Do You Think the Macro Economic Issues Affected Advanced Drainage Systems (WMS)?

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund ARTMX returned -1.13%, Advisor Class fund APDMX posted a return of -1.12%, and Institutional Class fund APHMX returned -1.07%, compared to a return of 6.90% for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Artisan Partners highlighted stocks like Advanced Drainage Systems, Inc. (NYSE:WMS) in the fourth quarter 2022 investor letter. Headquartered in Hilliard, Ohio, Advanced Drainage Systems, Inc. (NYSE:WMS) is a manufacturer of thermoplastic pipes. On January 19, 2023, Advanced Drainage Systems, Inc. (NYSE:WMS) stock closed at $85.42 per share. One-month return of Advanced Drainage Systems, Inc. (NYSE:WMS) was 3.19%, and its shares lost 23.50% of their value over the last 52 weeks. Advanced Drainage Systems, Inc. (NYSE:WMS) has a market capitalization of $7.078 billion.

Artisan Partners made the following comment about Advanced Drainage Systems, Inc. (NYSE:WMS) in its Q4 2022 investor letter:

“Advanced Drainage Systems, Inc. (NYSE:WMS) is a leading manufacturer of high performance thermoplastic corrugated pipe and related products serving the non-residential construction, residential construction, agriculture and infrastructure markets throughout North America. Shares declined after a disappointing earnings release as end markets softened faster than anticipated, especially its residential business where rising interest rates have cooled construction activity. We continue to believe the company is well-positioned to capitalize on the long-term shift in the pipe industry away from concrete and toward plastic materials, which are typically greener and more durable, but we reduced our position until these cyclical pressures wane.”

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Advanced Drainage Systems, Inc. (NYSE:WMS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Advanced Drainage Systems, Inc. (NYSE:WMS) at the end of the third quarter, which was 27 in the previous quarter.

We discussed Advanced Drainage Systems, Inc. (NYSE:WMS) in another article and shared Carillon Tower Advisers’ views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.