Artisan Partners, an investment management company, released its “Artisan Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. US Treasury yields saw a significant decline towards the end of 2023, which led to a massive surge in the last two months of the year for US stocks. The fund’s Investor Class ARTLX, Advisor Class APDLX, and Institutional Class APHLX returned 9.75%, 9.75%, and 9.79% respectively, in the quarter compared to a 9.50% return for the Russell 1000 Value Index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Artisan Value Fund featured stocks like FedEx Corporation (NYSE:FDX) in the fourth quarter 2023 investor letter. Headquartered in Memphis, Tennessee, FedEx Corporation (NYSE:FDX) offers transportation, e-commerce, and business services. On March 13, 2024, FedEx Corporation (NYSE:FDX) stock closed at $255.22 per share. One-month return of FedEx Corporation (NYSE:FDX) was 7.91%, and its shares gained 25.08% of their value over the last 52 weeks. FedEx Corporation (NYSE:FDX) has a market capitalization of $63.778 billion.
Artisan Value Fund stated the following regarding FedEx Corporation (NYSE:FDX) in its fourth quarter 2023 investor letter:
“Other Q4 laggards were global reinsurer Arch Capital and shipping company FedEx Corporation (NYSE:FDX)—holdings that pulled back following large gains. Back in September 2022, FedEx was selling for less than 8X our estimate of normalized earnings due to substantial pessimism. Although the demand environment remains challenging globally, particularly in the Express segment, the company is delivering solid earnings growth driven by cost savings initiatives. FedEx’s DRIVE program, which seeks to deliver $4 billion in permanent cost reductions by creating an integrated air-ground network similar to that of rival UPS, is showing progress, and workforce reductions have also been enacted. While operating results can be choppy, FedEx’s longer term business economics are highly favorable given the global shipping industry’s consolidated structure and massive barriers to entry that afford operators with pricing power to counter cost inflation and earn respectable returns on capital over the business cycle.”
FedEx Corporation (NYSE:FDX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, FedEx Corporation (NYSE:FDX) was held by 70 hedge fund portfolios, up from 67 in the previous quarter, according to our database.
We discussed FedEx Corporation (NYSE:FDX) in another article and shared Carillon Eagle Growth & Income Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
