Artisan International Small-Mid Fund Q2 2025 Commentary

2025-08-13 22:30:00 ET

Investing Environment

Global equities rallied during Q2, with major equity indices delivering strong double-digit returns, despite bouts of higher volatility amid lingering tariff uncertainty, the ongoing Russia-Ukraine war and a broadening of the Middle East conflict. These gains extended across geographies, growth and value investment styles, and market capitalizations. Over the course of Q2, money continued to flow into international equities, away from US equities, on a weakening US dollar. In commodities, oil prices temporarily moved higher during the weeks of the Iran-Israel bombings but ultimately ended the quarter lower....

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