Artisan Fund Exits Veeva After 18% Recurring Revenue Growth, Flags AI Risks
Artisan Mid Cap Fund exited its position in Veeva Systems in Q4 2025 after the stock returned -19.6% over one month and -20.3% over the past year. The fund cited rising competitive and AI-driven risks despite Veeva reporting 18% recurring revenue growth and a $29.6 billion market capitalization.
1. Fund Performance and Position
In its fourth-quarter 2025 letter, Artisan Mid Cap Fund reported returns of -0.44% for the Investor Class versus -3.70% for the Russell Midcap Growth Index and disclosed the sale of its position in Veeva Systems.
2. Veeva Systems Stock Metrics
On February 20, 2026, Veeva Systems shares closed at $180.31, delivering a one-month return of -19.57% and a 52-week return of -20.26%, while the company reported 18% recurring revenue growth and held a $29.64 billion market capitalization.
3. Exit Rationale
Despite Veeva’s strong CRM franchise in pharmaceutical sales and expansion into R&D software modules, the fund exited due to rising competitive pressures and AI-driven risks that could threaten future market share.