Core Insights - The Artisan Value Fund's third-quarter 2025 performance was influenced by a strong equity market rally, driven by robust corporate earnings, increased AI investment, and favorable US fiscal policies and interest rates [1] Fund Performance - The fund's Investor Class ARTLX, Advisor Class APDLX, and Institutional Class APHLX returned 0.83%, 0.91%, and 0.90% respectively in Q3 2025, underperforming the Russell 1000 Value Index which returned 5.33% [1] Company Highlight: ASML Holding N.V. - ASML Holding N.V. is a key stock highlighted by the Artisan Value Fund, specializing in lithography solutions for advanced semiconductor equipment [2] - ASML's one-month return was -1.40%, but it experienced a significant 54.10% gain over the last 52 weeks, closing at $1,072.75 per share with a market capitalization of $404.44 billion on December 26, 2025 [2] Investment Strategy - The Artisan Value Fund made three new purchases in Q2 2025, including ASML, which became top contributors to returns in Q3 [3] - The semiconductor and semiconductor equipment sectors were identified as areas of significant pressure at the beginning of the year, presenting attractive long-term buying opportunities for value investors [3]

Core Insights - The Artisan Value Fund's third-quarter 2025 performance was positive, with returns of 0.83% for Investor Class ARTLX, 0.91% for Advisor Class APDLX, and 0.90% for Institutional Class APHLX, compared to a 5.33% return for the Russell 1000 Value Index [1] Group 1: Market Context - The equity market rally continued in Q3 2025, driven by strong corporate earnings, increased AI investment, and expectations of economic support from US fiscal policy and lower interest rates [1] Group 2: Company Focus - Thermo Fisher Scientific Inc. - Thermo Fisher Scientific Inc. (NYSE:TMO) is highlighted as a key stock, providing life sciences solutions, analytical instruments, specialty diagnostics, laboratory products, and biopharma services [2] - The stock experienced a one-month return of -0.75% but gained 11.93% over the last 52 weeks, closing at $580.74 per share on December 26, 2025, with a market capitalization of $218.19 billion [2] - Thermo Fisher was one of the top contributors to returns in Q3, alongside Lam Research and ASML, following purchases made during a market downturn [3]