Artisan Partners
Artisan Partners Global Opportunities Strategy
Global Large-cap Opportunistic
Dec 2024 → Jun 2026
Our archive holds 7 letters from this strategy, behind 26 investment theses and positions in 40 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 3 years — follow all of Artisan Partners for every strategy.
What it bought and sold
During the quarter, we initiated positions in GE Aerospace, Corning, STMicroelectronics and Robinhood.
We completed our exit as the ramp of its Vacaville facility progressed more slowly than expected and additional US manufacturing capacity across the industry appeared likely to moderate future market share gains and extend the timeline to full utilization.
While we continue to view BAE as a high-quality franchise with a sizable backlog and attractive long-term prospects, we trimmed the position as expectations for continued order book acceleration became more demanding and increasing uncertainty around UK defense spending reduced the stock's near-term risk-reward.
Despite the solid operating performance, shares declined amid concerns over future competition and the potential implications for long-term market share.
We reduced the position as we monitor the pace of AI investment and the path toward monetization.
During the quarter, we initiated positions in GE Aerospace, Corning, STMicroelectronics and Robinhood.
We added to the position as we believe factory automation is entering a new upcycle, supported by accelerating demand, margin expansion potential and a more shareholder-friendly approach to capital allocation.
We used the recent rebound in the share price to begin harvesting the position, as the company appears to be further along in its profit cycle and faces increasingly difficult year-over-year comparisons.
During the quarter, we initiated positions in GE Aerospace, Corning, STMicroelectronics and Robinhood.
Given the stock's recent appreciation and valuation approaching the upper end of our target range, we trimmed the position to manage risk and position size.
We continue to believe the market underestimates the durability of DoorDash’s network and long-term monetization opportunity, and we increased the position following the recent pullback.
We exited the position as tariffs, cost inflation and product recalls reduced visibility into the company’s earnings trajectory and delayed the anticipated profit cycle.
We trimmed the position during the quarter.
During the quarter, we initiated positions in GE Aerospace, Corning, STMicroelectronics and Robinhood.
Also held
Its investment theses
- CorningJun 2026Corning is well positioned to benefit from rising optical connectivity demand and margin expansion from AI infrastructure growth.
- STMicroelectronicsJun 2026STMicroelectronics may benefit from an inflecting analog cycle, improving margins, and secular AI-related growth drivers.
- Taiwan Semiconductor ManufacturingJun 2026Taiwan Semiconductor Manufacturing is a leading AI-driven foundry with pricing power, supply constraints, and an attractive long-term profit cycle.
- Robinhood MarketsJun 2026Robinhood Markets has a long runway for growth through market share gains, deposit growth, and product विस्तार.
- DoorDashJun 2026DoorDash has durable fulfillment नेटवर्क advantages, strong demand, and a long growth runway from new verticals.
- GE AerospaceJun 2026GE Aerospace is positioned for a long-duration profit cycle supported by its engine backlog and resilient travel demand.
- BAE SystemsJun 2026BAE Systems is a high-quality defense franchise positioned to benefit from multiyear defense spending growth.
- L3Harris TechnologiesJun 2026L3Harris Technologies is an aerospace and defense company benefiting from missile defense, space sensing and national security spending.
- Roblox CorpMar 2026Roblox is a leading UGC platform with durable engagement and network effects, where valuation overly discounts growth and competition versus long-term monetization potential.
- Edwards Lifesciences CorpMar 2026Edwards Lifesciences is a heart valve leader with reaccelerating aortic and fast-growing tricuspid franchises supported by strong data and margin expansion potential.