Artisan partnersan investment management firm, released its Q1 2026 investor letter for the “Artisan Mid Cap Fund.” A copy of the letter is available to download here. In the first quarter of 2026, the Artisan Mid Cap Fund posted negative absolute returns but slightly outperformed the Russell Midcap® Growth Index. The market favored lower volatility and income-oriented stocks, with value significantly outpacing growth. Despite challenges to growth strategies, selective stock picks in sectors such as industrials and healthcare provided strength, while consumer discretionary faced weakness. Mid-cap and small-cap indices showed resilience amid lagging large-cap growth stocks. The escalation of the conflict in Iran influenced market performance, and AI-related investments continued to support capital expenditure and earnings. Also, check out the Fund’s top five holdings to learn your best picks in 2026.
In its Q1 2026 investor letter, Artisan Mid Cap Fund highlighted stocks like MongoDB, Inc. (NASDAQ:MDB). MongoDB, Inc. (NASDAQ:MDB) is a software company that provides a general-purpose database platform. On May 8, 2026, MongoDB, Inc. (NASDAQ:MDB) closed at $299.47 per share. MongoDB, Inc. (NASDAQ:MDB)’s monthly performance was 26.82% and its shares gained 56.29% in the past 52 weeks. MongoDB, Inc. (NASDAQ:MDB) has a market capitalization of $24.07 billion.
Artisan Mid Cap Fund stated the following regarding MongoDB, Inc. (NASDAQ:MDB) in its Q1 2026 investor letter:
“Our biggest detractors in the first quarter were DoorDash, MongoDB, Inc. (NASDAQ:MDB) and ROBLOX. MongoDB is a leading provider of database software for modern cloud-native applications that handle unstructured data. The company reported results above expectations; However, growth in its key Atlas product slowed modestly and guidance fell short of high investor expectations, reflecting a more measured near-term outlook. “The stock fell due to the lack of a near-term bullish estimate, and we maintained the position, given our view that MongoDB will continue to gain share with growing enterprise adoption, expanding AI-related use cases, and improving financial performance.”
MongoDB, Inc. (NASDAQ:MDB) isn’t on our list of the 40 most popular stocks among hedge funds. According to our database, 99 hedge fund portfolios held MongoDB, Inc. (NASDAQ:MDB) at the end of the fourth quarter, up from 89 in the previous quarter. In the fourth quarter of fiscal 2026, MongoDB, Inc. (NASDAQ:MDB) reported revenue of $695 million, an increase of 27% year-over-year. While we recognize the potential of MongoDB, Inc. (NASDAQ:MDB) as an investment, we believe certain AI stocks offer greater growth potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that’s also benefiting significantly from Trump-era tariffs and the offshoring trend, check out our free report on best short-term AI stock.