Fund Performance - Artisan Global Discovery Fund's Investor Class APFDX returned 10.84%, Advisor Class APDDX returned 10.83%, and Institutional Class APHDX returned 10.93% in Q2 2025, compared to an 11.84% return for the MSCI All Country World Small Mid Index [1] - Global markets experienced volatility in Q2 2025, with a shift from double-digit declines to gains following President Trump's tariff announcements and subsequent suspension [1] Company Focus: GoDaddy Inc. - GoDaddy Inc. (NYSE:GDDY) is a leader in domain registration, generating 70% of its revenue from core domain services and 30% from higher-margin applications and commerce tools [3] - GoDaddy's stock closed at $141.40 per share on September 26, 2025, with a market capitalization of $19.577 billion [2] - The company faced a one-month return of -4.66% and a 52-week loss of 9.81% [2] Investment Strategy and Concerns - Artisan Global Discovery Fund ended its investment in GoDaddy due to increased competition from Wix and AI-based business models, as well as concerns over incremental marketing investments in its AI-powered suite, Airo [3] - GoDaddy's strategy focuses on cross-selling higher-margin products through domain services, but risks from competition and macro challenges for small and medium-sized businesses remain [3]

Core Insights - NameSilo Technologies Corp. has acquired CommerceHQ, an advanced website builder with integrated ecommerce capabilities, enhancing its product offerings [1][2] - The integration allows customers to build and launch professional websites seamlessly alongside domain registrations [2] - New bundled offerings combining domain, website, and email services have been introduced at discounted prices, aiming to simplify online solutions for customers [3] Company Overview - NameSilo Technologies Corp. focuses on investing in undervalued companies with significant appreciation potential, operating in both public and private markets [4] - NameSilo LLC is recognized as a low-cost provider of domain name registration and management services, managing approximately 5.8 million active domains across around 160 countries [5]

Company Overview - GoDaddy has evolved from a domain registration business to a comprehensive service provider for micro businesses, offering IT services that enhance efficiency and competitiveness [22][23]. - The company has reported a 17% sales growth in its applications and commerce segment, which now constitutes about one-third of its revenue [22]. Capital Allocation Strategy - GoDaddy has executed a stock repurchase program, buying back $4 billion worth of stock since 2022, which has reduced its fully diluted share count by 25% [27]. - The company has a new $3 billion stock repurchase authorization plan, reflecting its commitment to returning value to shareholders through buybacks rather than dividends [27]. Financial Performance - Since its IPO, GoDaddy has outperformed the S&P 500 with a compound annual growth rate (CAGR) of 25%, compared to the S&P 500's 12% and Nasdaq's 16% [28]. - The company has expanded its normalized EBITDA margins by 900 basis points over five years while maintaining a CAGR of 20% in free cash flow per share [27]. Market Position and Growth - GoDaddy's business model focuses on maximizing free cash flow per share, which is considered its "North Star" [28][29]. - The company has a strong customer retention rate, with 90% of its revenue coming from existing customers, indicating a durable and predictable business model [29]. Competitive Differentiation - GoDaddy differentiates itself from competitors like Shopify by offering a seamless experience that combines multiple functionalities into one application, making it easier for micro businesses to manage their operations [26]. - The company emphasizes cost-effectiveness and efficiency, allowing customers to set up their businesses quickly and manage them with minimal complexity [26].

Summary of CDW FY Conference Call - May 13, 2025 Company Overview - **Company**: CDW (CDW) - **Industry**: Technology Solutions and Services Key Points and Arguments Macroeconomic Concerns - There is significant macroeconomic volatility and uncertainty, but technology remains essential for competitive advantage and employee attraction [2][3] - Customers are cautious due to policy uncertainty, yet there is pent-up demand for technology across various sectors [3][4] Demand and Growth Outlook - CDW anticipates muted growth in specific sectors like federal and education, but overall technology spending remains strong [4][11] - The commercial space has shown a steady return to growth over the last two quarters, although enterprise solutions have experienced some variability [9][10] Tariff Impact - CDW has leveraged tariff uncertainties to assist customers by providing pre-tariff pricing on client devices, particularly in the K-12 sector [6][7] - The company maintains strong relationships with customers, which helps navigate complexities arising from tariff changes [7][8] International Business Performance - CDW's international business has performed well despite geopolitical uncertainties, with a cautious outlook for the fiscal year [18] AI and Technology Investments - CDW is positioned as a full-stack organization, focusing on AI investments to enhance efficiency, personalization, and customer experience [19][20] - The company has established healthcare innovation labs to facilitate customer engagement and technology exploration [22][23] Client Device Market - Growth in client devices has been broad-based, with education seeing more pre-buying activity compared to enterprise [28][29] Cloud Strategy - CDW is focused on scaling its cloud business, emphasizing professional and managed services to drive customer engagement [32][33] - The company views cloud and security as high-growth areas for future acquisitions [35][36] Financial Performance - Gross margins have expanded significantly over the past six years but are plateauing due to shifts in product mix [50][51] - Operating expenses have been consistently expanded to support growth initiatives, with a focus on balancing customer service and cost leverage [53][54] Government and Education Sector Exposure - The federal government sector has shown a modest decline, while state and local government business has grown modestly [59][60] - The K-12 education sector may experience muted spending due to economic pressures [61] Pricing and Demand Elasticity - Price increases due to tariffs have been largely accepted by customers, with spending continuing despite economic uncertainties [62] - CDW operates as a cost-plus provider, successfully passing on price increases while maintaining gross profit neutrality [63] Additional Important Insights - CDW's strategy emphasizes a full lifecycle approach, integrating consultancy and managed services with product sourcing to enhance customer experience [38][40] - The company is actively refining its go-to-market strategy to capture opportunities across various customer segments [46] - CDW's ability to adapt its pricing and bundling strategies based on customer behavior is a key focus for future growth [107][108]