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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Artisan Small Cap Fund navigated a challenging, low-quality-driven Q3 market by aggressively purging underperforming software names and redeploying capital into robust secular stories in healthcare and AI physical infrastructure."
During Q3 2025, the Artisan Small Cap Fund generated a strong absolute return of 8.69% (Investor Class) but lagged the Russell 2000 Growth Index's 12.19% gain. The relative underperformance was primarily driven by a market environment led by low-quality, unprofitable stocks and underperformance in the fund's software holdings, which fell 10%. In response, the portfolio managers took decisive action by exiting four software positions (Confluent, Elastic, GitLab, Clearwater Analytics) due to changing fundamentals, while initiating three new positions (Cognex, Waystar, Ollie's Bargain Outlet). They continue to find high-conviction opportunities in industrial and tech names levered to AI infrastructure (Modine, Lattice, MACOM) and commercial-stage biotech innovators (Ascendis, Insmed, Madrigal). The team maintains an active, fundamental-driven approach emphasizing downside protection and valuation discipline.
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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: The Artisan Small Cap Fund navigated a challenging, low-quality-driven Q3 market by aggressively purging underperforming software names and redeploying capital into robust secular ...
Growth Outlook
Market outlook remains moderate conviction: The Artisan Small Cap Fund navigated a challenging, low-quality-driven Q3 market by aggressively purging underperforming software names and redeploying capital into robust secular ...
Risk Appetite
Risk appetite posture is moderate conviction: The Artisan Small Cap Fund navigated a challenging, low-quality-driven Q3 market by aggressively purging underperforming software names and redeploying capital into robust secular ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Artisan Small Cap Fund navigated a challenging, low-quality-driven Q3 market by aggressively purging underperforming software names and redeploying capital into robust secular ...
Forward Guidance
Forward guidance signal: The Artisan Small Cap Fund navigated a challenging, low-quality-driven Q3 market by aggressively purging underperforming software names and redeploying capital into robust secular ...
Language Signal
Tone analysis indicates above average conviction language: The Artisan Small Cap Fund navigated a challenging, low-quality-driven Q3 market by aggressively purging underperforming software names and redeploying capital into robust secular ...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Artisan Small Cap Fund navigated a challenging, low-quality-driven Q3 market by aggressively purging underperforming software names and redeploying capital into robust secular ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Artisan Small Cap Fund navigated a challenging, low-quality-driven Q3 market by aggressively purging underperforming software names and redeploying capital into robust secular ...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Artisan Small Cap Fund navigated a challenging, low-quality-driven Q3 market by aggressively purging underperforming software names and redeploying capital into robust secular ...
