itstargetnews
Artisan partnersan investment management firm, published its third quarter 2025 investor letter “Artisan Value Fund”. A copy of the letter can be downloaded here. The stock market rally persisted in the third quarter as investors shrugged off tariffs, boosted by strong corporate earnings, increased investment in artificial intelligence and the prospect of economic support from US fiscal policy and lower interest rates. Against this backdrop, the fund’s ARTLX Investor Class, APDLX Advisor Class and APHLX Institutional Class returned 0.83%, 0.91% and 0.90%, respectively, during the third quarter, compared to a 5.33% return for the Russell 1000 Value Index. Plus, you can check out the fund’s top 5 holdings to learn about its top picks in 2025.
In its 2025 Q3 investor letter, Artisan Value Fund highlighted stocks like Lam Research Corporation (NASDAQ:LRCX). Lam Research Corporation (NASDAQ:LRCX) designs, manufactures and services semiconductor processing equipment. Lam Research Corporation (NASDAQ:LRCX)’s one-month return was 15.04% and its stock gained 146.81% of its value over the past 52 weeks. On December 26, 2025, shares of Lam Research Corporation (NASDAQ:LRCX) closed at $178.07 per share, with a market capitalization of $224.552 billion.
Artisan Value Fund stated the following about Lam Research Corporation (NASDAQ:LRCX) in its Q3 2025 investor letter:
“On the positive side, the three new purchases we made in the second quarter during the post-Liberation Day market crash…Lam Research Corporation (NASDAQ:LRCX), ASML and ThermoFisher Scientific, were each our top contributors to third quarter profitability. Lam and ASML are semiconductor equipment companies, and Thermo Fisher is a life science and clinical research tools company. As value investors, conditions of fear and uncertainty are fertile ground for creating attractive long-term buying opportunities. Few areas of the market were under more pressure to start the year than semiconductor and semiconductor equipment stocks. We had been researching Lam since 2023, so we knew the company well and were able to act quickly when the stock dropped. At our initial buy, Lam was trading at ~$60, nearly 50% below July 2024 highs. Lam is a major global supplier of chip equipment serving the memory (NAND and DRAM) and foundry/logic markets. The financial position is strong as it has a clean cash balance and the company returns 100% of earnings to shareholders through share buybacks and dividends. The stock was selling for a 17X P/E on cyclically depressed earnings at the time of initial purchase, which we believed was an attractive valuation given the compound nature of the business.”
