Artisan Value Fund Q3 Letter Details New Buys and Exits After Trailing Benchmark

Overview

• The fund returned 0.83% (ARTLX), 0.91% (APDLX) and 0.90% (APHLX) in Q3 2025 versus 5.33% for the Russell 1000 Value Index.
• Lam Research, ASML and Thermo Fisher, initiated during the post‑‘Liberation Day’ selloff, were among the top contributors to third‑quarter results.
• New Q3 positions include Accenture, Salesforce and Elevance Health, with the manager arguing fears of AI disruption for these incumbents are overdone given cash generation, balance sheets and valuations.
• The portfolio sold The Cigna Group in favor of Elevance due to perceived PBM reform risk at Cigna, and exited Dollar General citing concerns about the durability of its turnaround and pressure on lower‑income consumers.
• The letter describes a market lifted by earnings, expanding AI investment and prospects for fiscal support and lower rates, and it reiterates theses such as ASML’s EUV leadership and backlog, Lam’s purchase at depressed levels with a net cash profile, and Thermo Fisher’s recurring consumables revenue at a 17x 2026 earnings entry point.