Artisan Partners, an investment management company, released its fourth-quarter 2025 investor letter for “Artisan Small Cap Fund”. A copy of the letter can be downloaded here. The Fund seeks to invest in companies that possess franchise characteristics, with strong earnings trajectories, and are trading at a discount to the estimated private market value. In 2025, volatility was elevated, and sentiment shifted frequently, despite strong results, influenced by political developments in the US, evolving trade ...