Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTSX returned 1.10%, Advisor Class fund APDSX posted a return of 1.19%, and Institutional Class fund APHSX returned 1.19%, compared to a return of 7.05% for the Russell 2000 Growth Index. Year-to-date, ARTSX, APDSX, and APHSX returned 8.78 %, 8.91%, and 8.91%, respectively, compared to a 13.55% return for the benchmark. Despite this year’s relative setback, the firm remains bullish on its asset class’s long-term prospects. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like Smartsheet Inc. (NYSE:SMAR) in the second quarter 2023 investor letter. Headquartered in Bellevue, Washington, Smartsheet Inc. (NYSE:SMAR) provides a cloud-based platform for work management. On August 29, 2023, Smartsheet Inc. (NYSE:SMAR) stock closed at $41.45 per share. One-month return of Smartsheet Inc. (NYSE:SMAR) was 0.10%, and its shares gained 24.59% of their value over the last 52 weeks. Smartsheet Inc. (NYSE:SMAR) has a market capitalization of $5.538 billion.
Artisan Small Cap Fund made the following comment about Smartsheet Inc. (NYSE:SMAR) in its second quarter 2023 investor letter:
“We initiated new GardenSM positions in Duolingo, SPX Technologies and Smartsheet Inc. (NYSE:SMAR). Smartsheet is introducing its first AI-driven features, which aim to drive enhanced customer productivity and will allow the company to capture value through increased revenue per user. Smartsheet is a highly customizable cloud-based workflow management tool enabling automation and increased productivity across several organizational functions, including information technology, human resources, sales, marketing, operations and finance. Smartsheet replaces traditional workflow management tools and can integrate with Microsoft Teams, Tableau, Slack and other third-party software applications. The company has several notable large enterprises on its platform that are lightly penetrated, and we believe this creates a meaningful runway for adding new users and selling product enhancements. Smartsheet is introducing its first AI-driven features, which aim to drive enhanced customer productivity and will allow the company to capture value through increased revenue per user.”
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Smartsheet Inc. (NYSE:SMAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Smartsheet Inc. (NYSE:SMAR) at the end of second quarter which was 50 in the previous quarter.
We discussed Smartsheet Inc. (NYSE:SMAR) in another article and shared the list of momentum stocks billionaires are loading up on. In addition, please check out our hedge fund investor letters Q2 2023 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.
