Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTMX returned 4.44%, Advisor Class fund APDMX posted a return of 4.48%, and Institutional Class fund APHMX returned 4.49%, compared to a 6.23% return for the Russell Midcap Growth Index. Sector allocation and security selection drove the Q2 underperformance. ARTMX, APDMX, and APHMX returned 17.36%, 17.47%, and 17.48%, respectively, compared to 15.94% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund Composite highlighted stocks like Exact Sciences Corporation (NASDAQ:EXAS) in the second quarter 2023 investor letter. Headquartered in Madison, Wisconsin, Exact Sciences Corporation (NASDAQ:EXAS) provides cancer screening and diagnostic test products. On August 25, 2023, Exact Sciences Corporation (NASDAQ:EXAS) stock closed at $80.46 per share. One-month return of Exact Sciences Corporation (NASDAQ:EXAS) was -16.81%, and its shares gained 127.30% of their value over the last 52 weeks. Exact Sciences Corporation (NASDAQ:EXAS) has a market capitalization of $14.684 billion.
Artisan Mid Cap Fund Composite made the following comment about Exact Sciences Corporation (NASDAQ:EXAS) in its second quarter 2023 investor letter:
“Among our top contributors were HubSpot, Chipotle and Exact Sciences Corporation (NASDAQ:EXAS). Exact Sciences is a leading provider of diagnostic testing and maker of the noninvasive colorectal cancer screening test Cologuard®. Shares rallied after the company reported strong fundamental results. Revenue grew 24%, but more importantly, screening revenues (mostly Cologuard®) grew 45%. Management also raised 2023 revenue guidance; however, we continue to believe these targets are conservative, in part due to a meaningful expansion in the addressable market for Cologuard® since the United States Preventive Services Task Force lowered the recommended age at which people should be screened for colorectal cancer (from 50 to 45 years old) in 2021. Our research indicates this expands the company’s addressable market by another ~18 million unscreened individuals. We also believe meaningful long-term opportunities exist as the company develops additional high-value cancer tests. Given this growth outlook and a recent transition to profitability, we added to our position and moved it into the Crop.”
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Exact Sciences Corporation (NASDAQ:EXAS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Exact Sciences Corporation (NASDAQ:EXAS) at the end of second quarter which was 38 in the previous quarter.
We discussed Exact Sciences Corporation (NASDAQ:EXAS) in another article and shared top stock picks of ARK Invest. 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.
