Core Viewpoint - 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 market volatility and shifting sentiment influenced by various geopolitical 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, and the Fund's portfolio delivered strong results across all segments [1]. - For the full year 2025, the Fund generated strong results but trailed both the Russell 2000® Growth Index and the Russell 2000® Index [1]. Group 2: Focus on Flex Ltd. - Flex Ltd. (NASDAQ:FLEX) is highlighted as a notable stock in the Fund's fourth-quarter investor letter, providing technology innovation, supply chain, and manufacturing solutions [2]. - As of March 16, 2026, Flex Ltd. closed at $64.45 per share, with a one-month return of 0.40% and a twelve-month increase of 85.90%, and a market capitalization of $23.9 billion [2]. - The Fund began trimming its position in Flex Ltd. during the quarter as its market capitalization exceeded the small cap mandate, while still viewing management favorably for its focus on high-margin segments [3]. Group 3: Hedge Fund Interest - Flex Ltd. was held by 62 hedge fund portfolios at the end of Q4 2025, an increase from 60 in the previous quarter, indicating growing interest among institutional investors [4]. - Despite acknowledging Flex Ltd.'s potential, the Fund believes that certain AI stocks may offer greater upside potential and carry less downside risk [4].