Artisan Partners, an investment management company, released its fourth-quarter 2025 investor letter for “Artisan Value Fund”. A copy of the letter can be downloaded here. The Fund seeks to invest in undervalued companies with strong financial condition and attractive business economics. US equities ended a record year with robust fourth-quarter gains. AI remains the main theme of the market, and large-cap stocks led the rally in the fourth quarter. Against this backdrop, the portfolio outperformed the Russell 1000® Value Index in Q4 and returned 4.60% compared to 3.81% for the Index. In 2025, it returned 14.28% vs. 15.91% for the index. Over three, five, and ten years, the portfolio outperformed the index, reflecting its effective investment discipline. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Artisan Value Fund highlighted stocks such as Airbnb, Inc. (NASDAQ:ABNB). Headquartered in San Francisco, California, Airbnb, Inc. (NASDAQ:ABNB) operates a platform that connects hosts and guests. On March 13, 2026, Airbnb, Inc. (NASDAQ:ABNB) stock closed at $126.30 per share. One-month return of Airbnb, Inc. (NASDAQ:ABNB) was 4.08%, and its shares lost 0.50% over the past 52 weeks. Airbnb, Inc. (NASDAQ:ABNB) has a market capitalization of $75.72 billion.
Artisan Value Fund stated the following regarding Airbnb, Inc. (NASDAQ:ABNB) in its fourth quarter 2025 investor letter:
“We added two new names in Q4: Airbnb, Inc. (NASDAQ:ABNB) and Union Pacific (UNP). Our only sale was Fiserv. Airbnb is an online marketplace for lodging, connecting hosts with travelers globally. Airbnb’s stock has been under pressure due to moderating growth expectations, especially as the US is no longer in hyper-growth mode, concerns about a stretched consumer, tough comparisons following the Paris Olympics and skepticism around newer initiatives such as experiences and services. Some investors also fear AI-driven disintermediation, despite limited evidence. Airbnb is a category creator with exceptional brand strength—~90% of bookings are direct and unaided. Its global, hyper-local marketplace benefits from a powerful supply-demand flywheel, deep review history and trusted customer service. Ongoing quality initiatives have improved guest satisfaction and reinforced the moat, while expansion in international markets and major global events support long-term growth. Airbnb’s business economics and financial strength are well above average. The company operates an asset-light model, with high gross margins, high returns on invested capital and strong free cash flow. Airbnb has a large net cash position, earns meaningful interest income on its float and has steadily reduced dilution while aggressively repurchasing shares. At current levels, expectations embed conservative growth assumptions. With consensus numbers, downside risk appears limited, in our view, while any reacceleration in growth and operating leverage could drive meaningful upside.”
Airbnb, Inc. (NASDAQ:ABNB) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 80 hedge fund portfolios held Airbnb, Inc. (NASDAQ:ABNB) at the end of the fourth quarter, up from 71 in the previous quarter. Airbnb, Inc.’s (NASDAQ:ABNB) Q 2025 revenue grew 12% year-over-year to $2.8 billion. While we acknowledge the risk and potential of Airbnb, Inc. (NASDAQ:ABNB) 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 Airbnb, Inc. (NASDAQ:ABNB) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Airbnb, Inc. (NASDAQ:ABNB) and shared the list of best stocks to buy for long-term growth. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.
Disclosure: None. This article is originally published at Insider Monkey.
