Artisan Mid Cap Fund Increased Its Stake in Snowflake (SNOW) in Q2

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Investor Class fund ARTMX returned 14.40%, Advisor Class fund APDMX posted a return of 14.45%, and Institutional Class fund APHMX returned 14.50%, compared to a 18.20% return for the Russell Midcap Growth Index. Global markets experienced a significant but volatile Q2, rotating from double-digit declines to double-digit gains. In addition, please check the fund’s top five holdings to know its best picks in 2025.

In its second-quarter 2025 investor letter, Artisan Mid Cap Fund highlighted stocks such as Snowflake Inc. (NYSE:SNOW). Snowflake Inc. (NYSE:SNOW) offers a cloud-based data platform to support various organizations. The one-month return of Snowflake Inc. (NYSE:SNOW) was -1.81%, and its shares gained 73.14% of their value over the last 52 weeks. On August 7, 2025, Snowflake Inc. (NYSE:SNOW) stock closed at $210.54 per share, with a market capitalization of $70.248 billion.

Artisan Mid Cap Fund stated the following regarding Snowflake Inc. (NYSE:SNOW) in its second quarter 2025 investor letter:

"Among our top Q2 contributors were Spotify, Snowflake Inc. (NYSE:SNOW) and Roblox. Snowflake is a leading cloud data warehouse and analytics platform benefiting from the ongoing shift away from on-premise infrastructure. Its cloud-native architecture enables greater scalability, faster performance and improved efficiency for businesses managing large data sets. We see upside as the new management team drives new product launches to improve its competitiveness and position the company to take advantage of growing demand for AI tools. Progress was on display in its earnings results, including 26% revenue growth, 124% net revenue retention and 606 customers with trailing 12-month product revenue exceeding $1 million. Early in the quarter, we saw the post-Liberation Day market correction as an opportunity to increase our position."

Snowflake Inc. (NYSE:SNOW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 94 hedge fund portfolios held Snowflake Inc. (NYSE:SNOW) at the end of the first quarter, which was 85 in the previous quarter. In the first quarter of fiscal 2026, Snowflake Inc.’s (NYSE:SNOW) product revenue increased 26% year-over-year to $997 million. While we acknowledge the potential of Snowflake Inc. (NYSE:SNOW) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In another article, we covered Snowflake Inc. (NYSE:SNOW) and shared the list of stocks on Jim Cramer’s radar. In addition, please check out our hedge fund investor letters Q2 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.