Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. The Russell Midcap Value Index ended Q4 somewhat lower, down -1.75%, after posting robust gains in Q3. The index provided a 13.07% return for the year. Following the US election, mid-cap value stocks experienced a significant rally with the larger US equity market, hitting all-time highs before declining in December. In the quarter, the fund’s Investor Class fund ARTQX returned -3.70%, Advisor Class fund APDQX posted a return of -3.67%, and Institutional Class fund APHQX returned -3.67%, compared to a -1.75% return for the Russell Midcap Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Artisan Mid Cap Value Fund emphasized stocks such as M&T Bank Corporation (NYSE:MTB). M&T Bank Corporation (NYSE:MTB) is a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association. The one-month return M&T Bank Corporation (NYSE:MTB) was -11.68%, and its shares gained 24.95% of their value over the last 52 weeks. On March 14, 2025, M&T Bank Corporation (NYSE:MTB) stock closed at $175.59 per share with a market capitalization of $28.848 billion.
Artisan Mid Cap Value Fund stated the following regarding M&T Bank Corporation (NYSE:MTB) in its Q4 2024 investor letter:
“On the positive side, our financials holdings delivered strong absolute and relative returns in 2024, and each of our biggest contributors— First Citizens, M&T Bank and Progressive—was in the financials sector. M&T Bank Corporation (NYSE:MTB) is a regional bank based in Buffalo, New York, with 700 branches stretching from New England to Washington, D.C. MTB’s earnings are on the upswing driven by growth in net interest income and fees, benign credit trends and a continued focus on expense management. Overall loan growth is up as growth in C&I (commercial &industrial) and consumer loans has offset a significant reduction in commercial real estate loans. Our bank stocks, including MTB, have been among our top performers over the past year as cooling inflation has increased the chances of a US economic soft landing and allowed the Federal Reserve to pursue an easier monetary policy. M&T has long commanded a well-deserved premium within the bank universe based on its low-cost operating model, strong return on equity and its superior track record in underwriting loans.”
A busy financial advisor talking to a client in their office.
M&T Bank Corporation (NYSE:MTB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held M&T Bank Corporation (NYSE:MTB) at the end of the fourth quarter compared to 30 in the third quarter. While we acknowledge the potential of M&T Bank Corporation (NYSE:MTB) 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 M&T Bank Corporation (NYSE:MTB) and shared Giverny Capital Asset Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.