Artisan Global Discovery Fund Sold GoDaddy (GDDY) Due to Increased Competition

Fund Performance - Artisan Global Discovery Fund's Investor Class APFDX returned 10.84%, Advisor Class APDDX returned 10.83%, and Institutional Class APHDX returned 10.93% in Q2 2025, compared to an 11.84% return for the MSCI All Country World Small Mid Index [1] - Global markets experienced volatility in Q2 2025, with a shift from double-digit declines to gains following President Trump's tariff announcements and subsequent suspension [1] Company Focus: GoDaddy Inc. - GoDaddy Inc. (NYSE:GDDY) is a leader in domain registration, generating 70% of its revenue from core domain services and 30% from higher-margin applications and commerce tools [3] - GoDaddy's stock closed at $141.40 per share on September 26, 2025, with a market capitalization of $19.577 billion [2] - The company faced a one-month return of -4.66% and a 52-week loss of 9.81% [2] Investment Strategy and Concerns - Artisan Global Discovery Fund ended its investment in GoDaddy due to increased competition from Wix and AI-based business models, as well as concerns over incremental marketing investments in its AI-powered suite, Airo [3] - GoDaddy's strategy focuses on cross-selling higher-margin products through domain services, but risks from competition and macro challenges for small and medium-sized businesses remain [3]