The fund returned over 26% in Q2, slightly ahead of the Russell 2000 Growth Index’s 25.71% gain.
Artisan Small Cap Fund reported a 26.02% to 26.11% return across its share classes in Q2 2026, modestly outperforming the Russell 2000 Growth Index’s 25.71% gain. The fund’s performance was driven by strong contributions from health care, energy, and materials, while technology and consumer discretionary lagged due to underweight positions in oversized index stocks.
Global equities rebounded during the quarter, supported by resilient US growth, moderating inflation, and robust earnings, despite delayed rate cuts and rising bond yields. Market leadership favored highly leveraged, loss-making companies, challenging quality-focused active managers like Artisan.
The fund remains optimistic about small-cap opportunities, AI infrastructure, and health care but has reduced software exposure amid rising valuations and competitive risks.