Artisan Small Cap Fund Posts Q3 Gains but Trails Russell 2000 Growth in Stock-Driven Quarter

Overview

• In Q3 2025, ARTSX/APDSX/APHSX returned 8.69%/8.75%/8.73% versus 12.19% for the Russell 2000 Growth Index, reflecting relative underperformance in a broadly rising market.
• Top contributors included Lattice Semiconductor, Modine and Insmed, with Modine lifting full-year revenue expectations on accelerating hyperscale and data‑center cooling demand.
• Insmed benefited from recent FDA approval of Brinsupri, positioned for rapid adoption in non‑cystic fibrosis bronchiectasis, and the fund began to pare its position as market capitalization increased.
• Detractors included Twist, MACOM and Wingstop, as Twist posted 18% revenue growth and a new Veracyte partnership, MACOM absorbed an acquired fab early after Wolfspeed’s bankruptcy, and Wingstop’s stock fell with restaurant peers despite a beat.
• The fund added on weakness to select holdings, citing improved risk‑reward in Twist, increased its MACOM stake after margin pressure tied to the transition, and highlighted Wingstop’s smart‑kitchen rollout that cut wait times about 40% with a 2026 loyalty program planned.