Artisan Partners, an investment management company, released its “Artisan Developing World Fund” second quarter 2024 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund (Investor Class) returned 4.72% compared to 5.00% for the MSCI Emerging Markets Index. The Artisan Developing World Fund has returned 127.46% cumulatively, since June 30, 2015, compared to 38.81% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Developing World Fund highlighted stocks like Visa Inc. (NYSE:V), in the second quarter 2024 investor letter. Visa Inc. (NYSE:V) is a payment technology company. The one-month return of Visa Inc. (NYSE:V) was -3.01%, and its shares gained 10.75% of their value over the last 52 weeks. On July 8, 2024, Visa Inc. (NYSE:V) stock closed at $266.40 per share with a market capitalization of $545.081 billion.
Artisan Developing World Fund stated the following regarding Visa Inc. (NYSE:V) in its Q2 2024 investor letter:
“While we remain focused on disproportionate equity outcomes, we seek to complement these investments with what we have come to characterize as “correlation stocks.” These investments have lower revenue velocity such that the range of investment outcomes is reduced, and can be further dampened by a company’s incremental margin structure. We view Visa Inc. (NYSE:V) similarly, since it is linked to personal consumption expenditures, which are inflation-linked and subject to relatively limited variability. To reduce the range of investment outcomes further, we may seek investments not only with low revenue variability but with low incremental margin structures.”
A close-up of a credit card being swiped on a payment terminal, reflecting the company’s payments technology.
Visa Inc. (NYSE:V) is in 6th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 166 hedge fund portfolios held Visa Inc. (NYSE:V) at the end of the first quarter which was 162 in the previous quarter. For the second quarter of fiscal 2024, Visa Inc. (NYSE:V) reported net revenue of $8.8 billion, an increase of 10%; GAAP EPS increased by 12%; and non-GAAP EPS increased by 20%. While we acknowledge the potential of Visa Inc. (NYSE:V) 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.
We discussed Visa Inc. (NYSE:V) in another article and shared Manole Capital Management’s views on the company. 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.
