Here’s Why Artisan Mid Cap Fund Exited Its Position in Ferguson (FERG)

Core Insights - Artisan Mid Cap Fund's fourth-quarter 2025 investor letter highlights the performance of the fund and its investment strategy, focusing on companies with strong earnings and trading at a discount to private market value [1] Fund Performance - The Fund's Investor Class (ARTMX) delivered -0.44%, Advisor Class (APDMX) -0.37%, and Institutional Class (APHMX) -0.35% in Q4 2025, compared to -3.70% for the Russell Midcap® Growth Index [1] - Continued strength in information technology and health care sectors contributed positively to the fund's performance during the quarter [1] Ferguson Enterprises Inc. (NYSE:FERG) - Ferguson Enterprises Inc. is a leading distributor of plumbing, HVAC, waterworks, and related building materials, with a market capitalization of $50.458 billion [2] - The stock closed at $251.31 per share on February 23, 2026, with a one-month return of -0.10% and a 52-week gain of 44.09% [2] - Artisan Mid Cap Fund exited its investment in Ferguson due to rising valuations and a less compelling risk-reward profile compared to other construction-related stocks [3] - Ferguson is not among the 30 most popular stocks among hedge funds, with 84 hedge fund portfolios holding the stock at the end of Q4 2025, down from 87 in the previous quarter [4]