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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Small-cap growth fund outperformed benchmark despite negative returns as geopolitical tensions favored commodity sectors over technology. Strong semiconductor stock selection offset energy underweight."
Artisan Small Cap Fund delivered negative absolute returns but modestly outpaced the Russell 2000 Growth Index during Q1 2026, providing downside protection amid volatile market conditions. The quarter was dominated by geopolitical tensions in Iran that drove energy prices higher and shifted market leadership toward commodity-sensitive sectors where the fund typically finds fewer high-quality opportunities. Despite technology being the weakest performing sector, the fund's semiconductor holdings were the largest contributor to relative performance. The team initiated new positions in Onto Innovation, Baldwin Group and Freshpet while adding to existing holdings including Modine Manufacturing and Twist Bioscience. Key areas of conviction include AI infrastructure enablers, aerospace and defense benefiting from global rearmament, and health care companies with limited economic sensitivity. The fund exited Penumbra following its acquisition by Boston Scientific and trimmed positions that exceeded small-cap mandates. Management maintains confidence in company-specific profit cycles and expects volatility to create opportunities in high-quality franchises at attractive valuations.
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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: Small-cap growth fund outperformed benchmark despite negative returns as geopolitical tensions favored commodity sectors over technology. Strong semiconductor stock selection offse...
Growth Outlook
Market outlook remains high conviction: Small-cap growth fund outperformed benchmark despite negative returns as geopolitical tensions favored commodity sectors over technology. Strong semiconductor stock selection offse...
Risk Appetite
Risk appetite posture is very low conviction: Small-cap growth fund outperformed benchmark despite negative returns as geopolitical tensions favored commodity sectors over technology. Strong semiconductor stock selection offse...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Small-cap growth fund outperformed benchmark despite negative returns as geopolitical tensions favored commodity sectors over technology. Strong semiconductor stock selection offse...
Forward Guidance
Forward guidance signal: Small-cap growth fund outperformed benchmark despite negative returns as geopolitical tensions favored commodity sectors over technology. Strong semiconductor stock selection offse...
Language Signal
Tone analysis indicates high conviction language: Small-cap growth fund outperformed benchmark despite negative returns as geopolitical tensions favored commodity sectors over technology. Strong semiconductor stock selection offse...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Small-cap growth fund outperformed benchmark despite negative returns as geopolitical tensions favored commodity sectors over technology. Strong semiconductor stock selection offse...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Small-cap growth fund outperformed benchmark despite negative returns as geopolitical tensions favored commodity sectors over technology. Strong semiconductor stock selection offse...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Small-cap growth fund outperformed benchmark despite negative returns as geopolitical tensions favored commodity sectors over technology. Strong semiconductor stock selection offse...
