Here’s Why Artisan Mid Cap Fund Trimmed Teledyne Technologies Incorporated (TDY)

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTMX returned 4.44%, Advisor Class fund APDMX posted a return of 4.48%, and Institutional Class fund APHMX returned 4.49%, compared to a 6.23% return for the Russell Midcap Growth Index. Sector allocation and security selection drove the Q2 underperformance. ARTMX, APDMX, and APHMX returned 17.36%, 17.47%, and 17.48%, respectively, compared to 15.94% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Mid Cap Fund Composite highlighted stocks like Teledyne Technologies Incorporated (NYSE:TDY) in the second quarter investor letter. Headquartered in Thousand Oaks, California, Teledyne Technologies Incorporated (NYSE:TDY) is an enabling technologies provider for industrial growth. On August 29, 2023, Teledyne Technologies Incorporated (NYSE:TDY) stock closed at $417.91 per share. One-month return of Teledyne Technologies Incorporated (NYSE:TDY) was 9.24%, and its shares gained 13.45% of their value over the last 52 weeks. Teledyne Technologies Incorporated (NYSE:TDY) has a market capitalization of $19.673 billion.

Artisan Mid Cap Fund Composite made the following comment about Teledyne Technologies Incorporated (NYSE:TDY) in its second quarter 2023 investor letter:

“Notable trims in the quarter included Global Payments, Teledyne Technologies Incorporated (NYSE:TDY) and Envista Holdings. Teledyne is a supplier of enabling technologies to sense, transmit and analyze information for a diverse group of end markets, including aerospace & defense, factory automation, medical imaging, oil & gas, pharmaceutical research and environmental monitoring. The company reported decent Q1 results; however, given our view that the company lacks material near-term catalysts, we decided to trim the position to fund the addition to Hubbell.”

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Teledyne Technologies Incorporated (NYSE:TDY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Teledyne Technologies Incorporated (NYSE:TDY) at the end of second quarter which was 31 in the previous quarter.

We discussed Teledyne Technologies Incorporated (NYSE:TDY) in another article and shared the list of best scientific instruments stocks to buy. 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.