Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The third quarter saw strength in small cap stocks, particularly in July when the return on the Russell 2000 Index was 10.2%. In the quarter, its Investor Class fund ARTSX returned 9.02%, Advisor Class fund APDSX posted a return of 9.04%, and Institutional Class fund APHSX returned 9.06%, compared to a return of 8.41% for the Russell 2000 Growth Index. Outperformance of the fund in the quarter was driven by positive security selection within health care and consumer discretionary sectors. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Artisan Small Cap Fund highlighted stocks like Colliers International Group Inc. (NASDAQ:CIGI) in the third quarter 2024 investor letter. Colliers International Group Inc. (NASDAQ:CIGI) is a commercial real estate professional and investment management services provider. The one-month return of Colliers International Group Inc. (NASDAQ:CIGI) was 1.32%, and its shares gained 24.35% of their value over the last 52 weeks. On December 11, 2024, Colliers International Group Inc. (NASDAQ:CIGI) stock closed at $148.52 per share with a market capitalization of $7.483 billion.
Artisan Small Cap Fund stated the following regarding Colliers International Group Inc. (NASDAQ:CIGI) in its Q3 2024 investor letter:
“During the quarter, we initiated new GardenSM positions in Hamilton Lane, Installed Building Products and Colliers International Group Inc. (NASDAQ:CIGI). Colliers is the third-largest global commercial real estate broker, with the expertise, scale and brand necessary to provide a broad range of services (e.g., advisory, leasing, capital markets and investment management) to a global customer base. The significant rise in interest rates decimated commercial real estate sales and leasing trends and largely covered up solid company-specific profit cycle drivers. For example, we expect the company to make a successful strategic push into engineering solutions and investment management, as it would increase the company’s exposure to faster growing industry segments, such as public and private infrastructure projects. Now that interest rate headwinds might abate, we believe the company-specific profit cycle drivers might begin to shine.”
An experienced property manager overseeing tenants in an apartment complex.
Colliers International Group Inc. (NASDAQ:CIGI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Colliers International Group Inc. (NASDAQ:CIGI) at the end of the third quarter which was 15 in the previous quarter. Colliers International Group Inc.’s (NASDAQ:CIGI) third quarter revenue was $1.2 billion, up 11% year-over-year. While we acknowledge the potential of Colliers International Group Inc. (NASDAQ:CIGI) 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 Colliers International Group Inc. (NASDAQ:CIGI) and shared Columbia Acorn Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.