Group 1 - Artisan Small Cap Fund aims to invest in companies with franchise characteristics, strong earnings trajectories, and trading at a discount to estimated private market value [1] - In Q4 2025, the Fund posted strong absolute returns, outperforming both the Russell 2000® Growth Index and the Russell 2000® Index, despite elevated volatility and shifting market sentiment [1] - For the full year 2025, the Fund generated strong results but underperformed compared to both indexes [1] Group 2 - Insmed Incorporated (NASDAQ:INSM) was highlighted as a leading contributor in Q4 2025, focusing on therapies for serious and rare diseases [2][3] - As of March 16, 2026, Insmed's stock closed at $144.60 per share, with a one-month return of -3.93% and a 52-week gain of 87.82% [2] - Insmed's market capitalization is reported at $31.17 billion [2] - The company launched Brinsupri™ (brensocatib), generating $28 million in initial sales from approximately 2,500 patients and 1,700 prescribers, contributing to its strong performance [3]

Core Insights - Artisan Small Cap Fund aims to invest in companies with franchise characteristics, strong earnings trajectories, and trading at a discount to estimated private market value [1] - The Fund experienced strong absolute returns in Q4 2025, outperforming both the Russell 2000® Growth Index and the Russell 2000® Index, despite elevated volatility and shifting market sentiment [1] - For the full year 2025, the Fund generated strong results but underperformed compared to both indexes [1] - The market leadership in Q4 2025 shifted back to companies with durable profit cycles, and the firm plans to continue focusing on identifying profit cycles in franchise companies at reasonable valuations moving into 2026 [1] Company Focus: Penumbra, Inc. - Penumbra, Inc. is highlighted as a key stock in the Fund's portfolio, specializing in medical devices for peripheral thrombectomy products [2] - As of March 16, 2026, Penumbra's stock closed at $336.21, with a one-month return of -1.41% and a twelve-month increase of 22.13% [2] - Penumbra has a market capitalization of $13.194 billion [2] - The Fund added to its position in Penumbra during Q4 2025 due to growing adoption of its core products, strong clinical outcomes, and a favorable safety profile [3] - The company is benefiting from competitive disruption and a more specialized sales force, with upcoming regulatory approvals for next-generation devices expected to further accelerate its profit cycle [3]