Artisan Partners, an investment management company, released its “Artisan Value Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTLX returned -13.40%, Advisor Class fund APDLX posted a return of -13.32%, and Institutional Class fund APHLX returned -13.32%, compared to a return of -12.21% for the Russell 1000 Value Index. Poor performance of the communications and health care sectors impacted the fund’s performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Artisan Partners discussed stocks like FedEx Corporation (NYSE:FDX) in the second quarter investor letter. Based in Memphis, Tennessee, FedEx Corporation (NYSE:FDX) is a transportation, e-commerce, and business services providing company that operates internationally. On September 26, 2022, FedEx Corporation (NYSE:FDX) stock closed at $142.90 per share. One-month return of FedEx Corporation (NYSE:FDX) was -33.06% and its shares lost 35.75% of their value over the last 52 weeks. FedEx Corporation (NYSE:FDX) has a market capitalization of $37.185 billion.
Here is what Artisan Partners specifically said about FedEx Corporation (NYSE:FDX) in its Q2 2022 investor letter:
“FedEx Corporation (NYSE:FDX), a global shipping and logistics firm, was another relative winner in Q2. Its stock price was mostly unchanged in Q2, which made it a strong outperformer in a weak quarter for US stocks. Over the past 12-18 months, the stock has suffered from weak sentiment as labor cost headwinds and air network disruptions have overshadowed solid top-line trends. However, the stock’s reaction to the company’s first investor day in 10 years may be an early sign that the company is beginning to get more credit for its improved governance. At the investor day, new CEO Raj Subramanian outlined the company’s multi-year financial plan targeting EPS growth of 14%-19% driven by revenue growth of 4%-6% and increased operating margins from technology investments and efficiency gains, as well as an increase in its dividend payout ratio to 25% from ~20%. With the company’s mixed record of achieving its targets, we believe there remains a fair amount of skepticism embedded in the current stock price as it sells at just 10X our estimated of normalized earnings power.”
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FedEx Corporation (NYSE:FDX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held FedEx Corporation (NYSE:FDX) at the end of the second quarter which was 52 in the previous quarter.
We discussed FedEx Corporation (NYSE:FDX) in another article and shared the list of stocks downgraded by analysts recently. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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