Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Global equities continue to rally in the third quarter, the period with double-digit YTD gains. Major US indices like Russell 1000®, Russell Midcap®, and Russell 2000® reached record highs in the period. In the quarter, the fund’s Investor Class fund ARTSX returned 8.69%, Advisor Class fund APDSX posted a return of 8.75%, and Institutional ...

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