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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Artisan Mid Cap Fund outperformed its benchmark in Q3 2025, fueled by high-conviction biotech and tech-hardware plays, while rotating capital out of high-valuation cloud software names and into aerospace, defense, and vertical SaaS."
In Q3 2025, the Artisan Mid Cap Fund delivered a strong absolute return of 8.80% (Investor Class), outperforming the Russell Midcap Index's 5.33%. Outperformance was heavily driven by the healthcare and biotech space, notably Argenx and Insmed, alongside recovery in tech hardware holdings like Lattice Semiconductor. Key portfolio actions during the quarter included initiating positions in Woodward, Teledyne Technologies, and ServiceTitan, adding to existing holdings like Reddit and Veracyte, and fully exiting underperforming or operationally challenged positions in Atlassian, Dexcom, and LPL Financial. The team also trimmed high-flying names such as Arista Networks and Snowflake on valuation concerns.
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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 Mid Cap Fund outperformed its benchmark in Q3 2025, fueled by high-conviction biotech and tech-hardware plays, while rotating capital out of high-valuation cloud software n...
Growth Outlook
Market outlook remains above average conviction: Artisan Mid Cap Fund outperformed its benchmark in Q3 2025, fueled by high-conviction biotech and tech-hardware plays, while rotating capital out of high-valuation cloud software n...
Risk Appetite
Risk appetite posture is moderate conviction: Artisan Mid Cap Fund outperformed its benchmark in Q3 2025, fueled by high-conviction biotech and tech-hardware plays, while rotating capital out of high-valuation cloud software n...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Artisan Mid Cap Fund outperformed its benchmark in Q3 2025, fueled by high-conviction biotech and tech-hardware plays, while rotating capital out of high-valuation cloud software n...
Forward Guidance
Forward guidance signal: Artisan Mid Cap Fund outperformed its benchmark in Q3 2025, fueled by high-conviction biotech and tech-hardware plays, while rotating capital out of high-valuation cloud software n...
Language Signal
Tone analysis indicates above average conviction language: Artisan Mid Cap Fund outperformed its benchmark in Q3 2025, fueled by high-conviction biotech and tech-hardware plays, while rotating capital out of high-valuation cloud software n...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Artisan Mid Cap Fund outperformed its benchmark in Q3 2025, fueled by high-conviction biotech and tech-hardware plays, while rotating capital out of high-valuation cloud software n...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Artisan Mid Cap Fund outperformed its benchmark in Q3 2025, fueled by high-conviction biotech and tech-hardware plays, while rotating capital out of high-valuation cloud software n...
Time Horizon
Investment time horizon reflects a high conviction orientation. Artisan Mid Cap Fund outperformed its benchmark in Q3 2025, fueled by high-conviction biotech and tech-hardware plays, while rotating capital out of high-valuation cloud software n...
