Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In Q3, US stocks recovered from brief periods of volatility to hit new all-time highs. The portfolio returned strong absolute returns in the third quarter but lagged the benchmark. In the quarter, its Investor Class fund ARTQX returned 8.58%, Advisor Class fund APDQX posted a return of 8.63%, and Institutional Class fund APHQX returned 8.61%, compared to a 10.08% return for the Russell Midcap Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Value Fund highlighted stocks like Globe Life Inc. (NYSE:GL), in the third quarter 2024 investor letter. Globe Life Inc. (NYSE:GL) is a provider of various life and supplemental health insurance products, and annuities. The one-month return of Globe Life Inc. (NYSE:GL) was -0.94%, and its shares lost 7.46% of their value over the last 52 weeks. On November 15, 2024, Globe Life Inc. (NYSE:GL) stock closed at $109.20 per share with a market capitalization of $9.167 billion.
Artisan Mid Cap Value Fund stated the following regarding Globe Life Inc. (NYSE:GL) in its Q3 2024 investor letter:
“On the positive side, our financials and health care holdings contributed strongly to our absolute and relative performance. In the financials sector, we had a number of strong performers, including insurer Globe Life Inc. (NYSE:GL) and boutique investment bank Moelis & Company. Globe Life shares continued to recover after plunging to their lowest levels in a decade following a short seller’s report alleging widespread insurance fraud. A completed review by Globe Life’s audit committee that was assisted by outside law and forensic accounting firms was unable to find evidence to support the financial misconduct allegations. Although the market’s near-term focus has been on the fraud investigation, recent results in both the life and health segments have been solid, with strong sales and improving benefits ratios. Our investment thesis on Globe Life has been underpinned by its slow growth, conservative balance sheet and robust free cash flow returned to shareholders via buybacks and dividends.”
A financial adviser in a suit talking with a senior client about their life insurance policy.
Globe Life Inc. (NYSE:GL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Globe Life Inc. (NYSE:GL) at the end of the second quarter which was 38 in the previous quarter. Globe Life Inc.’s (NYSE:GL) third quarter net income was $303 million compared to $257 million in Q3 2023. While we acknowledge the potential of Globe Life Inc. (NYSE:GL) 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.
In another article, we discussed Globe Life Inc. (NYSE:GL) and shared the list of best health insurance stocks to buy. Globe Life Inc. (NYSE:GL) detracted from the performance of Artisan Mid Cap Value Fund in the previous quarter due to a short seller’s allegations of insurance fraud. In addition, please check out our hedge fund investor letters Q3 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.