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 Bentley Systems, Incorporated (NASDAQ:BSY) in the second quarter 2023 investor letter. Headquartered in Exton, Pennsylvania, Bentley Systems, Incorporated (NASDAQ:BSY) is an infrastructure engineering software solutions provider. On August 23, 2023, Bentley Systems, Incorporated (NASDAQ:BSY) stock closed at $47.41 per share. One-month return of Bentley Systems, Incorporated (NASDAQ:BSY) was -10.17%, and its shares gained 22.10% of their value over the last 52 weeks. Bentley Systems, Incorporated (NASDAQ:BSY) has a market capitalization of $13.984 billion.
Artisan Global Discovery Fund made the following comment about Bentley Systems, Incorporated (NASDAQ:BSY) in its second quarter 2023 investor letter:
“Among our top contributors were NU Holdings, Bentley Systems, Incorporated (NASDAQ:BSY) and Shockwave Medical. Bentley Systems is the leading provider of engineering software used to design roads, bridges, tunnels, rail systems and other public works. Construction is one of the economy’s least digitized verticals, and there are significant opportunities for software to increase productivity within civil engineering projects. We view Bentley as well positioned to support the infrastructure spending encouraged by the Infrastructure Investment and Jobs Act and Inflation Reduction Act. Civil engineers may be hard pressed to respond to accelerating project opportunities under these market conditions, further enhancing the importance of Bentley’s design tools. At a time when software growth rates are generally seeing pressure, we believe this company has the potential to maintain, or even accelerate slightly, its current pace into 2023.”
Photo by ThisisEngineering RAEng on Unsplash
Bentley Systems, Incorporated (NASDAQ:BSY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Bentley Systems, Incorporated (NASDAQ:BSY) at the end of second quarter which was 19 in the previous quarter.
We discussed Bentley Systems, Incorporated (NASDAQ:BSY) in another article and Artisan Mid Cap Fund’s views on the company in the previous 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.
