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 IQVIA Holdings Inc. (NYSE:IQV). IQVIA Holdings Inc. (NYSE:IQV) is a US-based provider of clinical research services, commercial insights, and healthcare intelligence to the life sciences and healthcare industries. On July 7, 2026, IQVIA Holdings Inc. (NYSE:IQV) closed at $208.23 per share, reflecting a market capitalization of $34.75 billion. IQVIA Holdings Inc. (NYSE:IQV) posted a one-month return of 14.31%, and its shares gained 28.52% over the past 52 weeks.
Artisan Mid Cap Value Fund stated the following regarding IQVIA Holdings Inc. (NYSE:IQV) in its Q1 2026 investor letter:
"We initiated six new positions in Q1, representing an above-average rate of new purchase activity. Increased market volatility and greater dispersion in US equities during the quarter created more opportunities to add new names that meet our three margin-of-safety criteria: attractive business economics, sound financial condition and attractive valuation. Additionally, we sought to use recent volatility to upgrade the portfolio's quality. Our three largest new buys by position size were Brown & Brown, Veralto andIQVIA Holdings Inc. (NYSE:IQV).
IQVIA combines a leading global contract research organization (CRO) franchise with a unique, mission-critical health care data ***** et, creating a diversified model with both cyclical and recurring revenue streams. We believe its Technology & ***** ytics Solutions segment—anchored by proprietary prescription and patient data—provides a durable competitive moat, deeply embedded in pharma workflows, while the CRO business benefits from scale, long-term outsourcing trends and complex trial demand. From a business quality perspective, IQVIA has generated substantial free cash flow and maintained strong competitive positioning, supported by high cust