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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Artisan Global Discovery returned 17.4% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. The portfolio participated in AI infrastructure appreciation while maintaining discipline, with multiple semiconductor positions up over 100%."
The Artisan Global Discovery Fund delivered strong absolute returns of 17.4% in Q2 2026, outpacing the MSCI All Country World Small Mid Index's 13.7% return. The portfolio participated in the sharp appreciation of AI-enabling stocks, particularly semiconductors, with multiple holdings appreciating over 100% during the quarter. Relative outperformance was led by stock selection in health care, real estate and consumer discretionary, more than offsetting weaker selection in industrials. Health care holdings rose 19%, driven by biotech companies and life sciences tools businesses benefiting from novel drug development and AI-driven computational approaches. The team initiated positions in Entegris, Cellebrite and C.H. Robinson, focusing on companies in early profit cycles. Notable exits included ROBLOX, MongoDB and Colliers International as the team redeployed capital into higher conviction opportunities. While AI infrastructure remains a powerful secular driver, the team is balancing participation with valuation discipline, expecting volatility to create attractive entry points. The portfolio's profit momentum remains encouraging, with most companies meeting or exceeding earnings expectations, supporting the team's conviction in bottom-up stock selection across temporarily overlooked high-quality growth franchises.
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