Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund’s Investor Class APFDX returned 8.40%, Advisor Class APDDX posted a return of 8.37%, and Institutional Class APHDX returned 8.48%, compared to an 8.20% return for the MSCI All Country World Index. Broad-based security selection contributions across health care, consumer staples, industrials, and consumer discretionary drove the fund’s outperformance in the quarter. This was partially offset by information technology. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Global Discovery Fund highlighted stocks like Boston Scientific Corporation (NYSE:BSX), in the Q1 2024 investor letter. Boston Scientific Corporation (NYSE:BSX) manufacturers medical devices for use in various interventional medical specialties. The one-month return of Boston Scientific Corporation (NYSE:BSX) was 0.36%, and its shares gained 43.02% of their value over the last 52 weeks. On July 2, 2024, Boston Scientific Corporation (NYSE:BSX) stock closed at $76.55 per share with a market capitalization of $111.94 billion.
Artisan Global Discovery Fund stated the following regarding Boston Scientific Corporation (NYSE:BSX) in its Q1 2024 investor letter:
“Notable trims in the quarter included Boston Scientific and Veeva Systems. Boston Scientific Corporation (NYSE:BSX) is a leading global developer, manufacturer and marketer of medical devices used in minimally invasive procedures across five businesses: cardiology, peripheral, medical-surgical, urology and neuromodulation. Boston Scientific struggled for many years as its main markets—stents and pacemakers—matured. Then new leadership took the helm in 2011 and reenergized the entire organization. Over the course of our investment campaign, Boston Scientific has made significant R&D investments and complementary acquisitions focused on higher growth categories—structural heart, urology and gynecology, minimally invasive surgery, and peripheral intervention—which have diversified its business, accelerated top-line growth and improved cash flow generation. Shares had a strong quarter after the company reported solid earnings results and received FDA approval for its FARAPULSE Pulse Field Ablation System, which we believe will be a big profit cycle driver. Unlike traditional ablation procedures that use extreme temperatures, this new system uses selective, non-thermal electric fields to ablate heart tissue without damaging surrounding areas. While we believe Boston Scientific is well positioned for further revenue acceleration, margin expansion and continued business development activity, we trimmed the position based on our valuation discipline.”
A surgeon examining a patient’s brain in an operating room, paramedics nearby.
Boston Scientific Corporation (NYSE:BSX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held Boston Scientific Corporation (NYSE:BSX) at the end of the first quarter which was 71 in the previous quarter. Consolidated revenue of Boston Scientific Corporation (NYSE:BSX) in the first quarter of 2024 was $3.856 billion a 13.8% increase from Q1 2023. While we acknowledge the potential of Boston Scientific Corporation (NYSE:BSX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We discussed Boston Scientific Corporation (NYSE:BSX) in another article and shared the list of best healthcare stocks to buy according to hedge funds. 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.
