JBT Marel Corp

• AP Artisan Partners Artisan Small Cap Fund Quarterly Commentary ↗ Artisan Small Cap Fund added to Modine Manufacturing and Twist Bioscience as data-center cooling, synthetic-biology demand and company execution strengthened conviction. The portfolio initiated Onto Innovation, Baldwin Group and Freshpet, while exiting Penumbra, JBT Marel and Parsons and reducing several positions on valuation, mandate size or weakening profit-cycle visibility. Q1 2026 BWIN $4.5BCOMP $7.5BFLEX $32B +13
• AP Artisan Partners Artisan Global Discovery Fund Quarterly Commentary ↗ The Global Discovery Fund added to Twist Bioscience, Sea, Compass, Medline, Spotify and Insmed, initiated Roblox, H World Group and ASM International, and exited JFrog, JBT Marel and Sartorius as conviction, valuation and profit-cycle prospects changed. It favors health care, AI infrastructure and aerospace and defense while treating software disruption and macro volatility as selective entry opportunities. Q1 2026 ASMXF $39BCOHR $46BCOMP $7.5B +13
• FPA Crescent Fund FPA Crescent Fund 3Q26 Commentary ↗ FPA Crescent Fund trimmed AI-associated holdings and added Boston Scientific, HCA, Core & Main, Fluidra and JBT Marel. It put cash to work in short-term Treasuries and TIPS, while preparing to assess credit-market dislocations and building several new positions at what it views as sensible valuations. 3Q26 028260 $35BADI $189BCHTR $12B +3

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