Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund APFDX returned 1.78%, Advisor Class fund APDDX posted a return of 1.78%, and Institutional Class fund APHDX returned 1.83%, compared to a return of 6.18% for the MSCI All Country World Index. Security selection in the IT and healthcare Sector led the fund to underperform in the quarter. Year-to-date, APFDX, APDDX, and APHDX returned 13.51%, 13.54%, and 13.68%, respectively, compared to 13.93% for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Global Discovery Fund highlighted stocks like Catalent, Inc. (NYSE:CTLT) in its Q2 2023 investor letter. Headquartered in Somerset, New Jersey, Catalent, Inc. (NYSE:CTLT) develops and manufacturers solutions for a drug, protein-based biologics, cell, and gene therapies. On August 23, 2023, Catalent, Inc. (NYSE:CTLT) stock closed at $45.36 per share. One-month return of Catalent, Inc. (NYSE:CTLT) was -4.79%, and its shares lost 56.47% of their value over the last 52 weeks. Catalent, Inc. (NYSE:CTLT) has a market capitalization of $8.359 billion.
Artisan Global Discovery Fund made the following comment about Catalent, Inc. (NYSE:CTLT) in its second quarter 2023 investor letter:
“Our underperformance in health care was entirely driven by two holdings, Catalent, Inc. (NYSE:CTLT) and Ascendis Pharma. Catalent was the more disappointing of the two. As a leading contract manufacturing and development organization, we believe Catalent sits in an attractive place in the pharmaceutical supply chain; however, its execution has been disappointing. The company rapidly expanded its biologics manufacturing business (both organically and via acquisition) in recent years and appears to be struggling with quality controls, cost management and financial forecasting. The CFO’s dismissal in April and a dramatic cut to fiscal 2023 earnings guidance exposed the depth of the issues, which had been hard to ascertain previously. With our profit cycle thesis no longer valid, we exited the position. We continue to view the bioprocessing secular trend as compelling, and we continue to own other leading franchises where execution remains solid.”
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Catalent, Inc. (NYSE:CTLT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Catalent, Inc. (NYSE:CTLT) at the end of second quarter which was 42 in the previous quarter.
We discussed Catalent, Inc. (NYSE:CTLT) in another article and shared Aristotle Atlantic Partners’ views on the company. 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.
