Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Inflation remained on a downward trend in the quarter and the fund’s Investor Class fund ARTMX returned -2.95%, Advisor Class fund APDMX posted a return of -2.92%, and Institutional Class fund APHMX returned -2.90%, compared to a -5.22% return for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like Atlassian Corporation (NASDAQ:TEAM) in the Q3 2023 investor letter. Headquartered in Sydney, Australia, Atlassian Corporation Plc (NASDAQ:TEAM) is a software product development company. On December 4, 2023, Atlassian Corporation (NASDAQ:TEAM) stock closed at $194.43 per share. One-month return of Atlassian Corporation (NASDAQ:TEAM) was 8.66%, and its shares gained 55.59% of their value over the last 52 weeks. Atlassian Corporation (NASDAQ:TEAM) has a market capitalization of $50.174 billion.
Artisan Mid Cap Fund made the following comment about Atlassian Corporation (NASDAQ:TEAM) in its Q3 2023 investor letter:
“Among our top contributors were Argenx, Atlassian Corporation (NASDAQ:TEAM) and Global Payments. Atlassian is a leading provider of team-collaboration software tools. The stock outperformed based on solid financial results. Revenue growth is stabilizing (after a period of slowing in 2022), and operating margins are expected to expand in the coming years after a period of heavy reinvestment. Recent earnings results topped analyst expectations, and the company offered solid guidance, including 25% to 30% growth within its strategically important cloud business for its 2024 fiscal year. While operating margin guidance of 18.5% in 2024 was a modest disappointment, it is being driven by a final investment push, and the company expects 2024 to be the peak year for spending. One notable area of investment is generative artificial intelligence, where management is focused on getting these tools integrated into its products to drive additional value for customers which, if executed well, could drive future price increases.”
A closeup of a software engineer showing the complexity of software development.
Atlassian Corporation (NASDAQ:TEAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Atlassian Corporation (NASDAQ:TEAM) at the end of third quarter which was 39 in the previous quarter.
We discussed Atlassian Corporation (NASDAQ:TEAM) in another article and shared the top cloud computing companies in USA. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- World’s 50 Poorest Countries Based on Percentage of Population Below Poverty Line
- 20 Most Popular Nuts in the World
- 10 Best Debt Free Penny Stocks To Buy Now
Disclosure: None. This article is originally published at Insider Monkey.
