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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit cycles."
In Q4 2025, the Artisan Small Cap Fund outperformed both the Russell 2000 Growth Index and the Russell 2000 Index, posting positive performance across major sectors. Top contributors included MACOM, Insmed, and Vita Coco. The fund initiated new positions in nLIGHT, Guardant Health, and Cellebrite, and added to Bruker, Hexcel, and Penumbra. To adhere to valuation discipline and small-cap mandates, several holdings were trimmed (including iRhythm, Flex, and Lattice) or exited (such as Insmed due to market cap limits, and Integer Holdings due to broken thesis). The managers remain highly constructive on growth opportunities across biotechnology, AI-enabling infrastructure, and aerospace and defense.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit c...
Growth Outlook
Market outlook remains above average conviction: Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit c...
Risk Appetite
Risk appetite posture is above average conviction: Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit c...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit c...
Forward Guidance
Forward guidance signal: Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit c...
Language Signal
Tone analysis indicates above average conviction language: Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit c...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit c...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit c...
Time Horizon
Investment time horizon reflects a high conviction orientation. Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit c...
