Here’s Artisan Small Cap Fund’s Views on Clearwater Analytics Holdings (CWAN)

Core Insights - Artisan Partners' "Artisan Small Cap Fund" reported strong performance in Q3 2025, with major US indices reaching record highs and the fund's Investor Class returning 8.69% [1] - Clearwater Analytics Holdings, Inc. (NYSE:CWAN) was highlighted as a key stock, experiencing a one-month return of 4.88% but a significant 35.20% decline over the past year [2][4] - The fund exited its investment in Clearwater Analytics due to a strategic shift towards M&A, which diverged from the original investment thesis, but the company remains on the watchlist for future evaluation [3] Fund Performance - The Artisan Small Cap Fund's Investor Class fund ARTSX returned 8.69%, Advisor Class fund APDSX returned 8.75%, and Institutional Class fund APHSX returned 8.73% in Q3 2025 [1] - The Russell 2000 Growth Index outperformed the fund with a return of 12.19% during the same period [1] Clearwater Analytics Holdings, Inc. - Clearwater Analytics reported Q3 2025 revenue of $205.1 million, marking a 77% year-over-year increase [4] - The company's market capitalization was noted at $6.503 billion, with shares closing at $19.97 on November 17, 2025 [2] - The company is shifting its focus from organic growth to larger-scale M&A, which led to the fund's decision to exit its investment [3]