Artisan Partners
Artisan US Small Cap Growth Strategy
US Small-cap Growth
Dec 2024 → Sep 2025
Our archive holds 3 letters from this strategy, behind 13 investment theses and positions in 27 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
However, we exited our position during the quarter as its market capitalization exceeded the limits of our small-cap mandate.
We used the recent pullback as an opportunity to add to our position.
During the quarter, we increased our position in Madrigal Pharmaceuticals to a small CropSM, driven by the successful launch of its F2–F3 therapy and effective execution in pricing negotiations with insurers.
During the quarter, we initiated new GardenSM positions in Cognex, Waystar and Ollie's Bargain Outlet.
We added Loar to the CropSM after patiently waiting for a more attractive valuation to increase our position.
During the quarter, we initiated new GardenSM positions in Cognex, Waystar and Ollie's Bargain Outlet.
We added to the position again following the company’s quarterly results, as residential performance began to improve and new commercial market opportunities emerged—developments we believe will help extend the profit cycle.
As a result, we exited our GardenSM position.
During the quarter, we initiated new GardenSM positions in Cognex, Waystar and Ollie's Bargain Outlet.
During the quarter, we made several changes among our software holdings, exiting four positions—Confluent, Elastic, Gitlab and Clearwater Analytics—due to factors such as competitive vulnerabilities, the impact of open-source alternatives and increased leverage tied to large-scale M&A activity.
Given the company’s increasing market capitalization, we began to pare back our CropSM position.
During the quarter, we made several changes among our software holdings, exiting four positions—Confluent, Elastic, Gitlab and Clearwater Analytics—due to factors such as competitive vulnerabilities, the impact of open-source alternatives and increased leverage tied to large-scale M&A activity.
Following the stock’s strong performance this year, we reduced our position to manage concentration risk but continue to view the valuation as compelling.
We took advantage of the resulting share price weakness to increase our position.
During the quarter, we made several changes among our software holdings, exiting four positions—Confluent, Elastic, Gitlab and Clearwater Analytics—due to factors such as competitive vulnerabilities, the impact of open-source alternatives and increased leverage tied to large-scale M&A activity.
With valuation expectations elevated once again, we took the opportunity to harvest some capital this quarter.
Also held
Its investment theses
- Loar HoldingsSep 2025Loar Holdings is a diversified manufacturer of mission-critical components for the aerospace and defense industries, which was added to the Crop^SM due to an attractive valuation following a drop in share price unrelated to its performance.
- Ollie's Bargain OutletSep 2025Ollie’s Bargain Outlet is a discount retailer benefiting from structural tailwinds and favorable trends, with a thriving loyalty program and a commitment to operational improvement for long-term growth.
- Installed Building ProductsSep 2025Installed Building Products (IBP) is poised for a strong profit cycle due to rising new home completions, geographic expansion, and improved project revenues.
- Madrigal PharmaceuticalsSep 2025Madrigal Pharmaceuticals is a biotech company focused on treating metabolic dysfunction-associated steatohepatitis (MASH) with its FDA-approved drug Resdiffra™.
- BirkenstockJun 2025Birkenstock is a heritage footwear brand with a hybrid distribution model and supply-constrained strategy that supports sustainable growth, positioning it well for long-term revenue expansion despite recent market challenges.
- Madrigal PharmaceuticalsJun 2025Madrigal Pharmaceuticals is a leading biotechnology company specializing in the treatment of metabolic dysfunction-associated steatohepatitis (MASH) with its FDA-approved drug Resdifra™, which effectively targets liver fibrosis.
- ServiceTitanJun 2025ServiceTitan is the leading vertical software provider for trades, showing promising growth potential through customer acquisition and expansion, particularly following its IPO.
- Stevanato GroupJun 2025Stevanato is a leading provider of specialty glass and plastic packaging for the health care industry, poised for attractive earnings growth driven by a shift to higher margin products and the expansion of biologic drugs.
- FlowserveDec 2024Flowserve is a leading provider of fluid motion and control products poised to benefit from rising natural gas production and increased oil production demands due to regulatory changes.
- GitLabDec 2024Gitlab is a leading platform for software development that empowers developers with essential tools, has a strong user base, and shows promising growth potential in the digital transformation market.