Artisan Partners
Artisan Partners U.S. Small-Cap Growth Strategy
US Small-cap Growth
Dec 2025 → Jun 2026
Our archive holds 3 letters from this strategy, behind 18 investment theses and positions in 29 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years — follow all of Artisan Partners for every strategy.
What it bought and sold
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
- 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.
- USA Rare EarthJun 2026USA Rare Earth is building an integrated mine-to-magnet platform and is positioned to benefit from heavy rare earth demand outside China.
- Ollie's Bargain Outlet Holdings IncMar 2026Ollie's Bargain Outlet Holdings Inc is a scale closeout retailer with accelerating comps, a long unit growth runway, and improving deal flow and terms as peers exit.
- Onto Innovation IncMar 2026Onto Innovation Inc is a leading semiconductor process control provider poised to benefit from a potential memory supercycle and resilient competitive positioning.
- Freshpet IncMar 2026Freshpet Inc is a leading fresh pet food brand with durable advantages, long growth runway, and expanding distribution via Amazon and Walmart.
- The Baldwin Group IncMar 2026The Baldwin Group Inc is a middle-market insurance broker with differentiated distribution, attractive post-selloff valuation, and expanded scale from CAC Group.
- Guidewire Software IncDec 2025Guidewire Software Inc is a leading P&C insurance software provider benefiting from carrier modernization with a more reasonable valuation.