Artisan Partners
Artisan Partners U.S. Small-Cap Growth Strategy
US Small-cap Growth
Dec 2025 → Sep 2026
Our archive holds 4 letters from this strategy, behind 24 investment theses and positions in 37 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+11.0%index +10.7%
- 1Y+14.9%index +12.1%
- 3Y · /yr+14.9%index +17.5%
- 5Y · /yr+0.1%index +4.7%
- 10Y · /yr+10.7%index +9.9%
- Inception · /yr+9.6%index +8.1%
Index: Russell 2000 Growth Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Artisan Partners U.S. Small-Cap Growth Strategy | +11.0% | +14.9% | +14.9% | +0.1% | +10.7% | +9.6% |
| Russell 2000 Growth Index | +10.7% | +12.1% | +17.5% | +4.7% | +9.9% | +8.1% |
Calendar years
- 2025+8.5%
- 2024+14.9%
- 2023+10.3%
- 2022−29.4%
- 2021−8.7%
Since inception: Inception: 1 Apr 1995
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
We exited the position given a potentially more promotional demand environment.
During the quarter, we initiated new GardenSM positions in Glaukos, 10x Genomics and Manhattan Associates.
- TrimmedMarex Group LtdSep 2026
We trimmed the position following strong performance to manage position size and risk.
We subsequently harvested additional capital as the stock’s valuation rose to a level that we felt no longer justified the size of our position.
We continued to HarvestSM the position following the report as those concerns persisted.
we also trimmed Lattice Semiconductor during the quarter.
During the quarter, we initiated new GardenSM positions in Glaukos, 10x Genomics and Manhattan Associates.
after a second Phase 3 trial disappointment for pelacarsen in Lp(a), we exited the position because these setbacks reduced our confidence in the profit cycle.
That said, we used the significant intra-quarter share-price appreciation to pare down our capital campaign while maintaining a CropSM investment.
During the quarter, we initiated new GardenSM positions in Glaukos, 10x Genomics and Manhattan Associates.
We increased our GardenSM position to CropSM during the quarter as our confidence in the thesis that geopolitical disruption and an increasing focus on energy independence could support a multiyear profit cycle grew.
we reduced the position given uncertainty about when the issues would be resolved
We added to the position during the quarter as our research strengthened our conviction that timing orchestration will become increasingly important in optimizing AI data center performance, while semiconductor-based timing solutions continue to replace legacy quartz technology.
We ended our investment campaigns in Colliers International and Waystar and moved Flex to HarvestSM during the quarter.
We harvested some capital as the company’s market capitalization moved beyond the parameters of our small-cap strategy, while maintaining our conviction in the franchise and its profit cycle.
We initiated a GardenSM position following a management change.
We added to this CropSM position during the quarter.
We reduced the position during the quarter after a competitor with an existing treatment for the same rare hormone disorder as YORVIPATH® filed a lawsuit against Ascendis.
We initiated a GardenSM position and later elevated it to a CropSM position as our conviction increased.
We trimmed the position following the stock’s strong appreciation, as it had grown beyond the position size we were comfortable maintaining.
We ended our investment campaigns in Colliers International and Waystar and moved Flex to HarvestSM during the quarter.
We initiated a GardenSM position after the company announced its acquisition of Serra Verde, which we believe will strengthen its franchise and advance its strategy to build an integrated mine-to-magnet platform.
We ended our investment campaigns in Colliers International and Waystar and moved Flex to HarvestSM during the quarter.
We trimmed the position following the stock’s strong appreciation, consistent with our position-sizing discipline.
Also held
Its investment theses
- Twist Bioscience CorpSep 2026Twist Bioscience has a proprietary DNA writing platform and benefits from AI-driven demand and a durable long-term growth opportunity.
- Glaukos CorpSep 2026Glaukos is an ophthalmic medical technology company with Epioxa offering a larger market opportunity and favorable competition.
- 10x Genomics, Inc.Sep 202610x Genomics has a leading single-cell analysis position and benefits from the upcoming Atera spatial biology platform.
- Manhattan Associates, Inc.Sep 2026Manhattan Associates offers supply chain software and could be an early beneficiary of AI-enabled software monetization.
- Weatherford International PLCSep 2026Weatherford is an oilfield services company positioned to benefit from energy independence and a more rational competitive market.
- Lattice Semiconductor CorporationSep 2026Lattice Semiconductor is a leading FPGA supplier with expanding exposure to AI data center infrastructure and a larger addressable market.
- Ascendis PharmaJun 2026Ascendis Pharma uses its TransCon platform to develop differentiated rare-disease therapies, with strong patient growth supporting long-term conviction.
- SiTimeJun 2026SiTime supplies silicon-based timing solutions and should benefit from the shift from quartz to MEMS and rising AI data center demand.
- Virtu FinancialJun 2026Virtu Financial is a technology-enabled market maker with a scalable, low-risk platform and a durable profit cycle from share gains and product expansion.
- Murphy USAJun 2026Murphy USA runs a low-cost convenience and fuel retail network and is entering a favorable profit cycle driven by margins, share gains and store growth.