Artisan Partners Small Cap Fund Trimmed Penumbra (PEN) Based on Valuation Discipline

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 Penumbra, Inc. (NYSE:PEN) in the second quarter 2023 investor letter. Headquartered in Alameda, California, Penumbra, Inc. (NYSE:PEN) designs and manufactures medical devices. On August 29, 2023, Penumbra, Inc. (NYSE:PEN) stock closed at $259.01 per share. One-month return of Penumbra, Inc. (NYSE:PEN) was -3.88%, and its shares gained 57.77% of their value over the last 52 weeks. Penumbra, Inc. (NYSE:PEN) has a market capitalization of $9.955 billion.

Artisan Small Cap Fund made the following comment about Penumbra, Inc. (NYSE:PEN) in its second quarter 2023 investor letter:

“Along with Shockwave Medical, notable trims in the quarter included HubSpot and Penumbra, Inc. (NYSE:PEN). Penumbra designs, manufactures and markets peripheral vascular and neurovascular devices that help patients suffering from stroke and other neurovascular diseases. While the company is fundamentally executing on an exciting product cycle, we trimmed shares based on our valuation discipline after a period of strong performance.”

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Penumbra, Inc. (NYSE:PEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Penumbra, Inc. (NYSE:PEN) at the end of second quarter which was 19 in the previous quarter.

We discussed Penumbra, Inc. (NYSE:PEN) in another article and shared the list of oversold healthcare stocks to buy. 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.