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 Permian Resources Corporation (NYSE:PR). Headquartered in Midland, Texas, Permian Resources Corporation (NYSE:PR) is an independent oil and natural gas company. On July 7, 2026, Permian Resources Corporation (NYSE:PR) closed at $19.09 per share. One-month return of Permian Resources Corporation (NYSE:PR) was -3.24%, and its shares gained 34.91% over the past 52 weeks. Permian Resources Corporation (NYSE:PR) has a market capitalization of $15.98 billion.
Artisan Mid Cap Value Fund stated the following regarding Permian Resources Corporation (NYSE:PR) in its Q1 2026 investor letter:
"Our energy holdings were well represented among our top contributors, benefiting from higher energy prices. Permian Resources Corporation (NYSE:PR), an independent oil and gas company, and NOV, the largest manufacturer of oilfield equipment, led the way. We added PR to the portfolio in Q1 2025. PR is focused solely on the Delaware Basin of West Texas and southwestern New Mexico—the most prolific oil-producing region in the US. The founders and co-CEOs, who also have large ownership interests in the business, have sought to build a business that can produce substantial free cash flow, return capital to shareholders and generate attractive equity returns across varied commodity price environments. To achieve these goals, PR has pursued best-in-class operations and responsible capital stewardship by thoughtfully acquiring ****** ets it believes are undervalued and divesting acreage it believes would be better in someone else's hands, while meaningfully returning capital to shareholders in the form of dividends. We always seek to align ourselves with shareholder-oriented management teams, but we believe this is even more critical when investing in mid-sized energy companies given their depe