial applications. The company also announced plans to acquire AMI, a complementary firmware and infrastructure management platform expected to expand Lattice's data center capabilities and broaden its addressable market. We added to the position during the quarter. |
| FIX | Comfort Systems is a provider of heating, ventilation and air conditioning services. Strong demand from data center construction, driven by hyperscaler customers, now accounts for a majority of its revenue. Recent earnings results exceeded expectations, with year-over-year same-store revenue growth of 51% and margin expansion. It also raised full-year guidance. We view the company as well positioned to benefit from ongoing investment in data center infrastructure and added to the position during the quarter. |
| INSM | Insmed is a commercial-stage biotechnology company focused on pulmonary diseases. Brinsupri® continued its rapid launch. While patient uptake remains strong, Q1 sales fell short of elevated investor expectations, raising questions about discontinuation rates and putting downward pressure on the stock. However, we continue to view Brinsupri® as a meaningful long-term opportunity. Our due diligence suggests the drug remains well tolerated and is on track for blockbuster-level sales. |
| PODD | Insulet is the market leader in insulin pumps and offers the only tubeless automated insulin delivery system on the market. The company continues to benefit from strong patient adoption, expanding penetration in the type 2 diabetes market and the advantages of its pharmacy-based distribution model. We exited the position as increasing competition in the insulin pump market has reduced visibility into the company's medium-term growth and market share outlook. While we continue to view Insulet as a high-quality franchise, we believe the growing competitive landscape introduces greater uncertainty around the durability of the profit cycle and chose to redeploy capital into higher conviction opportunities. |
| ENTG | Entegris is a leading supplier of advanced materials, specialty chemicals and filtration systems used in semiconductor manufacturing. We initiated a Garden™ position in the company due to long-term content growth potential, driven by node transitions, materials innovation and advanced packaging. Recent results were thesis affirming, with improving visibility into fab construction demand, confirmed gross margin recovery potential and progress on deleveraging. The profit cycle remains early enough to be compelling, in our view, with a recovery in memory capex and wafer starts likely to support higher volume-based revenue and margin expansion over time. |
| MOD | Modine is a global leader in thermal management. The company reported a solid quarter, supported by robust demand from hyperscale data center customers and accelerating growth in its climate solutions business. Modine also announced a long-term capacity agreement with a strategic data center customer that reinforced demand visibility through 2029. Although margin progression has remained slower than expected as the company continues to ramp up its production capacity and absorb supply chain and input cost pressures, we decided to initiate a Garden™ position at an opportunistic entry point during the recent pullback. We see a compelling long-term profit cycle driven by growing demand for data center cooling and supported by its transformation into a higher growth thermal management franchise. |
| CHRW | C.H. Robinson Worldwide is one of the largest third-party logistics providers in North America, providing multimodal transportation services and logistics solutions. We initiated a position as the company appears to be in the early stages of a profit cycle driven by improving freight market conditions, ongoing productivity gains and continued execution of its multiyear lean operational transformation. In addition, management's early adoption of AI-enabled tools is improving efficiency and service levels, which may support market share gains and margin expansion as freight volumes recover. While a recent US Supreme Court ruling is likely to increase insurance costs and create near-term uncertainty for freight brokers, it may also increase barriers to entry and further strengthen the competitive position of scaled industry leaders such as C.H. Robinson Worldwide. |
| GH | Guardant Health is a leader in liquid biopsy diagnostics, using a simple blood draw to detect and monitor cancer. The company holds a market-leading position in testing to help oncologists select targeted cancer therapies and continues to expand its portfolio across oncology and cancer screening. The company delivered another strong quarter, driven by continued strength in testing volumes and accelerating adoption of its Shield colorectal cancer screening test, prompting management to raise full-year revenue guidance. We believe Guardant is well positioned to benefit from increasing adoption of precision oncology and AI-enabled diagnostics, supported by a growing data repository, expanding reimbursement opportunities and several upcoming product catalysts. |
| TDY | Teledyne provides advanced sensing, transmission and analysis technologies across niche markets, including digital imaging, instrumentation, and aerospace and defense electronics. Recent results exceeded expectations, supported by accelerating organic growth, continued strength in defense and improving demand across short-cycle industrial markets. Management also raised full-year guidance while highlighting strong bookings and continued momentum in unmanned systems, space sensing and infrared technologies. We believe growing defense spending, a recovery in industrial end markets and its disciplined approach to capital allocation and acquisitions are strong growth drivers. We added to the position during the quarter following a pullback. |
| TW | Tradeweb operates one of the largest global over-the-counter fixed income electronic trading marketplaces. Continued momentum in interest rate swaps and international markets, together with a long runway toward the electronification of fixed income markets, supports a path to sustained growth and margin expansion, in our view. While credit market share remains an area we continue to monitor, ongoing product enhancements and a significant addressable market may provide meaningful long-term upside. We took advantage of the recent pullback to add to the position. |
| COR | Cencora is a major drug distributor across branded, generic and specialty drugs. We exited the position as the profit cycle matured and recent results suggested that the strongest period of earnings momentum is likely behind the company. While Cencora remains a high-quality franchise with attractive long-term characteristics, we saw fewer catalysts to accelerate growth and chose to redeploy capital into earlier-stage profit cycles where we have greater conviction. |
| LHX | L3Harris, a global aerospace and defense company, is, in our view, well positioned to benefit from growing investment in next-generation missile defense, space sensing and national security programs. Recent results exceeded expectations, with 15% organic growth driven by continued strength in its space and mission systems and missile solutions segments. Order activity remained strong, with backlog reaching $41 billion and international demand accelerating. Despite the strong quarter, shares declined amid concerns about future competition and implications for long-term market share. While strong bookings and accelerating revenue continue to support our long-term investment thesis, we began harvesting the position as we reallocated capital within the defense sector. |
| MDB | MongoDB is a leading database software provider for modern, cloud-native applications. Recent results exceeded expectations, although the relatively stable growth in its core Atlas cloud database continued to trail elevated investor expectations. Management highlighted continued demand from enterprise customers and AI-related workloads, while its Enterprise Advanced self-managed product remained an important contributor to growth. However, our recent work suggests that AI is also increasing medium-term competitive risks by reducing switching costs and placing greater pricing pressure on the database layer. We reduced the position throughout the quarter and moved toward a full Harvest™ as we reassessed the long-term competitive landscape. |
| PSTG | Everpure (formerly Pure Storage) is redefining enterprise data storage with its all-flash architecture, which continues to drive market share gains. However, rising NAND input costs have narrowed the historical cost advantage over hard disk drives, creating a more challenging near-term demand outlook as customers pull forward purchases ahead of further price increases. While we continue to believe the long-term transition toward all-flash storage remains intact, we reduced the position as the near-term risk/reward became less favorable. |
| ARGX | Company-specific developments boosted shares of Argenx. We saw strong earnings and stock returns from biotech drug companies like Argenx. |
| ASND | We saw strong earnings and stock returns from biotech drug companies like Ascendis Pharma. |
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