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].

Core Insights - Belcan Government Solutions (BGS), a subsidiary of Cognizant, has been awarded a significant contract with the Missile Defense Agency for the Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) program, with a ceiling value of $151 billion [1][2]. Company Overview - Belcan is a global supplier providing design, software, manufacturing, supply chain, information technology, and digital engineering solutions across various sectors including aerospace, defense, automotive, and government services [3]. - The company has a history of over 60 years in delivering adaptable and integrated solutions, focusing on high-end differentiated services to meet complex client needs [3]. Strategic Focus - The contract awarded to BGS allows for a broad range of work areas aimed at delivering innovative capabilities to enhance the speed and agility of defense operations [1]. - Cognizant emphasizes its commitment to supporting complex defense challenges through innovative and agile solutions, reflecting the expertise of its team [2].

Group 1 - Premier has been acquired by Patient Square Capital and will operate as a wholly owned subsidiary, with its board resigning under the purchase agreement [3][7] - The acquisition was valued at $2.6 billion, with Premier stockholders receiving $28.25 in cash per share, and the deal closed earlier than anticipated [7] - Premier's revenue for the quarter ended September 30 was reported at $240 million, a decrease of 3% year over year, while net income from continuing operations fell by 79% to $15.3 million [4] Group 2 - The acquisition follows Premier's exploration of strategic alternatives, including a potential sale, due to declining stock prices and financial challenges [4] - Premier has divested some assets, including its non-healthcare GPO operations and is winding down its employee health benefits subsidiary, Contigo Health [5] - Patient Square's portfolio includes other healthcare firms such as ChenMed, Access Telecare, and CorroHealth, indicating a focus on value-based care and revenue cycle management [5]

Group 1: Fund Performance - Sound Shore Management's Investor Class (SSHFX) and Institutional Class (SSHVX) delivered returns of 3.06% and 3.10% respectively in Q2 2025, compared to 3.79% for the Russell 1000 Value Index and 10.94% for the S&P 500 [1] - The 35-year annualized returns for SSHFX and SSHVX were 14.92% and 15.14% respectively as of June 30, 2025, outperforming the Russell Value at 12.76% but trailing the S&P 500 at 19.71% [1] Group 2: Flex Ltd. Overview - Flex Ltd. (NASDAQ:FLEX) is a technology company providing innovation, supply chain, and manufacturing solutions, with a one-month return of 17.42% and a 52-week gain of 95.98% [2] - As of September 10, 2025, Flex Ltd. closed at $58.05 per share, with a market capitalization of $21.708 billion [2] Group 3: Flex Ltd. Investment Insights - The demand for semiconductor chips is driven by the potential of AI technology, necessitating more data centers and electricity, benefiting Flex Ltd. as a supplier [3] - Flex Ltd. was noted as the best performer for Sound Shore Management over the last three months and year-to-date [3] - Despite its potential, Flex Ltd. is not among the 30 most popular stocks among hedge funds, with 55 hedge fund portfolios holding it at the end of Q2, up from 46 in the previous quarter [4]