Artisan Partners, an investment management company, released its “Artisan Global Opportunities Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTRX returned 5.73%, Advisor Class fund APDRX posted a return of 5.78%, and Institutional Class fund APHRX returned 5.83%, compared to a return of 6.18% for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Global Opportunities Fund highlighted stocks like Advanced Micro Devices, Inc. (NASDAQ:AMD) in the second quarter 2023 investor letter. Headquartered in Santa Clara, California, Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor company. On September 19, 2023, Advanced Micro Devices, Inc. (NASDAQ:AMD) stock closed at $101.61 per share. One-month return of Advanced Micro Devices, Inc. (NASDAQ:AMD) was -7.15%, and its shares gained 36.43% of their value over the last 52 weeks. Advanced Micro Devices, Inc. (NASDAQ:AMD) has a market capitalization of $164.168 billion.
Artisan Global Opportunities Fund made the following comment about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q2 2023 investor letter:
“Among our top contributors were Advanced Micro Devices, Inc. (NASDAQ:AMD), NU Holdings and Netflix. AMD’s data center CPUs are used in the cloud service provider (CSP) servers. In addition to the broader secular tailwind from cloud adoption, the company has a performance and pricing advantage over Intel, which we believe will enable it to continue capturing market share. However, the recent stock price rally was due to growing excitement around the company’s AI exposure. It will launch its new MI300 graphics processing unit (GPU) chip later this year to compete against the dominant market leader NVIDIA. Similar to its approach that won market share from Intel within the CPU market, AMD’s product will aim to provide similar performance at a more attractive price. AMD is already working with Microsoft and Meta, while Amazon publicly stated that it is evaluating AMD’s inferencing chips. Using assumptions around the total GPU market size, potential market share gains and price points, our research indicates this could be a $20 billion opportunity for AMD. That would nearly double its revenue. While the company has not historically missed many deadlines, there is execution risk as it works to manufacture and distribute these complex chips at scale, which, combined with an elevated valuation after the stock’s strong performance run, led us to trim the position.”
A close up of a complex looking PCB board with several intergrated semiconductor parts. Editorial photo for a financial news article. 8k. –ar 16:9
Advanced Micro Devices, Inc. (NASDAQ:AMD) is in 23rd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 112 hedge fund portfolios held Advanced Micro Devices, Inc. (NASDAQ:AMD) at the end of second quarter which was 91 in the previous quarter.
We discussed Advanced Micro Devices, Inc. (NASDAQ:AMD) in another article and shared the list of top semiconductor market share by company. 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.
