Overview

• Artisan reported Q2 returns of 6.77%–6.80% across share classes versus 10.94% for the S&P 500, citing stock‑specific drivers for the gap.
• IQVIA was added to the portfolio, with Artisan citing the company’s CRO market leadership and multi‑year earnings growth trajectory.
• Aramark shares rose 22% on strong results, with revenue up 9% year to date and robust client retention, though valuation is now less compelling.
• Elevance’s pressure was tied to Medicaid reverification and ACA marketplace mix shifts that squeezed margins, with Artisan expecting normalization through 2025–2026.
• Berkshire Hathaway fell about 9% following Warren Buffett’s decision to step down as CEO, while Axalta declined around 10% on softer sales but rising profits, leading Artisan to add to its position.