Artisan Value Fund Posts Modest Q3 Gain but Lags Benchmark, Highlights ASML, Lam and Thermo Fisher

Overview

• Artisan Partners reported Q3 2025 returns of 0.83%, 0.91% and 0.90% for its Investor, Advisor and Institutional shares, trailing the Russell 1000 Value Index’s 5.33%.
• The fund said positions initiated in Q2—Lam Research, ASML and Thermo Fisher—were among the top contributors to Q3 performance.
• Artisan described ASML as holding a near-monopoly in EUV lithography with high-NA systems priced over $400 million, a large backlog and net cash that support its outlook despite trade and macro uncertainty.
• Thermo Fisher was praised for its recurring consumables revenue, a 2026–2027 outlook that supports a 10% earnings growth target, and an entry valuation near 17 times expected 2026 earnings.
• Consumer staples were the largest drag, with Diageo and Philip Morris cited as laggards; Artisan noted PM’s ongoing shift toward smoke-free products and viewed its valuation as undemanding despite sector headwinds.