Artisan Partners, an investment management company, released its “Artisan Value Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The robust US economy, a general disinflation trend, and increased corporate earnings pushed the US equity markets to a new all-time high in the first quarter. The fund’s Investor Class ARTLX, Advisor Class APDLX, and Institutional Class APHLX returned 8.65%, 8.71%, and 8.71% respectively, in the first quarter compared to an 8.99% return for the Russell 1000 Value Index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.
Artisan Value Fund highlighted stocks like Arch Capital Group Ltd. (NASDAQ:ACGL), in the first quarter 2024 investor letter. Arch Capital Group Ltd. (NASDAQ:ACGL), with a market capitalization of $38.274 billion, offers insurance, reinsurance, and mortgage insurance products.. One-month return of Arch Capital Group Ltd. (NASDAQ:ACGL) was 9.54% and its shares gained 40.83% of their value over the last 52 weeks. On May 23, 2024, Arch Capital Group Ltd. (NASDAQ:ACGL) stock closed at $101.93 per share.
Artisan Value Fund stated the following regarding Arch Capital Group Ltd. (NASDAQ:ACGL) in its first quarter 2024 investor letter:
“Turning back to positive performers, other winners were Arch Capital Group Ltd. (NASDAQ:ACGL) and Airbus. Arch, a global reinsurer, has experienced strong growth over the past year as reinsurance markets have been in an upswing in terms of pricing and premium growth, while rising interest rates boosted net interest income. Additionally, margins benefited from lower acquisition costs, better expense management and reduced catastrophe losses. In its mortgage insurance business, high interest rates are a headwind to top-line growth but a tailwind for margins. Arch is an industry leader capably managed by a long-tenured team that has achieved an enviable underwriting record while at the same time seeking opportunistic growth. It has shown discipline in pulling back from writing business when pricing is soft, patiently waiting for turns in the cycle to put its strong capital position to work.”
A close-up image of an insurance policy with hands standing firmly on top, conveying security.
Arch Capital Group Ltd.’s (NASDAQ:ACGL) trailing 12 months revenue is $14.41 billion and year over year quarterly revenue growth rate is 24.40%. Arch Capital Group Ltd. (NASDAQ:ACGL) reported a solid first quarter with after-tax operating income of $2.45 per share.
Arch Capital Group Ltd. (NASDAQ:ACGL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Arch Capital Group Ltd. (NASDAQ:ACGL) at the end of the first quarter which was 40 in the previous quarter.
In another article, we discussed Arch Capital Group Ltd. (NASDAQ:ACGL) and shared Baron Asset Fund’s views on the company. Arch Capital Group Ltd. (NASDAQ:ACGL) was the largest contributor of Madison Investments in the first quarter 2024. In addition, please check out our hedge fund investor letters Q1 2024 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.
