Alten SA

• AP Artisan Partners Artisan International Explorer Fund Quarterly Commentary ↗ Artisan International Explorer Fund sold Spir after a founder-led tender offer forced the position out, while initiating two undisclosed holdings. The portfolio retained IQE and Impro on improving AI-linked demand, trimmed Vitzrocell after its defense-related rerating, and argued for turnaround potential at Alten, Signify and Elementis. Q1 2026 082920 $805M1286 $1.5BATE $3.4B +4
• AP Artisan Partners Quarterly Commentary: Artisan International Explorer Fund ↗ Artisan International Explorer Fund retained its disciplined valuation standards, initiating no positions despite extensive research travel and selling U-Blox after a private-equity tender offer. The portfolio avoided benchmark-heavy metals, mining and banks, held FDM and IQE through profit warnings while re-underwriting both theses, and added to Steadfast after its selloff. Q4 2025 082920 $805M1286 $1.5B6947 $742M +3

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