Overview

• In Q3 2025, ARTMX and APDMX returned 8.80% and APHMX 8.83%, outperforming the Russell Midcap Growth Index’s 2.78% gain.
• Top contributors included Argenx, Insmed, and Lattice Semiconductor, with Argenx’s VYVGART gaining from a new self-administered subcutaneous formulation and Insmed advancing on FDA approval of Brinsupri for non-cystic fibrosis bronchiectasis.
• Lattice was cited for progress despite an industrial and auto inventory overhang, with management expecting destocking to finish by early 2026 and highlighting growth in AI data centers and robotics.
• Detractors included Wingstop, Spotify, and Atlassian, as Wingstop shares fell with broader restaurant weakness despite a beat, while management pointed to smart kitchen technology cutting wait times about 40% and a 2026 loyalty program to drive engagement.
• Portfolio moves featured new positions in ServiceTitan, Woodward, and Teledyne, plus additions to RBC Bearings, Reddit, and Veracyte, with RBC supported by a strong backlog, next-gen aircraft production ramps, and successful integration of its VACCO acquisition.