Artisan Partners Q1 2026: A Financials-Heavy Value Book

Artisan Partners Limited Partnership reported a $62.34B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001193125-26-220594, filed 2026-05-13). The reported value fell 6.7% from $66.79B the prior quarter — the firm's second consecutive down quarter — yet the portfolio itself barely changed. Every one of Artisan's ten largest positions carries a held-roughly-flat tag, which means the decline is a market mark on a steady book, not repositioning.

What a casual 13F summary misses is the sector signature underneath that top ten. Six of Artisan's ten largest holdings are financials: Bank of New York Mellon, Charles Schwab, American Express, Citigroup, Berkshire Hathaway, and the Bermuda insurer Arch Capital Group. For a focused active manager running roughly 330 names, that is a deliberate, conviction-weighted tilt toward banks, brokers, and insurers.

The read for Q1 2026 is continuity: a financials-heavy value book held intact through a drawdown quarter rather than trimmed into weakness.

A focused book with a financials core

Artisan's largest position is Arch Capital Group (ACGL) at $2.18B, or 3.49% of the book. It is followed by Bank of New York Mellon (BK) at $1.84B (2.95%), Charles Schwab (SCHW) at $1.64B (2.63%), Alphabet (GOOGL) at $1.62B, and healthcare insurer Elevance Health (ELV) at $1.50B. American Express (AXP), Meta (META), and Citigroup (C) follow, with Garmin (GRMN) and Berkshire Hathaway rounding out the top ten.

Unlike an index-style book, Artisan runs a concentrated active portfolio — about 330 positions, with the ten largest accounting for roughly a quarter of the reported value. The names that dominate are not the megacap-tech leaders that top most large 13F filings; they are financials and quality compounders, the signature of a value-oriented manager.

The financials tilt, quantified

Adding up just the financial-sector names in the top ten — Arch Capital (3.49%), Bank of New York Mellon (2.95%), Charles Schwab (2.63%), American Express (2.23%), Citigroup (2.09%), and Berkshire Hathaway (2.00%) — produces roughly 15.4% of the entire book concentrated in banks, brokers, and insurers at the very top. That is a meaningful overweight relative to the market, and it held steady this quarter: none of those positions moved enough to shed the held-roughly-flat label.

The presence of foreign-domiciled names like Arch Capital and Garmin reflects Artisan's multi-strategy structure, which blends domestic and international value mandates into a single aggregate 13F. The throughline across both is the same: established, cash-generative businesses bought and held.

AUM trajectory: a market mark, not a retreat

Artisan's reported 13F value peaked at $70.49B in the third quarter of 2025 and has slid for two quarters since — to $66.79B in Q4 2025 and $62.34B in Q1 2026.

Because the underlying positions held flat, that two-quarter decline is best read as the broad market drawdown flowing through a static book. A manager trimming into weakness would show falling share counts; Artisan's steady positions say the opposite. You can follow the firm's quarter-over-quarter holdings on the Artisan Partners filer page.

FAQ

What is Artisan Partners?

Artisan Partners is a focused active asset manager running multiple value and growth strategies. It reported a $62.34B U.S. equity 13F book for the quarter ended March 31, 2026, across roughly 330 positions.

What are Artisan Partners' largest holdings in Q1 2026?

Its five largest positions are Arch Capital Group (3.49%), Bank of New York Mellon (2.95%), Charles Schwab (2.63%), Alphabet's GOOGL shares (2.59%), and Elevance Health (2.41%).

How heavily is Artisan tilted toward financials?

Six of its ten largest holdings are financials — Arch Capital, BNY Mellon, Schwab, American Express, Citigroup, and Berkshire Hathaway — totaling about 15.4% of the book at the top alone.

Why did Artisan's 13F value fall in Q1 2026?

The reported value fell 6.7% to $62.34B, but its largest positions were held roughly flat. The decline reflects a broad market drawdown marking a steady book, not selling.