Artisan Partners
Artisan Partners Non-U.S. Small-Mid Growth Strategy
International Mid-cap Growth
Dec 2025 → Sep 2026
Our archive holds 4 letters from this strategy, behind 25 investment theses and positions in 33 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 years · follow all of Artisan Partners for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Composite Net
- YTD+8.9%index +12.4%
- 1Y+12.0%index +16.0%
- 3Y · /yr+12.8%index +18.7%
- 5Y · /yr+1.6%index +7.4%
- Inception · /yr+10.0%index +10.3%
Index: MSCI All Country World ex USA SMID Index
| YTD | 1Y | 3Yper year | 5Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| Artisan Partners Non-U.S. Small-Mid Growth Strategy | +8.9% | +12.0% | +12.8% | +1.6% | +10.0% |
| MSCI All Country World ex USA SMID Index | +12.4% | +16.0% | +18.7% | +7.4% | +10.3% |
Calendar years
- 2025+18.6%
- 2024−0.1%
- 2023+11.3%
- 2022−23.8%
- 2021+4.1%
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
While our assessment of the company's business fundamentals has proven correct and we remain confident in the commercial potential of Legend’s drug portfolio, we exited our position due to corporate governance concerns.
(Note that ABB acquired Rotork post the close of Q2 at a 73% premium.)
and former portfolio holding Fabrinet (sold in Q1 on valuation after a nearly six-fold appreciation since our initial investment in August 2020).
Also held
- SolarEdge Technologies
- AstraZeneca
- Maruwa
- Kodiak Sciences
- Smiths Group
- Money Forward
- Ionis Pharmaceuticals
- Lite-On Technology
- Agilysys Inc.
- Brenntag SE
- Rohm Co., Ltd.
- SolarEdge Technologies Inc.
- Maruwa Co., Ltd.
- NICE Ltd.
- DBV Technologies S.A.
- Kinaxis Inc.
- LivaNova PLC
- Landis+Gyr Group AG
- Money Forward, Inc.
- AJ Bell PLC
- Glanbia PLC
- Chemring Group PLC
- Smiths Group PLC
Its investment theses
- MaruwaSep 2026Maruwa is the dominant leader in heat-dissipating ceramic materials for AI optical transceivers, offering durable leadership, pricing power and a reasonable valuation.
- Lite-On TechnologySep 2026Lite-On Technology is a leading data center power management provider set to accelerate as it sells more content per solution to hyperscalers amid rising AI power density.
- Money ForwardSep 2026Money Forward is an entrenched Japanese fintech software provider offering strong SaaS growth and a path to expanding margins.
- SolarEdge TechnologiesSep 2026SolarEdge is a solar inverter market leader with superior technology, integrated storage and a solid-state transformer growth lever despite policy-driven volatility.
- Ionis PharmaceuticalsSep 2026Ionis Pharmaceuticals has a pioneering RNA-targeted platform and expanding commercial capabilities with multiple approved and launching medicines.
- Glanbia PLCJun 2026Glanbia is a nutrition and wellness company with strong brands, sticky value-added B2B partnerships and exposure to secular health and protein trends.
- Rohm Co., Ltd.Jun 2026Rohm has a strong silicon-carbide and analog semiconductor position, improving profitability and strategic optionality from potential partnerships.
- LivaNova PLCJun 2026LivaNova combines dominant cardiopulmonary market share, a growing neuromodulation business and an approved sleep-apnea pipeline with long growth runway.
- DBV Technologies S.A.Jun 2026DBV Technologies is a clinical-stage allergy company whose VIASKIN Peanut could address a large underserved market and become a meaningful commercial product.
- Rotork plcMar 2026Rotork is a specialist in intelligent flow control whose electric actuators should see increased demand from accelerating pipeline and LNG buildouts, supporting durable, high-returns growth.