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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Positioned to benefit from financial deregulation and power infrastructure demands while avoiding capital-heavy mega-cap stocks."
In Q3 2025, the Artisan Focus Fund (Investor Class) returned 2.66%, lagging the S&P 500 Index's 8.12%, but maintained strong YTD outperformance of 20.53% versus the index's 14.83%. Quarterly performance faced temporary headwinds due to a consolidation phase in high-performing downstream AI/power holdings (such as Siemens Energy and GE Vernova) and the fund's deliberate underweight position in several Magnificent Seven mega-caps. Despite short-term price reversions, portfolio fundamentals remained robust, with material upward revisions to FY 2026 earnings estimates across the top 10 positions. The fund is positioned to capture opportunities in US banking deregulation, capital markets recovery, and data center infrastructure build-outs, while remaining cautious about the rising asset intensity of mega-cap growth companies.
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