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Artisan Partners, an investment management company, released its first-quarter 2026 investor letter for the “Artisan Mid Cap Fund”. A copy of the letter is available to download here. In Q1 2026, the Artisan Mid Cap Fund reported negative absolute returns but slightly outperformed the Russell Midcap® Growth Index. The market favored lower volatility and income-oriented equities, with value outpacing growth significantly. Despite challenges for growth strategies, selective stock choices in sectors like industrials and healthcare provided strength, while consumer discretionary faced weaknesses. Mid- and small-cap indices showed resilience amid lagging large-cap growth stocks. The escalating conflict in Iran influenced market behavior, and AI-related investments continued to support capital spending and earnings. In addition, please check the Fund’s top five holdings to know its best picks in 2026.
In its first-quarter 2026 investor letter, Artisan Mid Cap Fund identified DoorDash, Inc. (NASDAQ:DASH) as a performance detractor. DoorDash, Inc. (NASDAQ:DASH) is a leading online food ordering and delivery platform that operates DoorDash Marketplace, Wolt Marketplace, and Deliveroo Marketplace. On May 8, 2026, DoorDash, Inc. (NASDAQ:DASH) closed at $163.93 per share. One-month return of DoorDash, Inc. (NASDAQ:DASH) was 2.71%, and its shares lost 14.66% over the past 52 weeks. DoorDash, Inc. (NASDAQ:DASH) has a market capitalization of $71.43 billion.
Artisan Mid Cap Fund stated the following regarding DoorDash, Inc. (NASDAQ:DASH) in its Q1 2026 investor letter:
"Our biggest detractors in Q1 were DoorDash, Inc. (NASDAQ:DASH), MongoDB and ROBLOX. DoorDash operates a technology-driven local commerce marketplace. While the stock declined alongside the broader market, underlying results remained strong, with organic gross order volume up 25% and EBITDA up 29%. We increased our position on the pullback during the quarter, as results reinforced our view that DoorDash is gaining share across restaurant, retail and grocery delivery."
DoorDash, Inc. (NASDAQ:DASH) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 108 hedge fund portfolios held DoorDash, Inc. (NASDAQ:DASH) at the end of the fourth quarter, up from 93 in the previous quarter. While we acknowledge the potential of DoorDash, Inc. (NASDAQ:DASH) 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 DoorDash, Inc. (NASDAQ:DASH) and shared the list of top growth stocks in billionaire Philippe Laffont’s portfolio. In addition, please check out our hedge fund investor letters Q1 2026 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.