Lam Research (LCRX) Gained From Strong Demand Uptick

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The Fund seeks to invest in undervalued companies with strong financial condition and attractive business economics. US equities ended a record year with robust fourth-quarter gains. AI remains the main theme of the market, and large-cap stocks led the rally in the fourth quarter. Against this backdrop, the portfolio outperformed the Russell 1000® Value Index in Q4 and returned 4.60% compared to 3.81% for the Index. In 2025, it returned 14.28% vs. 15.91% for the index. Over three, five, and ten years, the portfolio outperformed the index, reflecting its effective investment discipline. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.In its fourth-quarter 2025 investor letter, Artisan Value Fund highlighted Lam Research Corporation (NASDAQ:LRCX) as one of its leading contributors. Lam Research Corporation (NASDAQ:LRCX) is a leader in the fabrication equipment used in the production of integrated circuits. On March 13, 2026, Lam Research Corporation (NASDAQ:LRCX) stock closed at $212.20 per share. One-month return of Lam Research Corporation (NASDAQ:LRCX) was -9.91%, and its shares gained 170.97% over the past 52 weeks. Lam Research Corporation (NASDAQ:LRCX) has a market capitalization of $266.53 billion.Artisan Value Fund stated the following regarding Lam Research Corporation (NASDAQ:LRCX) in its fourth quarter 2025 investor letter:"Our top three individual contributors, each returning 20%-plus, were Lam Research Corporation (NASDAQ:LRCX), Alphabet and Merck. Lam Research, a global leader in wafer fabrication equipment used in the production of semiconductors, is continuing to see strong demand for its chipmaking tools supported by the current massive buildout of data centers running AI applications. We purchased Lam in April near the depths of the post-Liberation Day market selloff. As value investors, conditions of fear and uncertainty are fertile ground for creating attractive long-term buying opportunities. Few areas of the market were under greater pressure to start the year than semiconductors & semiconductor equipment stocks. We had been researching Lam since 2023, so we knew the company well and were able to act quickly when the stock plunged. At our initial purchase, Lam was selling for ~$60, almost 50% below its July 2024 highs. Lam is one of the key global suppliers of chip equipment serving the memory (NAND and DRAM) and foundry/logic markets. The financial condition is rock solid as it has a net cash balance sheet, and the company returns 100%ofearnings to shareholders via share repurchases and dividends. Shares were selling for a 17X P/E on cyclically depressed earnings at the time of initial purchase, which we believed was an attractive valuation given the compounding nature of the business."Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,774.25 +1.00 (+0.01%)Dow Futures47,331.00 -17.00 (-0.04%)Nasdaq Futures25,047.50 +32.00 (+0.13%)Russell 2000 Futures2,537.30 +0.50 (+0.02%)VIX22.37 -1.14 (-4.85%)Gold5,008.30 +0.10 (+0.00%)Trending tickersSWMR Swarmer, Inc Common Stock 31.00 +26.00 (+520.00%)LULU lululemon athletica inc. 159.27 -0.64 (-0.40%)OKLO Oklo Inc. 60.53 +0.84 (+1.41%)TTD The Trade Desk, Inc. 25.07 -2.01 (-7.42%)RKLB Rocket Lab Corporation 78.59 +7.28 (+10.21%)PortfolioSign in to access your portfolioSign inTop gainersTSAT Telesat Corporation 42.34 +6.84 (+19.27%)ESLT Elbit Systems Ltd. 1,014.33 +139.83 (+15.99%)LMND Lemonade, Inc. 66.87 +9.13 (+15.81%)BTDR Bitdeer Technologies Group 9.25 +1.05 (+12.80%)SEI Solaris Energy Infrastructure, Inc. 63.19 +6.20 (+10.88%)Top losersTME Tencent Music Entertainment Group 11.37 -3.72 (-24.65%)ASO Academy Sports and Outdoors, Inc. 49.90 -6.61 (-11.70%)SMTC Semtech Corporation 79.21 -9.79 (-11.00%)CRDO Credo Technology Group Holding Ltd 104.06 -12.82 (-10.97%)FRPT Freshpet, Inc. 67.42 -7.95 (-10.55%)Most activeSOFI SoFi Technologies, Inc. 17.37 -0.26 (-1.47%)NVDA NVIDIA Corporation 181.93 -1.26 (-0.69%)ONDS Ondas Inc. 11.28 +0.75 (+7.12%)AAL American Airlines Group Inc. 10.86 +0.37 (+3.53%)INTC Intel Corporation 44.06 -1.70 (-3.72%)Top economic eventsEarnings eventsMy earnings eventsEarnings events