Artisan Partners
Artisan Partners Global Opportunities Strategy
Global Large-cap Opportunistic
Dec 2024 → Sep 2026
Our archive holds 9 letters from this strategy, behind 37 investment theses and positions in 54 companies. Every quote below is copied verbatim from the letter it came from.
9 letters in 3 years · follow all of Artisan Partners for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Composite: Net
- YTD+3.0%index +13.0%
- 1Y+1.1%index +16.8%
- 3Y · /yr+13.5%index +21.7%
- 5Y · /yr+3.2%index +11.6%
- 10Y · /yr+10.7%index +12.4%
- Inception · /yr+9.8%index +7.9%
Index: MSCI All Country World Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Artisan Partners Global Opportunities Strategy | +3.0% | +1.1% | +13.5% | +3.2% | +10.7% | +9.8% |
| MSCI All Country World Index | +13.0% | +16.8% | +21.7% | +11.6% | +12.4% | +7.9% |
Calendar years
- 2025+9.2%
- 2024+15.2%
- 2023+23.4%
- 2022−30.1%
- 2021+14.2%
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
However, valuation moved closer to our private-market value estimate, and margins were already highly optimized, limiting the potential for incremental upside.
We initiated a GardenSM position during the quarter as accelerating US commercial growth provided evidence that Palantir is benefiting from enterprises’ shift from experimenting with AI to deploying it in production, and we continued to add to it as our conviction increased.
However, following significant share-price appreciation, we reduced the position as valuation became more demanding and uncertainty increased around the timing and magnitude of future UK defense spending.
We initiated a GardenSM position following a period of softer expectations and multiple compression as stabilizing residual values and conservative assumptions around volumes and average selling prices created a more attractive setup.
For these reasons, we added to the position following the recent pullback.
We added as valuation became more attractive and our confidence increased that market expectations appropriately reflected near-term competitive and execution risks.
We initiated a GardenSM position during the quarter and subsequently increased it to a CropSM as our conviction grew.
We added to the position during the recent pullback.
Given the more limited catalyst path, we continued trimming the position as part of our broader reduction in defense exposure.
We initiated a GardenSM position following a significant pullback in the stock price as traffic began to stabilize and expectations had reset to more conservative levels.
We ultimately exited during the quarter as uncertainty increased around the pace of the data center buildout.
With similar exposure available through investments where we see greater earnings and margin upside, we redeployed capital into higher-conviction opportunities across the AI buildout and aerospace, where we saw more attractive risk-reward profiles.
However, following the stock’s pullback, we reduced the position as valuation remained less compelling relative to other opportunities in the portfolio.
We added to the position as we continue to believe the market underestimates the durability of DoorDash’s network and long-term monetization opportunity.
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.
Also held
Its investment theses
- Shopify IncSep 2026Shopify is positioned to benefit from long-term digital and agentic commerce growth thanks to its data, infrastructure and AI-enabled tools.
- Meta PlatformsSep 2026Meta Platforms combines dominant ad franchises with AI-driven product improvements and emerging monetization opportunities.
- Palantir TechnologiesSep 2026Palantir Technologies benefits from rapid growth and a differentiated ontology-based platform for enterprise AI workflows.
- GE VernovaSep 2026GE Vernova offers power and electrification exposure with order growth, backlog expansion and margin upside.
- ChipotleSep 2026Chipotle has a strong brand and long unit-growth runway, with execution initiatives aimed at restoring sales growth.
- FerrariSep 2026Ferrari combines pricing power, scarcity and brand exclusivity with long-term demand support from global wealth creation.
- ServiceNowSep 2026ServiceNow has a dominant workflow platform and is positioned to monetize agentic AI across mission-critical processes.
- DoorDashSep 2026DoorDash is building a durable local commerce network with improving unit economics and a long growth runway.
- Advanced Micro DevicesSep 2026AMD is well positioned to benefit from rising compute intensity across AI infrastructure and its expanding GPU platform.
- BAE SystemsSep 2026BAE Systems is a high-quality defense franchise with a sizable backlog and attractive long-term prospects.