Artisan Partners Mid Cap Value Fund’s Q4 2025 Investor Letter

Artisan Partners, an investment management company, released its fourth-quarter 2025 investor letter for “Artisan Mid Cap Value Fund”.  The Fund seeks to invest in undervalued companies with solid financial health and compelling business economics. US equities continued to advance in the fourth quarter of 2025, despite volatility. At the start of the quarter, a government shutdown unsettled investors and delayed key economic data, raising questions about the Federal Reserve’s easing timeline. However, as the quarter progressed, risk appetite increased, and clarity around monetary policy improved, leading the Fed to implement rate cuts and end quantitative tightening. This suggests a continued easing of financial conditions into 2026. While AI remained a key focus, markets diversified in November, with value and non-AI stocks leading. This could indicate a shift in market leadership moving forward. Mid-cap stocks lagged large caps in Q4, particularly on the growth side, as the Russell Midcap® Growth Index declined 3.7% while mid-cap value posted a modest gain and outperformed the growth index for the quarter and full year. In the quarter, the fund’s Investor Class fund ARTQX returned 1.53%, Advisor Class fund APDQX posted a return of 1.54%, and Institutional Class fund APHQX returned 1.63%, compared to a 1.42% return for the Russell Midcap Value Index. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.

A copy of Artisan Partners Mid Cap Value Fund’s Q4 2025 Investor Letter can be downloaded here.