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]

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 - Hexcel Corporation (NYSE:HXL) is highlighted as a leading manufacturer of advanced lightweight composites technology, with a market capitalization of $6.513 billion [2] - Hexcel's stock closed at $81.82 per share on March 16, 2026, with a one-month return of -8.05% and a 52-week gain of 43.70% [2] - The Fund added to its position in Hexcel during Q4 2025, believing the worst of the cyclical pressures on new aircraft programs is behind, and expects Hexcel to benefit from increased aircraft production and higher composite content per aircraft [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]

Core Insights - Artisan Partners' Artisan Small Cap Fund reported 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] - The Fund's strategy focuses on investing in companies with franchise characteristics and strong earnings trajectories at reasonable valuations, with a continued emphasis on identifying profit cycles in 2026 [1] Company-Specific Insights - Integer Holdings Corporation (NYSE:ITGR) is highlighted as a medical device contract development and manufacturing company with a market capitalization of $2.9 billion [2] - The stock of Integer Holdings Corporation closed at $84.12 per share on March 16, 2026, with a one-month return of -3.99% and a 52-week loss of 31.94% [2] - Artisan Small Cap Fund exited its investment in Integer Holdings Corporation due to slower-than-expected revenue growth and lack of margin improvement, compounded by a leadership transition amid a declining profit cycle [3]