Artisan Partners, an investment management company, released its fourth-quarter 2025 investor letter for “Artisan Small Cap Fund”. A copy of the letter can be downloaded here. The Fund seeks to invest in companies that possess franchise characteristics, with strong earnings trajectories, and are trading at a discount to the estimated private market value. Despite strong results in 2025, volatility was elevated, and sentiment shifted frequently, influenced by political developments in the US, evolving trade policy rhetoric, changing expectations for monetary policy, and ongoing geopolitical tensions. Against this backdrop, the Fund posted strong absolute returns in the fourth quarter, outperforming both the Russell 2000® Growth Index and the Russell 2000® Index. The portfolio delivered strong results in the quarter across all segments. In contrast, for the full year, the Fund generated strong results but trailed both the indexes. In Q4 2025, the market leadership shifted back to companies with durable profit cycles. Moving to 2026, the firm continues to focus on its proven technique of identifying profit cycles in franchise companies at reasonable valuations. 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 Small Cap Fund highlighted stocks like Integer Holdings Corporation (NYSE:ITGR). Integer Holdings Corporation (NYSE:ITGR) is a medical device contract development and manufacturing company. On March 16, 2026, Integer Holdings Corporation (NYSE:ITGR) stock closed at $84.12 per share. One-month return of Integer Holdings Corporation (NYSE:ITGR) was -3.99%, and its shares lost 31.94% over the past 52 weeks. Integer Holdings Corporation (NYSE:ITGR) has a market capitalization of $2.9 billion.
Artisan Small Cap Fund stated the following regarding Integer Holdings Corporation (NYSE:ITGR) in its fourth quarter 2025 investor letter:
“Along with Insmed, we also ended our investment campaigns in Integer Holdings Corporation (NYSE:ITGR) and SharkNinja during the quarter. Integer is a medical device contract manufacturer specializing in implantable technologies, transcatheter therapies and delivery systems. We initially expected strong earnings growth driven by steady demand, increased outsourcing and margin expansion. However, we exited our position this quarter as the thesis did not materialize. Revenue slowed more than anticipated, and margins failed to improve. This, combined with a leadership transition from along-tenured well-respected CEO to a new internal CEO amid a slowing profit cycle, increased our concerns.”
