Artisan Value Fund reveals why it dumped Cigna for Elevance — and why ASML stays a top bet
NEW YORK, December 31, 2025, 12:59 ET Artisan Partners’ Artisan Value Fund said in its third-quarter 2025 investor letter that it sold The Cigna Group and bought Elevance Health, citing rising policy risk around pharmacy benefit managers. The fund also reiterated conviction in ASML Holding, keeping the chip-equipment maker among its top positions. Insider Monkey The portfolio shifts land as investors look for signs that the market’s leadership can broaden beyond AI-linked winners. They also underscore how quickly regulatory scrutiny can reshape the outlook for big healthcare intermediaries. Cigna’s pharmacy benefit manager, or PBM, business sits near the center of