Bayes' theorem is a statistical formula used to calculate conditional probability. Learn how it works, how to calculate it ...

For the year, the portfolio participated strongly, returning 14.28% (investor share), but trailed the index’s 15.91% return.

CH Robinson Worldwide Inc. tumbled 15% — and at one point was down by a record 24% — while Landstar System Inc. fell 16%. It was the worst drop for the sector since April’s trade-war market meltdown.

The following segment was excerpted from the Artisan Value Fund Q4 2025 Commentary.

The Beneish model was designed by M. Daniel Beneish to quantify eight variables that can indicate that a company is misrepresenting its profits. Here’s how it works.