Core Insights - Artisan Small Cap Fund aims to invest in companies with franchise characteristics, strong earnings trajectories, and trading at a discount to estimated private market value [1] - The Fund experienced 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 [1] - For the full year 2025, the Fund generated strong results but underperformed compared to both indexes [1] - The market leadership in Q4 2025 shifted back to companies with durable profit cycles, and the firm plans to continue focusing on identifying profit cycles in franchise companies at reasonable valuations in 2026 [1] Company Highlights - Guardant Health, Inc. (NASDAQ:GH) is a precision oncology company specializing in liquid biopsy tests for cancer detection from blood samples [2] - As of March 16, 2026, Guardant Health's stock closed at $87.18 per share, with a one-month return of -18.61% and a twelve-month gain of 98.81% [2] - Guardant Health has a market capitalization of $11.435 billion [2] - The Fund initiated new positions in Guardant Health during Q4 2025, recognizing its leadership in liquid biopsy diagnostics and its market-leading position in tumor-naïve minimal residual disease (MRD) testing [3] - Guardant Health is expanding into tumor-informed MRD testing to address a broader range of clinical needs and strengthen its position in the MRD landscape [3]

Sector Performance - Healthcare has outperformed all other sectors since the start of September, rising 13% [2] - The State Street Health Care Select Sector SPDR ETF (XLV) leads this performance, followed by technology at 9% and utilities at 5% [2] Fund Performance - The Tema Oncology ETF (CANC) has seen a significant increase of 28% since September and is up 41% year-to-date [2] Key Holdings in Oncology - Revolution Medicines (RVMD) is the top holding in the Tema Oncology ETF, with a remarkable gain of 127% since August 11 [3] - Roche Holdings (RHHBY) is highlighted for its attractive PE ratio of 15 and a strong pipeline of cancer immunology drugs, including a recent positive trial readout in breast cancer [4][5] - Guardant Health (GH) is noted for its liquid biopsy test that can detect cancer early, particularly colorectal cancer, which is rapidly increasing among young people in the US [5][6]