Artisan Mid Cap Value Fund Q3 2025 Commentary

2025-10-28 02:00:00 ET

Investing Environment

The equity market rally continued in Q3 as investors set aside their concerns over tariffs amid resilient corporate earnings, the sustained surge in artificial intelligence ((AI)) capital expenditure spending and anticipation of economic tailwinds from US fiscal policy and lower interest rates. Risk assets got a lift early in Q3 with the signing of the One Big Beautiful Bill Act (OBBA). The OBBA extends the 2017 tax cuts and offers new incentives for business capex and spending on research and development. In September, the Federal Reserve began easing monetary policy, with a quarter-percentage point cut, ending a pause that had been in effect since December 2024. While inflation remains above the Fed’s 2% inflation target, a softening labor market has shifted the balance of risks, and the impact of tariffs is viewed by some policymakers as a one-time temporary adjustment. It is still too early to assess the long-term effects of tariffs, but thus far, corporates have been able to mitigate their effects through sourcing shifts, productivity improvements, price increases and cost cuts....

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