Artisan Partners
Artisan Partners Value Income Strategy
US Mega-cap Value
Dec 2024 → Jun 2026
Our archive holds 4 letters from this strategy, behind 9 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 3 years — follow all of Artisan Partners for every strategy.
Also held
Its investment theses
- Genuine Parts CompanyDec 2025Genuine Parts Company is a global parts distributor with strong cash conversion, solid ROIC, steady automotive demand, conservative financing, and a discounted valuation with a 3.4% yield.
- Union Pacific CorporationDec 2025Union Pacific is a scale railroad with pricing power and PSR-driven efficiency, delivering strong ROIC and FCF while trading below historical multiples amid cyclical headwinds.
- Philip Morris International IncDec 2025Philip Morris International is shifting to smoke-free products like IQOS and Zyn, leveraging global scale for growth—especially in the US—while trading at an undemanding valuation with strong economics.
- Prosperity BancShares IncDec 2025Prosperity BancShares is a well-capitalized Texas regional bank led by an owner-operator CEO with strong expense discipline, consolidation advantages, and a cheap valuation.
- Wells Fargo & CompanyDec 2025Wells Fargo is a leading US bank with improving governance, rising ROTCE guidance after the asset cap lift, strong capital returns, a clean credit profile, and an attractive valuation.
- Merck & Co IncDec 2025Merck is a major healthcare company with a deep late-stage pipeline, strong balance sheet, and robust free cash flow that support partnerships, M&A, and capital returns despite concerns over Keytruda’s patent expiry.
- AmrizeJun 2025Amrize is the largest cement producer in the US and the fifth-largest aggregates producer in North America, benefiting from a low-cost inland distribution network and strong market positioning in local aggregates markets.
- BoeingDec 2024Boeing is facing significant production challenges and safety concerns with its 737 Max, but presents a unique investment opportunity due to its industry position and potential for recovery.
- Wells FargoDec 2024Wells Fargo is poised for long-term growth and improved profitability as it works to lift a $1.95 trillion asset cap imposed by the Federal Reserve while enhancing accountability and operational efficiency under CEO Charlie Scharf.