Artisan Partners, an investment management company, released its “Artisan Select Equity Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund returned -0.4% compared to a 4.28% return for the S&P 500 Index and a -2.2% return for the Russell 1000 Value Index. Year-to-date the fund increased 10.4% compared to 15.3% and 6.6% return for the indexes. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Artisan Select Equity Fund highlighted stocks like Harley-Davidson, Inc. (NYSE:HOG) in the second quarter 2024 investor letter. Harley-Davidson, Inc. (NYSE:HOG) is a motorcycle manufacturer. The one-month return of Harley-Davidson, Inc. (NYSE:HOG) was 3.34%, and its shares gained 9.41% of their value over the last 52 weeks. On August 16, 2024, Harley-Davidson, Inc. (NYSE:HOG) stock closed at $36.51 per share with a market capitalization of $4.805 billion.
Artisan Select Equity Fund stated the following regarding Harley-Davidson, Inc. (NYSE:HOG) in its Q2 2024 investor letter:
“The biggest detractors from performance during the quarter were Harley-Davidson, Inc. (NYSE:HOG), Henry Schein and Expedia. Harley’s share price declined 23% during the quarter after a strong run in Q1. We had significantly reduced our position at higher share prices over the past 12–18 months. The shares have been weak over concerns that higher interest rates are impacting affordability and retail sales. We share these concerns. Harley is likely to reduce its forecasts for the year when it reports, though this now appears to be discounted in the valuation. Famous last words. The shares now trade at a single-digit multiple of earnings. We believe the brand is strong, and management is able to adjust production and costs to meet various demand environments. If interest rates begin to decline as anticipated, demand should improve.”
A black and chrome motorcycle in a desert landscape, capturing the essence of freedom.
Harley-Davidson, Inc. (NYSE:HOG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Harley-Davidson, Inc. (NYSE:HOG) at the end of the second quarter which was 29 in the previous quarter. Harley-Davidson, Inc.’s (NYSE:HOG) consolidated revenue in the second quarter was up 12% and consolidated operating income was up 9% compared to Q2 2023. While we acknowledge the potential of Harley-Davidson, Inc. (NYSE:HOG) 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 Harley-Davidson, Inc. (NYSE:HOG) and shared Carillon Chartwell Mid Cap Value Fund’s views on the company in the previous quarter. 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.
