Summary

• 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.

The following segment was excerpted from the Artisan International Small-Mid Fund Q1 2026 Commentary.

In this letter, we hope to illustrate how our energy-related investments should thrive amid rising energy costs and benefit from the evolving

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