Summary

• Negative stock selection drove Artisan Global Discovery Fund relative underperformance, partially offset by strong selection in industrials and an underweight to financials.
• Modine Manufacturing management raised its growth outlook.
• Twist Bioscience results exceeded expectations, with upside in revenue and gross margin.
• MongoDB reported results that were ahead of expectations.
• During the quarter, the Fund initiated new positions in ROBLOX, H World Group and ASM International while ending investment campaigns in JFrog, JBT Marel and Sartorius.

Investing Environment

Global equities declined during Q1 2026, pulling back from all-time highs as markets responded to a combination of geopolitical escalation, shifting monetary policy expectations and heightened macroeconomic uncertainty. Energy stocks surged, with Q1 returns exceeding 30% across major

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