Artisan Partners, an investment management firm, issued its first-quarter 2026 investor letter for the "Artisan Mid Cap Value Fund". A copy of this letter is available for download here. In Q1 2026, the portfolio underperformed the benchmark Russell Midcap Value Index as the market favored momentum-driven stocks over quality factors. Some holdings faced company-specific setbacks and negative sentiment. The Fund's Investor Class: ARTQX returned -4.93%, Advisor Class: APDQX declined by -4.90%, and Institutional Class: APHQX fell by -4.97%, all trailing the Index's 3.68% gain. The equity market in the quarter was mixed, with mid- and small-cap indices showing resilience despite lagging large-cap growth stocks. Volatility increased, initially fueled by interest in AI and private credit, but escalated after the outbreak of war in Iran, leading to rising oil prices. Sector performance varied, with energy leading the gains. The Fund continues to seek companies capable of value growth during market dislocations at attractive entry points. Also, review the Fund's top five holdings to see its best picks for 2026.
In its first-quarter 2026 investor letter, Artisan Mid Cap Value Fund highlighted ******* og Devices, Inc. (NASDAQ:ADI). ******* og Devices, Inc. (NASDAQ:ADI) is a US-based semiconductor company that engages in the design, manufacture, testing, and marketing of integrated circuits (ICs), software, and subsystem products. On July 7, 2026, ******* og Devices, Inc. (NASDAQ:ADI) closed at $379.03 per share. One-month return of ******* og Devices, Inc. (NASDAQ:ADI) was -3.47%, and its shares gained 56.16% over the past 52 weeks. ******* og Devices, Inc. (NASDAQ:ADI) has a market capitalization of $184.62 billion.
Artisan Mid Cap Value Fund stated the following regarding ******* og Devices, Inc. (NASDAQ:ADI) in its Q1 2026 investor letter:
"Outside of the energy sector, ******* og Devices, Inc. (NASDAQ:ADI) was our largest gainer. ADI is the second-largest ******* og semiconductor chipmaker in the world behind Texas Instruments. ADI's most recent results reflect a clear acceleration in operating performance as the ******* og semiconductor cycle improves. The company delivered strong growth, with revenue up roughly 30% year over year and earnings and margins expanding meaningfully, driven by broad-based strength across end markets—particularly industrial, communications and data center demand. Performance has been supported by improving bookings and a recovery in customer demand, alongside continued share gains and strong execution. Profitability has also rebounded, with notable margin expansion reflecting both operating leverage and a more favorable mix. Initially purchased in 2006, ADI is one of our longest held investments and has proven to be an excellent compounder of value, supported by its leadership position in a secular growth industry, strong balance sheet and consistent cash generation. The company operates in attractive segments characteri
In its first-quarter 2026 investor letter, Artisan Mid Cap Value Fund highlighted ******* og Devices, Inc. (NASDAQ:ADI). ******* og Devices, Inc. (NASDAQ:ADI) is a US-based semiconductor company that engages in the design, manufacture, testing, and marketing of integrated circuits (ICs), software, and subsystem products. On July 7, 2026, ******* og Devices, Inc. (NASDAQ:ADI) closed at $379.03 per share. One-month return of ******* og Devices, Inc. (NASDAQ:ADI) was -3.47%, and its shares gained 56.16% over the past 52 weeks. ******* og Devices, Inc. (NASDAQ:ADI) has a market capitalization of $184.62 billion.
Artisan Mid Cap Value Fund stated the following regarding ******* og Devices, Inc. (NASDAQ:ADI) in its Q1 2026 investor letter:
"Outside of the energy sector, ******* og Devices, Inc. (NASDAQ:ADI) was our largest gainer. ADI is the second-largest ******* og semiconductor chipmaker in the world behind Texas Instruments. ADI's most recent results reflect a clear acceleration in operating performance as the ******* og semiconductor cycle improves. The company delivered strong growth, with revenue up roughly 30% year over year and earnings and margins expanding meaningfully, driven by broad-based strength across end markets—particularly industrial, communications and data center demand. Performance has been supported by improving bookings and a recovery in customer demand, alongside continued share gains and strong execution. Profitability has also rebounded, with notable margin expansion reflecting both operating leverage and a more favorable mix. Initially purchased in 2006, ADI is one of our longest held investments and has proven to be an excellent compounder of value, supported by its leadership position in a secular growth industry, strong balance sheet and consistent cash generation. The company operates in attractive segments characteri
24 days ago
