Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, its Investor Class fund APFDX returned 11.52%, Advisor Class fund APDDX posted a return of 11.56%, and Institutional Class fund APHDX returned 11.64%, compared to a return of 7.31% for the MSCI All Country World Index. The fund’s performance in the quarter was attributed to security selection, significantly in the information technology and healthcare sectors. Several software, semiconductor, and biomanufacturing holdings rebounded in Q1 after a difficult Q4. Moreover, the portfolio also benefited from a lack of exposure to the energy sector, the index’s worst-performing sector for the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Global Discovery Fund highlighted stocks like Lattice Semiconductor Corporation (NASDAQ:LSCC) in the first quarter 2023 investor letter. Based in Hillsboro, Oregon, Lattice Semiconductor Corporation (NASDAQ:LSCC) is a semiconductor products developer. On June 29, 2023, Lattice Semiconductor Corporation (NASDAQ:LSCC) stock closed at $93.07 per share. One-month return of Lattice Semiconductor Corporation (NASDAQ:LSCC) was 17.00%, and its shares gained 105.54% of their value over the last 52 weeks. Lattice Semiconductor Corporation (NASDAQ:LSCC) has a market capitalization of $12.807 billion.
Artisan Global Discovery Fund made the following comment about Lattice Semiconductor Corporation (NASDAQ:LSCC) in its first quarter 2023 investor letter:
“Among our top contributors were Lattice Semiconductor Corporation (NASDAQ:LSCC), HubSpot and Gerresheimer. A strong area of the portfolio was our semiconductor holdings. This is an area of the market where we have historically found many compelling opportunities, and we believe it continues to be an attractive area for long-term capital. Our high-level thesis is that industry consolidation is driving profitability improvements that, combined with top-line demand growth drivers, are breeding many interesting profit cycles. Please read our latest semiconductor industry whitepaper to dive into our thoughts on the industry.
Lattice Semiconductor is a fabless vendor of field programmable gate array (FPGA) chips that customers can program and configure to their specifications. These chips are used in numerous applications, from data centers and 5G infrastructure to routers, switches, PCs, industrial Internet of things devices, factory automation and automobiles, to name a few. Citing strong growth within its industrial, automotive, communication and computing business segments, the company reported 24% YoY revenue growth, expanding gross margins and earnings ahead of expectations. In a period where many semiconductor companies are experiencing short-term slowdowns, we have been encouraged by Lattice’s continued solid results, which testify to the new management team’s progress in reinvigorating both its chip offerings and its software tools for customers. While a recession could cause short-term bumps in the profit cycle in 2023, we are excited about the company’s new midrange FPGA offering Avant, which we estimate more than doubles Lattice’s addressable market and should serve as a meaningful growth catalyst starting in 2024. After the strong performance in the quarter, we trimmed the position due to our valuation discipline.”
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Lattice Semiconductor Corporation (NASDAQ:LSCC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Lattice Semiconductor Corporation (NASDAQ:LSCC) at the end of first quarter 2023 which was 35 in the previous quarter.
We discussed Lattice Semiconductor Corporation (NASDAQ:LSCC) in another article and shared Carillon Eagle Small Cap Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
