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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates."
The Artisan International Fund underperformed benchmarks in Q2 2026 but remained ahead for the first half, with the main setback coming from underweighting information technology due to bottom-up stock selection rather than sector outlook. The portfolio's three major themes—electrification, financials, and aerospace and defense—drove performance, with semiconductor holdings like TSMC and Samsung benefiting from AI-driven demand for advanced chips and memory, though June saw selling pressure as investors questioned AI valuations. European financials continued strong performance with BNP Paribas benefiting from higher-for-longer rates that support bank spreads. Defense holdings delivered mixed results as the manager trimmed Korean names like Hanwha Aerospace and LS Electric after rapid appreciation moved valuations ahead of fundamentals. Portfolio activity focused on locking in gains where share prices moved ahead and redeploying into new opportunities like Sumitomo Electric Industries for grid infrastructure exposure and Ryanair for structural cost advantages in European aviation. The manager expects market leadership to continue broadening, creating opportunities for the bottom-up approach to identify compelling businesses across Europe and Asia with visible demand drivers and attractive valuations.
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