Core Insights - Artisan Mid Cap Fund's fourth-quarter 2025 performance showed a decline, with Investor Class at -0.44%, Advisor Class at -0.37%, and Institutional Class at -0.35%, compared to -3.70% for the Russell Midcap® Growth Index, indicating relative resilience in a challenging market [1]. Group 1: Fund Performance - The Fund seeks investments in companies with franchise characteristics, strong earnings trajectories, and trading at a discount to estimated private market value [1]. - Continued strength in information technology and health care sectors contributed positively to the Fund's performance during the quarter [1]. Group 2: Insmed Incorporated (NASDAQ:INSM) - Insmed Incorporated specializes in therapies for serious and rare diseases, with a market capitalization of $33.917 billion [2]. - The stock closed at $159.03 per share on February 23, 2026, with a one-month return of -2.22% and a 52-week gain of 105.20% [2]. - Insmed was a top contributor to the Fund's performance in Q4, driven by strong sales of its lead product ARIKAYCE® and the successful launch of Brinsupri™, which generated $28 million in initial sales [3]. Group 3: Hedge Fund Interest - Insmed was held by 74 hedge fund portfolios at the end of Q4, an increase from 73 in the previous quarter, indicating growing interest among institutional investors [4]. - Despite its potential, the company is not among the 30 most popular stocks among hedge funds, with some analysts suggesting that certain AI stocks may offer greater upside potential [4].

Core Insights - Artisan Partners' "Artisan Small Cap Fund" reported strong performance in Q3 2025, with major US indices reaching record highs and the fund's Investor Class returning 8.69% [1] - Insmed Incorporated (NASDAQ:INSM) emerged as a significant contributor to the fund's performance, with a one-month return of 15.07% and a remarkable 190.08% increase over the past 52 weeks [2][3] Fund Performance - The Artisan Small Cap Fund's Investor Class fund ARTSX returned 8.69%, Advisor Class fund APDSX returned 8.75%, and Institutional Class fund APHSX returned 8.73% in Q3 2025 [1] - The Russell 2000 Growth Index outperformed the fund with a return of 12.19% during the same period [1] Insmed Incorporated Highlights - Insmed is a biopharmaceutical company focused on serious pulmonary diseases, with its lead product ARIKAYCE® treating lung infections resistant to standard therapies [3] - The company received FDA approval for Brinsupri™, a once-daily oral treatment for non-cystic fibrosis bronchiectasis, addressing a significant unmet medical need with over one million diagnosed patients in the US, Europe, and Japan [3] - Insmed's market capitalization reached $41.209 billion as of November 14, 2025, with shares closing at $193.22 [2] Investment Sentiment - Insmed was held by 82 hedge fund portfolios at the end of Q2 2025, an increase from 64 in the previous quarter, indicating growing interest among institutional investors [4] - Despite Insmed's potential, some analysts suggest that certain AI stocks may offer greater upside potential with less downside risk [4]