Core Insights - 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 influenced by various political and economic factors [1] Group 1: Fund Performance - The Fund seeks 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 market leadership shifted back to companies with durable profit cycles, while the Fund's full-year performance trailed both indexes [1] Group 2: Stevanato Group S.p.A. Analysis - Stevanato Group S.p.A. (NYSE:STVN) is highlighted as a key holding, providing specialty glass and plastic packaging to the healthcare industry [2][3] - As of March 16, 2026, Stevanato Group's stock closed at $15.35 per share, with a one-month return of -3.82% and a 12-month return of 29.46% [2] - The stock faced challenges due to market concerns regarding Eli Lilly's pending launch of an oral GLP-1, impacting Stevanato's profit cycle related to vial and syringe production [3] - Despite the challenges, the company remains a focus for investment due to anticipated growth in liquid-based biological drugs and increased drug volume from Medicare and Medicaid coverage of GLP-1s [3]