RTX Corp

• AP Artisan Partners Artisan Global Opportunities Fund Quarterly Commentary ↗ Artisan Global Opportunities Fund added RTX, Capital One, Somnigroup, L3Harris and BAE Systems while exiting several Garden investments whose theses were not progressing. The portfolio emphasizes health care franchises, defense suppliers and AI infrastructure beneficiaries, while maintaining valuation discipline around Oracle and reducing Netflix, Snowflake and Boston Scientific. Q4 2025 ARGNF $53BBAESY $79BBSX $62B +9
• AP Artisan Partners Artisan Global Opportunities Fund Quarterly Commentary ↗ Artisan Global Opportunities Fund added to Linde, Shopify, Amazon, Woodward and Spotify while opening positions in Edwards Lifesciences, Eli Lilly and Roblox. It exited Netflix, Snowflake and RELX as AI disruption, later-cycle risk or weaker conviction altered the opportunity set, while favoring AI infrastructure, health care and aerospace and defense. Q1 2026 AMZN $2.7TEW $50BGEV $251B +13
• AP Artisan Partners Artisan Global Equity Fund Quarterly Commentary ↗ Artisan Global Equity Fund reduced defense exposure after strong gains and redeployed capital toward electrification, while building consumer-staples holdings led by Tesco. The portfolio added Samsung Electronics, MNC Solutions and CATL on AI infrastructure, defense modernization and battery-demand theses, and exited Air Liquide, BAE Systems, RTX, Amazon and MercadoLibre on valuation grounds. Q4 2025 010120 $20B012450 $34BCYATY $1.5T +3

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