Artisan Partners, an investment management company, released its second-quarter 2026 investor letter for its “Artisan Small Cap Fund”. A copy of the letter can be downloaded here. The fund reported strong absolute returns and modestly outperformed the Russell 2000® Growth Index, which gained 25.7%. Global equities rebounded as resilient US growth, moderating inflation, strong earnings and continued AI investment outweighed delayed rate cuts, rising bond yields and geopolitical uncertainty. Investor Class: ARTSX, Advisor Class: APDSX, and Institutional Class: APHSX returned 26.02%, 26.05%, and 26.11%, respectively, in the second quarter, compared to a 25.71% return for the index. Market leadership favored loss-making, highly leveraged companies, creating a difficult environment for quality-focused active managers. Health care was the strongest relative contributor, while energy, materials, financials and real estate also helped. Technology, industrials and consumer discretionary detracted, partly because the fund did not own oversized index contributors. Software holdings also weakened despite strong fundamentals. The fund remains positive on small-cap opportunities, AI infrastructure and health care, but has reduced software exposure and is staying selective as valuations rise and competitive risks increase. In addition, please check the Fund’s top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Artisan Small Cap Fund highlighted Modine Manufacturing Company (NYSE:MOD). Modine Manufacturing Company (NYSE:MOD) designs, engineers, tests, manufactures, and sells mission-critical thermal solutions. On July 24, 2026, Modine Manufacturing Company (NYSE:MOD) closed at $241.79 per share. One-month return of Modine Manufacturing Company (NYSE:MOD) was -5.68% and its shares gained 129.16% over the past 52 weeks. Modine Manufacturing Company (NYSE:MOD) has a market capitalization of $12.84 billion with a 52-week trading range between $102.93 – $323.25.
Artisan Small Cap Fund stated the following regarding Modine Manufacturing Company (NYSE:MOD) in its Q2 2026 investor letter:
“Modine Manufacturing Company (NYSE:MOD) is a global leader in thermal management. The company reported a solid quarter, supported by robust demand from hyperscale data center customers and accelerating growth in its climate solutions business. Modine also announced a long-term capacity agreement that reinforced demand visibility through 2029. Margin expansion remained slower than expected as the company continued to ramp capacity and absorb supply chain and input cost pressures. We trimmed the position following the stock’s strong appreciation, as it had grown beyond the position size we were comfortable maintaining. We continue to view Modine as a durable franchise with an attractive profit cycle and a reasonable valuation over a multiyear perspective, but we have reduced exposure in line with our risk discipline.”
Modine Manufacturing Company (NYSE:MOD) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held Modine Manufacturing Company (NYSE:MOD) at the end of the first quarter which was 59 in the previous quarter. While we acknowledge the risk and potential of Modine Manufacturing Company (NYSE:MOD) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Modine Manufacturing Company (NYSE:MOD) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Modine Manufacturing Company (NYSE:MOD) and shared Carillon Eagle Small Cap Growth Fund’s insights on the company. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.
Co-Founder and Research Director at Insider Monkey
When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.
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At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
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Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
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Co-Founder and Research Director at Insider Monkey
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