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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jun 30, 2025 | Artisan Mid Cap Fund | 14.4% | 5.9% | ARGX, ASND, BKR, BWXT, DASH, DUOL, DXCM, HOOD, INSM, IOT, IRTC, LSCC, RBC, RBLX, SHOP, SNOW, SPOT, TEAM, TW, TYL | AI, Biotech, Cloud, growth, mid cap, Streaming, tariffs, technology | Portfolio positioned to benefit from AI adoption with holdings like Snowflake, Tyler Technologies, and Guidewire that help businesses and government implement AI tools. Infrastructure leaders like Pure Storage, Synopsys, and Monolithic Power help make data centers powering AI tools faster and more power-efficient. | View | |
| 2026 Q1 | Apr 29, 2026 | Artisan Global Discovery | -5.5% | -5.5% | ASMI, ASND, COHR, COMP, HTHT, INSM, MDB, MOD, MSI, PRS, RBC, RBLX, SE, SPOT, TWST, WING | AI, Biotechnology, Data centers, defense, energy, global, mid cap, small cap | View | ||
| 2024 Q1 | Apr 15, 2024 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ARGX, ASND, BL, CCCS, ELF, ETSY, FIVE, FND, FRPT, HALO, IPGP, LSCC, MPWR, MYRG, PCOR, SAIA, SHLS, SMAR, TREX, VMI, WING | AI, Biotechnology, Energy Transition, growth, healthcare, semiconductors, small cap, software | Healthcare biotechnology holdings faced R&D setbacks despite solid commercial progress. Argenx's Vyvgart failed two additional indications in Q4, Halozyme experienced underperformance related to Argenx setbacks, and Ascendis faced FDA manufacturing questions for TransCon PTH. The team maintains conviction in de-risked biotech assets with proven drugs and diversified pipelines. | View | |
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy | 5.9% | 5.9% | ASND, ATRC, BJ, BMBL, FIVE, FND, FRPT, GLBE, HQY, IAC, IAS, KRYS, MAX, MTDR, MTZ, NVDA, RAPT, SN, SWKS, VC, WHD | consumer, energy, growth, healthcare, industrials, small caps, technology | GenAI fever remained a market focus with NVIDIA's 82% gain driving returns. Corporate spending and equity markets remained uninterested in anything else beyond cybersecurity and GenAI. Capital expenditures for technology infrastructure should continue through 2024, with a gradual shift toward preparing corporate data for GenAI applications including data warehousing, real time streaming, cybersecurity, and search. | View | |
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ASND, BJ, BOOT, EME, ESAB, FLYW, FROG, KRYS, MTDR, ONTO, PRA, RAPT, SMAR, SWAV, VCTR, VERX, WING, WNS | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Artisan Global Discovery | -3.7% | -3.7% | ARIS, ASND, BAB.L, CCCS, GWRE, ILMN, IRTC, MTSI, PRCT, PSTG, SAIA, SE, SPOT, TTI, TWST, TYL, USFD, VEEV, WAB, WST | AI, Biotechnology, defense, global, healthcare, SMID Cap, technology, Trade Policy | Defense spending is accelerating globally with increasing defense budgets benefiting companies like Babcock. The European Commission announced an €800 billion plan to boost defense spending, and Germany plans to relax debt brakes for defense investments. | View | |
| 2024 Q4 | Dec 31, 2024 | Artisan Global Discovery | 2.7% | 16.1% | ARGX, ASND, FWONA, GALDF, GXI.DE, HUBS, INSM, LYV, MPWR, MTSI, NZYM-B.CO, ON, ONTO, PSTG, SE, SGE.L, SPOT, SRT3.DE, TEAM, VCYT, WST | AI, Biotechnology, global, growth, healthcare, semiconductors, technology | Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. The team owns multiple technology category leaders positioned to help enable AI advances, including MACOM for networking chips, PureStorage for data storage, and Onto Innovation for inspection systems. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites. | View | |
| 2023 Q4 | Dec 31, 2023 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ARGX, ASND, CCCS, DUOL, ETSY, EXAS, FIVE, FND, HALO, IRTC, LSCC, MPWR, PCOR, RGEN, SAIA, SMAR, SWAV, TREX, VMI, WING | Biotechnology, Energy Transition, growth, healthcare, semiconductors, small cap, software, technology | Healthcare biotechnology holdings faced R&D setbacks despite solid commercial progress. Argenx's Vyvgart trials for two additional indications failed, Halozyme experienced underperformance related to Argenx setbacks, and Ascendis faced FDA manufacturing questions for TransCon PTH approval. | View | |
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy | 5.9% | 5.9% | ASND, ATRC, BJ, CYBR, ESAB, FIVE, FLYW, FROG, LEGN, LSCC, PCTY, PRA, RAPT, SYNA, TER, TPG, VC, WK, WNS | Biotechnology, cybersecurity, growth, healthcare, industrials, small cap, technology | Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023, requiring additional governance rules for cyber risk management strategy. IT budgets will continue growing, with cybersecurity becoming an increasing percentage. | View | |
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ASND, ATGE, ATRC, AZEK, BJ, ESAB, FLYW, FORM, FROG, HLNE, ICFI, PRA, RAPT, SWAV, VC, WING, WK, WNS, ZWS | Automation, cybersecurity, financials, growth, healthcare, industrials, small cap, technology | Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage. | View | |
| 2025 Q3 | Oct 24, 2025 | Artisan Global Discovery | 3.0% | 10.0% | ARGX, ASND, BAB.L, BFAM, CW, INSM, IRTC, LSEG.L, LYV, PRCT, PURE, PX, RBC, SE, TDY, TEAM, TYL, WAY, WING, WST | AI, Biotechnology, defense, global, growth, healthcare, small cap, technology | AI investment boom contributed over 1% to US GDP growth through first half of year, with tech investment growing at fastest pace since 2000. However, rapid AI advancements are creating uncertainty about which software companies can successfully integrate AI versus those facing business model disruption. | WAY WING PRCT LSEG LN ASND PSTG MOD WAY TDY WING PRCT LSEG LN ASND PSTG MOD |
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| 2025 Q3 | Oct 21, 2025 | Artisan Partners Small Cap Fund | 8.7% | 4.8% | 4350 JP, ALAB, ASND, CGNX, CWAN, IBP, INSM, LOAR, LSCC, MDGL, MOD, MTSI, SN, WAY, WING | AI, Biotech, Health Care, industrials, small caps | The fund posted strong absolute but weaker relative returns as speculative small-cap stocks led markets. Managers emphasized profit-cycle investing, focusing on companies with durable growth such as Modine, Lattice Semiconductor, and Insmed. Key themes include AI-related infrastructure, biotech innovation, and cyclical recovery in housing and industrials. | OLLI CGNX MTSI TWST INSM MOD LSCC OLLI CGNX MTSI TWST INSM MOD LSCC |
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| 2025 Q3 | Oct 19, 2025 | Artisan Mid Cap Fund | 8.8% | 15.3% | ANET, ARGX, ASND, BKR, DASH, DXCM, INSM, IRTC, LPLA, LSCC, LYV, PSTG, RBC, RDDT, SHOP, SNOW, SPOT, TDY, TEAM, TYL, VCYT, WING, WST, WWD | AI, Biotechnology, Cloud, defense, growth, healthcare, mid cap, semiconductors | Healthcare sector holdings, particularly biotech, led outperformance with strong company-specific results. Argenx's VYVGART therapy showed strong growth with new subcutaneous formulation launch. Insmed received FDA approval for Brinsupri, the first once-daily oral treatment for non-cystic fibrosis bronchiectasis addressing over one million diagnosed patients. | SPOT WING LSCC INSM ARGX |
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| 2025 Q4 | Jan 19, 2026 | Artisan Mid Cap Fund | -0.4% | 14.8% | ALAB, APG, ARGX, ASND, BKR, COHR, CVNA, DASH, INSM, LHX, MACOM, MDB, RBC, RBLX, SHOP, SPOT, TTAN, VEEV, WAT, WST | AI, Biotechnology, defense, growth, healthcare, industrials, mid cap, technology | AI-related capital spending remains an area of active debate entering 2026. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength with the team maintaining relatively high exposure despite several years of industry headwinds. The positioning is grounded in conviction in profit cycle opportunities for biotech companies with compelling product launches. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes companies are well positioned to benefit from growing investment in next-generation missile defense and national security programs requiring advanced capabilities. Holdings exposed to datacenter and AI infrastructure spending contributed to returns. Companies benefit from continued cloud growth and rising AI demand driving rapid datacenter expansion with strong long-term growth opportunities. | IRTC FERG SNOW WAT TTAN CVNA ALAB LHX SPOT VEEV MDB RBLX INSM COHR |
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| 2023 Q3 | Sep 30, 2023 | Artisan Mid Cap Fund | 2.4% | 6.6% | ARGX, ASND, BNTX, DXCM, EXAS, GPN, HALO, HUBS, IR, JBL, LSCC, PWR, RPGN, SAIA, SWAV, TEAM, VEEV, WING, WST, ZS | AI, Biotechnology, Energy Transition, growth, healthcare, mid cap, semiconductors, technology | Manager is bullish on GLP-1 obesity therapies, especially the growth they should enable for biologics packaging franchises like West Pharmaceutical. Believes the public health benefits are real but unlikely to materially restrain growth opportunities of medical device holdings for many years. Taking advantage of attractive valuations in adversely impacted holdings like DexCom. | View | |
| 2023 Q3 | Sep 30, 2023 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ARGX, ASND, BL, BSY, CAVA, CCCS, ETSY, EXAS, FIVE, GLBE, GWRE, HALO, IRTC, LSCC, MTSI, PCOR, PZZA, RGEN, SAIA, SMAR, SPXC, STVN, SWAV, TREX, WCC, WING, WMS | Biotechnology, growth, healthcare, Medical Devices, semiconductors, small cap, software, technology | Manager discusses the rapid growth of GLP-1 obesity drugs from Novo Nordisk and Eli Lilly, noting their impact on medical device stocks. While acknowledging public health benefits, believes the effects on cardiovascular disease incidence will take time and that opportunities for innovative franchises to gain share outweigh market expansion concerns. | View | |
| 2023 Q4 | Jan 15, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ARGX, ASND, CELH, CMG, DECK, DPZ, DXCM, EFX, EXAS, FIVE, HUBB, IRTC, JBL, LTTC, LULU, ON, POOL, PWR, RYAN, SAIA, SHOP, TREX, VEEV, WING, XYL | Biotech, Energy Transition, growth, healthcare, mid cap, semiconductors, software, technology | Healthcare was the weakest performer for the year, primarily due to biotech holdings. Argenx's Vyvgart launch in myasthenia gravis continued to shine, reaching sales north of $1 billion ahead of schedule, but trial failures in two additional indications marred an otherwise stellar year. Ascendis's Skytrofa tracked well in its second year, but FDA approval for TransCon PTH was delayed due to manufacturing questions. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Jason L. White | Ascendis Pharma A/S | Health Care | Biotechnology | Bull | NASDAQ | Biotech, innovation, Launch uptake, pipeline, platform, Revenue visibility | View Pitch |
| Nov 28, 2025 | Fund Letters | Jason L. White | Ascendis Pharma A/S | Health Care | Biotechnology | Bull | NASDAQ | Biotech, innovation, Launch uptake, pipeline, platform, Revenue visibility | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Mark Bussard | Rock Springs Capital | $1.9B | $43.4M | 2.23% | 203,500 | -11,000 | -5.13% | 0.3123% |
| David Burrows | Barometer Capital Management | $415.3M | $10.8M | 2.61% | 91,392 | +87,488 | +2240.98% | 0.0780% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $5.1M | 0.01% | 24,079 | +24,079 | +100.00% | 0.0369% |
| Israel Englander | Millennium Management LLC | $233.2B | $55.9M | 0.02% | 262,329 | -20,500 | -89.13% | 0.4025% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $52.9M | 0.08% | 247,892 | +64,006 | +34.81% | 0.3804% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $7.1M | 0.03% | 5,000,000 | -487,438 | -56.82% | 0.0511% |
| Joseph Edelman | Perceptive Advisors | $5.6B | $230.6M | 4.12% | 1,081,421 | -7,080 | -0.65% | 1.6594% |
| Louis Bacon | Moore Capital Management | $6.8B | $26.7M | 0.39% | 125,000 | +35,000 | +38.89% | 0.1918% |
| Peter Kolchinsky | RA Capital Management | $9.8B | $2.2B | 22.46% | 10,281,496 | +0 | +0.00% | 15.7761% |
| Tom Steyer | Farallon Capital Management | $21.2B | $298,536 | 0.00% | 1,400 | -1,400 | -50.00% | 0.0021% |