Artisan Partners, an investment management company, released its “Artisan Select Equity Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund returned -0.4% compared to a 4.28% return for the S&P 500 Index and a -2.2% return for the Russell 1000 Value Index. Year-to-date the fund increased 10.4% compared to 15.3% and 6.6% return for the indexes. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Artisan Select Equity Fund highlighted stocks like Expedia Group, Inc. (NASDAQ:EXPE), in the second quarter 2024 investor letter. Expedia Group, Inc. (NASDAQ:EXPE) is an online travel company with a market capitalization of $17.059 billion. The one-month return of Expedia Group, Inc. (NASDAQ:EXPE) was -2.54%, and its shares gained 21.25% of their value over the last 52 weeks. On August 16, 2024, Expedia Group, Inc. (NASDAQ:EXPE) stock closed at $131.04 per share.
Artisan Select Equity Fund stated the following regarding Expedia Group, Inc. (NASDAQ:EXPE) in its Q2 2024 investor letter:
“Expedia Group, Inc. (NASDAQ:EXPE) shares declined 18% during the quarter after reducing its full-year outlook. It lowered its revenue growth forecast to mid- to high-single digits for 2024 and said margins will stay flat. On the surface, a business growing in the high-single digits while maintaining profitability isn’t bad. The issue is the company just completed a major restructuring that was supposed to result in accelerated revenue growth and significant margin expansion. Neither is happening. The company continues to underperform the industry and its peers. Importantly, management will not share with us the important metrics and disclosures that might give us the ability to understand why. It continues to just tell us that improvement is coming. That is not enough for us, and we have lost confidence that the changes will have the intended impact on the company’s financial performance. As a result, we decided to exit the investment at a modest profit.”
A busy airport terminal with a family eagerly waiting for their business trip.
Expedia Group, Inc. (NASDAQ:EXPE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Expedia Group, Inc. (NASDAQ:EXPE) at the end of the second quarter which was 62 in the previous quarter. The second quarter revenue of Expedia Group, Inc. (NASDAQ:EXPE) grew 6% to 3.6 million compared to Q2 2023. While we acknowledge the potential of Expedia Group, Inc. (NASDAQ:EXPE) 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 Expedia Group, Inc. (NASDAQ:EXPE) and shared the list of best travel and leisure stocks to buy. Expedia Group, Inc. (NASDAQ:EXPE) was among the few stocks in Artisan Select Equity Fund’s portfolio in Q1 2024, that experienced a decline of over 1%. In addition, please check out our hedge fund investor letters Q2 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.
