Artisan Partners
Artisan US Mid Cap Growth Strategy
US Mid-cap Growth
Dec 2024 → Sep 2025
Our archive holds 5 letters from this strategy, behind 18 investment theses and positions in 36 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years · follow all of Artisan Partners for every strategy.
What it bought and sold
We trimmed our position during the quarter as the stock’s valuation increasingly reflected these benefits, but we continue to hold it in the CropSM.
we exited our position in favor of companies with higher conviction profit cycles and more compelling valuations.
During the quarter, we initiated new positions in Woodward, Teledyne Technologies and ServiceTitan.
We also added to RBC Bearings, Reddit and Veracyte during the quarter.
Following a strong post-Liberation Day rally, we trimmed our position based on valuation considerations and a market capitalization that has grown well beyond our mid-cap mandate— demonstrating the success of a multiyear investment campaign.
Following a strong performance and an elevated valuation, we trimmed our position—reflecting a degree of caution as increasingly powerful and cost-effective large language models raise questions about the long-term evolution of traditional data warehouse architectures and the role of centralized data platforms.
We also added to RBC Bearings, Reddit and Veracyte during the quarter.
During the quarter, we initiated new positions in Woodward, Teledyne Technologies and ServiceTitan.
During the quarter, we initiated new positions in Woodward, Teledyne Technologies and ServiceTitan.
our evolving perspective on SaaS fundamentals over the past six months, combined with the belief that meaningful upside is unlikely until its AI investments begin delivering substantial revenue, ultimately led us to fully exit the position.
We also added to RBC Bearings, Reddit and Veracyte during the quarter.
Also held
Its investment theses
- RedditSep 2025Reddit is a rapidly growing social networking platform with strong user engagement, significant revenue growth, and untapped advertising potential, positioning it well to capitalize on generative AI advancements.
- VeracyteSep 2025Veracyte is a molecular diagnostics company that enables noninvasive cancer testing, leading to significant revenue growth and expansion of its product offerings.
- Woodward Inc.Sep 2025Woodward is a leading supplier of motion and control systems with strong aerospace exposure, poised for growth in the high-margin aftermarket for next-gen aircraft engines and recovering industrial segment.
- ServiceTitanJul 2025ServiceTitan is a leading vertical software provider for underserved trade sectors, focusing on full workflow management and offering growth opportunities through customer acquisition and upselling.
- SamsaraJun 2025Samsara is a software platform for asset-intensive industries that provides real-time data and insights for asset tracking and performance measurement, promising profitable growth despite recent contract delays affecting its stock price.
- RBC BearingsJun 2025RBC Bearings is a leading specialty bearings and motion control products manufacturer, poised for growth with recovering commercial aerospace demand and favorable contracts with Boeing and Airbus.
- BWX TechnologiesJun 2025BWX Technologies is a dominant player in the nuclear reactor market, holding a unique position with exclusive licensing for handling highly enriched uranium and benefiting from long-term growth prospects fueled by US Navy contracts and potential investments in nuclear energy.
- DuolingoJun 2025Duolingo is a leading online language learning platform known for its gamified approach and strong growth potential through premium subscriptions, global expansion, and innovative educational products.
- Baker HughesMar 2025Baker Hughes is well positioned for profitable growth due to increasing demand for US LNG in Europe, rising gas infrastructure investments, and a focus on aftermarket services.
- Bright HorizonsMar 2025Bright Horizons is a leading childcare solutions provider that helps employers enhance talent retention and productivity while addressing families' work/life challenges, with significant growth potential in both its full-service and "back up care" offerings.