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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Artisan Mid Cap Fund returned 17.93% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. Multiple AI-enabling semiconductor positions rose over 100% as data center demand accelerated."
The Artisan Mid Cap Fund delivered strong absolute returns of 17.93% in Q2 2026, outpacing the Russell Midcap Growth Index's 14.55% return. The portfolio participated in the sharp appreciation of AI-enabling stocks, particularly through semiconductor holdings that saw multiple positions rise more than 100% during the period. Relative outperformance was led by stock selection in health care and consumer discretionary, with the health care portfolio rising over 18% and outperforming the sector by roughly 16 percentage points. Key contributors included Twist Bioscience, Lattice Semiconductor and Comfort Systems, driven by strong demand from data center construction and AI-related applications. The team initiated positions in Entegris, Modine Manufacturing and C.H. Robinson Worldwide while exiting ROBLOX, Insulet and Cencora as profit cycles matured. Despite elevated valuations in AI-related stocks, the team sees compelling long-term earnings prospects and expects market volatility to create opportunities. Software valuations have become more interesting, though the team awaits signs of derisking before committing more capital. The portfolio remains focused on balancing participation in secular trends with valuation discipline.
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