Artisan Partners, an investment management company, released its “Artisan Select Equity Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Its Investor Class: ARTNX returned 10.86%, Advisor Class: APDNX returned 10.85%, and Institutional Class: APHNX returned 10.91% compared to a 10.56% return for the S&P 500 Index. The US market recorded gains in a quarter that nearly equated to a full year. Almost all the markets around the world did well in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Artisan Select Equity Fund highlighted stocks like Expedia Group, Inc. (NASDAQ:EXPE), in the first quarter 2024 investor letter. Expedia Group, Inc. (NASDAQ:EXPE) is an online travel company. The one-month return of Expedia Group, Inc. (NASDAQ:EXPE) was 9.06%, and its shares gained 11.39% of their value over the last 52 weeks. On June 7, 2024, Expedia Group, Inc. (NASDAQ:EXPE) stock closed at $123.06 per share with a market capitalization of $16.302 billion.
Artisan Select Equity Fund stated the following regarding Expedia Group, Inc. (NASDAQ:EXPE) in its first quarter 2024 investor letter:
“Expedia Group, Inc. (NASDAQ:EXPE) shares declined 9% during the quarter, which is partially just a natural correction after the 47% increase in the share price in the prior quarter. The company reported good Q4 earnings, with revenues growing 10% and profits rising 57%. The business has nearly completed a material restructuring over the past two years, which should set them up to be more competitive with structurally higher profitability. The macro environment is softening, but they believe the changes they have made to the business over the past two years will allow them to still grow double digits and further improve margins in 2024. The capital allocation remains solid. Last year, they repurchased $2 billion in stock and reduced their share count by 9%. They plan to continue buying back shares and increased their buyback authorization to $5 billion, which is nearly 28% of the market cap. The shares are trading around 11X EBIT, which is an attractive price for a business with over 10% profit growth.”
An international traveler consulting the company’s app on their smartphone, illustrating their successful online marketplace.
Expedia Group, Inc. (NASDAQ:EXPE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held Expedia Group, Inc. (NASDAQ:EXPE) at the end of the first quarter which was 65 in the previous quarter. Total gross bookings of Expedia Group Inc. (EXPE) were $30.2 billion in the quarter, up 3% compared to last year. While we acknowledge the potential of Expedia Group, Inc. (NASDAQ:EXPE) 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.
Aristotle Atlantic Focus Growth Strategy recently added Expedia Group Inc. (NASDAQ:EXPE) to its portfolio, highlighting its potential in the first quarter investor letter. In addition, please check out our hedge fund investor letters Q1 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.
