LongBNYJun 2026
The Bank of New York Mellon Corporation
BNY is another holding through which Artisan expresses its Evolving Financials theme. The thesis is that years of heavy regulation, muted capital-markets activity and pressure on…
Artisan Focus Fund
Concentrated, bottom-up growth investing focused on companies undergoing significant change and improving fundamental economics.$1.4B AUM22 published ideas
The Artisan Focus Fund is managed by Christopher Smith and the Antero Peak Group. Its process seeks companies where structural change is improving economics faster than market expectations, with particular attention to inflecting growth, rising returns on invested capital and major capital formation cycles. The portfolio is concentrated and constructed independently of benchmark weights.
Ideas from Artisan Focus Fund
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
TSMC is part of Artisan's Compute Infrastructure theme, which targets the physical infrastructure required for the next generation of computing. The fund believes AI has become a…
LongAMATJun 2026
Applied Materials, Inc.
Applied Materials is held within Artisan's Compute Infrastructure theme. The fund sees AI infrastructure as a large and still-expanding capital formation cycle that is broadening…
LongADIJun 2026
Analog Devices, Inc.
Analog Devices is another holding tied to Artisan's Compute Infrastructure theme. The fund believes the current AI investment cycle is much larger than the prior…
LongNVDAJun 2026
NVIDIA Corporation
NVIDIA is a major holding within Artisan's Compute Infrastructure theme. Artisan believes hyperscaler capital expenditures are on a path from roughly $146 billion in 2021 toward…
LongALABJun 2026
Astera Labs, Inc.
Astera Labs is included in Artisan's Compute Infrastructure holdings. The fund argues that the AI buildout has expanded the opportunity beyond basic networking into the broader…
LongSTXJun 2026
Seagate Technology Holdings plc
Seagate is part of Artisan's Compute Infrastructure theme and contributed meaningfully during the quarter. Artisan views the AI infrastructure cycle as a broad physical-computing…
LongRR.LJun 2026
Rolls-Royce Holdings plc
Rolls-Royce is positioned within Artisan's aerospace opportunity and benefited from favorable aerospace fundamentals in Q2. The fund believes years of underinvestment and damage…
LongGEJun 2026
GE Aerospace
GE Aerospace is another holding benefiting from the fund's aerospace theme. Artisan sees a structurally constrained production ecosystem in which rebuilding capacity is difficult…
LongCATJun 2026
Caterpillar Inc.
Caterpillar is positioned to benefit from Artisan's US Output theme, which reframes deglobalization as a sustained rebuilding of domestic productive capacity. The fund points to…
LongGSJun 2026
The Goldman Sachs Group, Inc.
Goldman Sachs is a key expression of Artisan's new Evolving Financials theme. The fund expects recovering capital-markets activity to combine with a potentially friendlier…
LongNVDAJun 2026
NVIDIA Corporation
NVIDIA is one of the portfolio's named Compute Infrastructure holdings and was a meaningful Q2 contributor. Artisan believes AI has evolved into a multi-trillion-dollar capital…
LongAMATJun 2026
Applied Materials, Inc.
Applied Materials is part of Artisan's Compute Infrastructure theme and was a meaningful contributor in Q2. The fund believes the current AI investment cycle is much larger than…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
Taiwan Semiconductor is a named Compute Infrastructure holding and contributed meaningfully during Q2. Artisan's thesis is that the AI capital cycle has expanded the opportunity…
LongADIJun 2026
Analog Devices, Inc.
Analog Devices is a named holding within the Compute Infrastructure theme and contributed meaningfully during Q2. Artisan sees AI infrastructure as a broad physical capital cycle…
LongALABJun 2026
Astera Labs, Inc.
Astera Labs is included in Artisan's Compute Infrastructure theme and was a meaningful Q2 contributor. The fund believes the scale of AI infrastructure spending has moved well…
LongSTXJun 2026
Seagate Technology Holdings plc
Seagate is a named Compute Infrastructure holding and contributed meaningfully to Q2 performance. Artisan believes the AI capital cycle is driving a broad expansion in physical…
LongRR.Jun 2026
Rolls-Royce Holdings plc
Rolls-Royce is a core aerospace exposure that continued to benefit from favorable industry fundamentals in Q2. Artisan argues that the damage to aerospace production…
LongGEJun 2026
GE Aerospace
GE Aerospace is a named aerospace holding that benefited from favorable fundamentals during Q2. Artisan believes years of underinvestment and damage to aerospace production…
LongCATJun 2026
Caterpillar Inc.
Caterpillar is positioned within Artisan's US Output theme and participated in the expansion of domestic industrial investment during Q2. The fund believes the apparent…
LongGSJun 2026
The Goldman Sachs Group, Inc.
Goldman Sachs is part of Artisan's new Evolving Financials theme and generated strong returns in Q2. The fund sees a combination of recovering capital-markets activity, improving…
LongBKJun 2026
The Bank of New York Mellon Corporation
Bank of New York Mellon is another holding in Artisan's Evolving Financials theme and contributed strongly in Q2. The thesis is that financials are entering an inflection where…
Letters covered
- Artisan Focus Fund Quarterly CommentaryJune 30, 2026
- Artisan Focus Fund Quarterly CommentaryJune 30, 2026
Source PDFs are not republished here; only extracted ideas and quotes.