Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund featured stocks like WESCO International, Inc. (NYSE:WCC) in the first quarter 2024 investor letter. Headquartered in Pittsburgh, Pennsylvania, WESCO International, Inc. (NYSE:WCC) offers business-to-business distribution, logistics services, and supply chain solutions. On April 11, 2024, WESCO International, Inc. (NYSE:WCC) stock closed at $165.51 per share. One-month return of WESCO International, Inc. (NYSE:WCC) was 3.36%, and its shares gained 20.44% of their value over the last 52 weeks. WESCO International, Inc. (NYSE:WCC) has a market capitalization of $8.433 billion.
Artisan Mid Cap Fund stated the following regarding WESCO International, Inc. (NYSE:WCC) in its first quarter 2024 investor letter:
“We ended our investment campaigns in Lululemon, WESCO International, Inc. (NYSE:WCC) and BJ’s Wholesale Club during the quarter. WESCO’s 2020 acquisition of Anixter made it the largest US electrical and data center distributor, further strengthening its brand and allowing the company to benefit from supply chain advantages. Our thesis was that the company would benefit from incremental spending increases due to multiple secular trends (energy transition, electrification, reshoring, etc.) while capturing cross-selling opportunities between the two customer bases. Since initiating the position, we have been disappointed in financial results and decided to exit it in favor of higher conviction beneficiaries of these secular trends.”
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WESCO International, Inc. (NYSE:WCC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, WESCO International, Inc. (NYSE:WCC) was held by 39 hedge fund portfolios, up from 35 in the previous quarter, according to our database.
We previously discussed WESCO International, Inc. (NYSE:WCC) in another article, where we shared Diamond Hill Mid Cap Strategy’s perspective on the company. 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.
