Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, the fund’s Investor Class fund ARTMX returned 5.11%, Advisor Class fund APDMX posted a return of 5.14%, and Institutional Class fund APHMX returned 5.14%, compared to an 8.14% return for the Russell Midcap Growth Index. US equities achieved solid Q4 gains, concluding a strong year. Following Donald Trump’s election win, optimism surged over deregulation and tax cuts. However, concerns about inflation from proposed tariffs and immigration policies emerged in December, introducing market volatility. Despite this, markets ended 2024 with strong gains, marking one of the best two-year performance stretches in decades. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Artisan Mid Cap Fund emphasized stocks such as NVR, Inc. (NYSE:NVR). Headquartered in Reston, Virginia, NVR, Inc. (NYSE:NVR) is a home builder that operates through Homebuilding and Mortgage Banking segments. The one-month return of NVR, Inc. (NYSE:NVR) was -7.55%, and its shares lost 6.58% of their value over the last 52 weeks. On March 4, 2025, NVR, Inc. (NYSE:NVR) stock closed at $7,201.71 per share with a market capitalization of $20.768 billion.
Artisan Mid Cap Fund stated the following regarding NVR, Inc. (NYSE:NVR) in its Q4 2024 investor letter:
“Along with Exact Sciences, notable trims in the quarter included Ingersoll Rand and NVR, Inc. (NYSE:NVR). NVR is a highly productive, build-to-order homebuilder with a land light strategy that operates in the mid-Atlantic, Northeast, Southeast and Midwest regions. The company uses land options rather than land purchases in its lot development. Land options allow it to focus on building homes and walk away from lots should the market environment change, which has proven to be an effective risk management approach overtime. While the housing cycle continues to be favorable for homebuilders from both a supply and demand perspective due to demographic tailwinds (rising household formation), a low rate of housing starts and depressed existing home sales (since many existing homes are financed with below-market interest rates), we believe rising mortgage rates and permitting bottlenecks will prevent short-term volume growth from accelerating. We decreased our position.”
A team of construction workers laboring together to build a townhome complex.
NVR, Inc. (NYSE:NVR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held NVR, Inc. (NYSE:NVR) at the end of the fourth quarter which was 41 in the previous quarter. While we acknowledge the potential of NVR, Inc. (NYSE:NVR) 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.
In another article, we discussed NVR, Inc. (NYSE:NVR) and shared the list of best residential construction stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.