In its fourth-quarter 2025 letter, Artisan Mid Cap Fund reported returns of -0.44% for ARTMX, -0.37% for APDMX and -0.35% for APHMX, outpacing the Russell Midcap Growth Index’s -3.70% decline while maintaining a focus on franchise-character companies. The fund exited its Snowflake position following a strong stock run, pointing to an elevated valuation paired with the risk of decelerating revenue growth due to uneven consumption trends and the possibility that large language models will shift demand toward unstructured data solutions. Snowflake’s presence in hedge fund portfolios dropped to 88 at the end of Q4 from 102 in the prior quarter, reflecting broader investor caution around valuation levels and emerging AI-driven competition in data infrastructure.