Overview
- Artisan Value Fund reported a 4.60% return in Q4 2025 versus 3.81% for the Russell 1000 Value Index, and a 14.28% full‑year return versus 15.91% for the benchmark.
- Lam Research was cited as a top contributor on AI‑driven data‑center demand after the fund bought shares during an April selloff.
- The Value Fund exited Fiserv following a major earnings miss, guidance cut and leadership changes, while highlighting PayPal’s scale and cash generation at about 10x next year’s expected earnings.
- Artisan Small Cap Fund trimmed Lattice Semiconductor to maintain valuation discipline even as long‑term drivers like AI edge computing and data‑center use cases remain intact.
- The Small Cap team ended positions in SharkNinja and Integer as theses faltered, added to Penumbra on rising adoption and potential regulatory catalysts, and initiated smaller positions in nLIGHT and Cellebrite.