Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In Q3, US stocks recovered from brief periods of volatility to hit new all-time highs. The portfolio returned strong absolute returns in the third quarter but lagged the benchmark. In the quarter, its Investor Class fund ARTQX returned 8.58%, Advisor Class fund APDQX posted a return of 8.63%, and Institutional Class fund APHQX returned 8.61%, compared to a 10.08% return for the Russell Midcap Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Value Fund highlighted stocks like NetApp, Inc. (NASDAQ:NTAP) in the Q3 2024 investor letter. Headquartered in San Jose, California, NetApp, Inc. (NASDAQ:NTAP) offers a range of enterprise software, systems, and services that enable customers to transform their data infrastructure. The one-month return of NetApp, Inc. (NASDAQ:NTAP) was -7.37%, and its shares gained 51.20% of their value over the last 52 weeks. On November 15, 2024, NetApp, Inc. (NASDAQ:NTAP) stock closed at $117.21 per share with a market capitalization of $24.003 billion.
Artisan Mid Cap Value Fund stated the following regarding NetApp, Inc. (NASDAQ:NTAP) in its Q3 2024 investor letter:
“With regard to sales, we exited NetApp, Inc. (NASDAQ:NTAP), an enterprise data storage and solutions company. Shares had moved into the higher end of our range of fair value on strong earnings results and enthusiasm about the long-term growth potential from artificial intelligence for the company’s storage solutions.”
A multi-monitor workstation displaying data-centric services.
NetApp, Inc. (NASDAQ:NTAP) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held NetApp, Inc. (NASDAQ:NTAP) at the end of the second quarter which was 41 in the previous quarter. In the first fiscal quarter 0f 2025, NetApp, Inc.’s (NASDAQ:NTAP) revenue increased 8% year-over-year to $1.54 billion. While we acknowledge the potential of NetApp, Inc. (NASDAQ:NTAP) 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 NetApp, Inc. (NASDAQ:NTAP) and shared AI news that should not be ignored. NetApp, Inc.’s (NASDAQ:NTAP) strong performance contributed to Artisan Mid Cap Value Fund’s performance in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.