Artisan International Small-Mid Fund Q1 2026 Portfolio Activity

We believe Brenntag trades at an attractive valuation and are encouraged by the new management team's recent efforts to improve operational efficiencies. Other portfolio companies include Smiths Group and Rotork, which should benefit from increased global energy infrastructure investment, given the need for reliable and safe energy systems. We believe that oil price volatility will continue to accelerate the structural demand for alternative energy solutions and electrification. To that end, we invested in SolarEdge Technologies and Landis+Gyr.