Do You Believe Crocs (CROX) has a Long Runway for Growth?

Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTSX returned 1.10%, Advisor Class fund APDSX posted a return of 1.19%, and Institutional Class fund APHSX returned 1.19%, compared to a return of 7.05% for the Russell 2000 Growth Index. Year-to-date, ARTSX, APDSX, and APHSX returned 8.78%, 8.91%, and 8.91%, respectively, compared to a 13.55% return for the benchmark. Despite this year’s relative setback, the firm remains bullish on its asset class’s long-term prospects. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Small Cap Fund highlighted stocks like Crocs, Inc. (NASDAQ:CROX) in the second quarter 2023 investor letter. Headquartered in Broomfield, Colorado, Crocs, Inc. (NASDAQ:CROX) engages in the footwear and accessories business. On August 30, 2023, Crocs, Inc. (NASDAQ:CROX) stock closed at $96.84 per share. One-month return of Crocs, Inc. (NASDAQ:CROX) was -6.68%, and its shares gained 32.62% of their value over the last 52 weeks. Crocs, Inc. (NASDAQ:CROX) has a market capitalization of $5.97 billion.

Artisan Small Cap Fund made the following comment about Crocs, Inc. (NASDAQ:CROX) in its second quarter 2023 investor letter:

“Along with Exact Sciences, notable adds in the quarter included Twist Bioscience, Saia and Crocs, Inc. (NASDAQ:CROX). Crocs designs, develops, manufactures and distributes casual footwear and accessories for men, women and children. The company invented the molded plastic Clog in 2002 and has turned it into a $3 billion global revenue base. We believe expansion opportunities outside the US, demand from new product introductions (including from recently acquired Hey Dude) and distribution pushes within the direct-to-consumer and wholesale channels will drive greater-than-expected revenue growth. Given the company’s small market share, just 1% of the global footwear industry, we believe it has a long runway for growth and continue to build our GardenSM position.”

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Crocs, Inc. (NASDAQ:CROX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Crocs, Inc. (NASDAQ:CROX) at the end of second quarter which was 31 in the previous quarter.

We discussed Crocs, Inc. (NASDAQ:CROX) in another article and shared the list of best up and coming stocks to invest in. 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.