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 Atlassian Corporation (NASDAQ:TEAM). Atlassian Corporation (NASDAQ:TEAM) is a company that designs, develops, licenses, and maintains various software products. The one-month return of Atlassian Corporation (NASDAQ:TEAM) was -13.42%, and its shares gained 39.67% of their value over the last 52 weeks. On March 3, 2025, Atlassian Corporation (NASDAQ:TEAM) stock closed at $274.22 per share with a market capitalization of $74.476 billion.
Artisan Mid Cap Fund stated the following regarding Atlassian Corporation (NASDAQ:TEAM) in its Q4 2024 investor letter:
“Among our top Q4 contributors were Atlassian Corporation (NASDAQ:TEAM), Spotify and Marvell Technology. Atlassian provides collaboration and productivity software tools—a large, structurally growing addressable market that is expanding from the core software developer market to a much larger “knowledge worker” market. Along with much of the software industry, the company went through a period of weakness as small and medium-sized businesses pulled back spending due to macroeconomic concerns, and enterprise IT spending shifted toward AI projects at the expense of traditional cloud software offerings. However, shares rallied after earnings results beat expectations and showed signs of a turnaround, including higher-than-expected paid seat expansion.”
A professional executive in a modern office setting talking on the phone surrounded by their digital media software delivery platform.
Atlassian Corporation (NASDAQ:TEAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held Atlassian Corporation (NASDAQ:TEAM) at the end of the fourth quarter compared to 44 in the third quarter. While we acknowledge the potential of Atlassian Corporation (NASDAQ:TEAM) 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 Atlassian Corporation (NASDAQ:TEAM) and shared top AI news everyone is talking about. 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.