Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund ARTQX returned 11.21%, Advisor Class fund APDQX posted a return of 11.20%, and Institutional Class fund APHQX returned 11.17%, compared to a 12.11% return for the Russell Midcap Value Index. For the full year, ARTQX, APDQX, and APHQX returned 18.15%, 18.25%, and 18.35%, respectively, compared to 12.71% for the index. The portfolio did well in the market with double-digit gains but trailed the Russell Midcap Value Index in Q4. However, it outperformed in the prior three quarters, leading to strong results compared to the index and peer group for 2023. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Value Fund featured stocks like Cable One, Inc. (NYSE:CABO) in the Q4 2023 investor letter. Headquartered in Phoenix, Arizona, Cable One, Inc. (NYSE:CABO) is a data, video, and voice services provider. On March 26, 2024, Cable One, Inc. (NYSE:CABO) stock closed at $435.69 per share. One-month return of Cable One, Inc. (NYSE:CABO) was -1.59%, and its shares lost 34.58% of their value over the last 52 weeks. Cable One, Inc. (NYSE:CABO) has a market capitalization of $2.448 billion.
Artisan Mid Cap Value Fund stated the following regarding Cable One, Inc. (NYSE:CABO) in its fourth quarter 2023 investor letter:
“Cable One, Inc. (NYSE:CABO), a small cable company operating in rural US markets, was our biggest detractor in Q4. Concerns about increasing competition from wireless providers have pressured shares. Additionally, subscriber growth has been held back by fewer residential moves given a frozen US housing market. While wireless companies are entering new markets, 5G is not currently competitive with cable’s download speeds, and based on the physics of wireless data delivery, 5G is unlikely to be competitive with cable for many years, if ever. Cable continues to have a competitive advantage with respect to network speeds, reliability and capital intensity. Despite recent growth challenges, free cash flow conversion remains solid, and the valuation is highly attractive, having a free cash flow yield of ~8% and selling at a low double-digit P/E multiple. We like the cable business in general due to its high recurring revenue, pricing power and healthy operating leverage.”
A line of cable boxes and modern televisions, representing the company’s video services.
Cable One, Inc. (NYSE:CABO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Cable One, Inc. (NYSE:CABO) was held by 28 hedge fund portfolios, compared to 25 in the previous quarter, according to our database.
We discussed Cable One, Inc. (NYSE:CABO) in another article and shared the list of biggest telecom companies in the US. In addition, please check out our hedge fund investor letters Q4 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.
