Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, its Investor Class fund ARTMX returned 12.37%, Advisor Class fund APDMX posted a return of 12.43%, and Institutional Class fund APHMX returned 12.43%, compared to a 9.14% return for the Russell Midcap Growth Index. Positive stock selection drove the portfolio to outperform in the quarter and was most pronounced in the information technology and healthcare sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like CNH Industrial N.V. (NYSE:CNHI) in the first quarter 2023 investor letter. Headquartered in London, the United Kingdom, CNH Industrial N.V. (NYSE:CNHI) is an agricultural and construction equipment, trucks, commercial vehicles, buses, and specialty vehicles manufacturing company. On June 21, 2023, CNH Industrial N.V. (NYSE:CNHI) stock closed at $14.61 per share. One-month return of CNH Industrial N.V. (NYSE:CNHI) was 9.85%, and its shares gained 28.38% of their value over the last 52 weeks. CNH Industrial N.V. (NYSE:CNHI) has a market capitalization of $19.522 billion.
Artisan Mid Cap Fund made the following comment about CNH Industrial N.V. (NYSE:CNHI) in its first quarter 2023 investor letter:
“In addition to Lattice Semiconductor and NASDAQ, we also trimmed CNH Industrial N.V. (NYSE:CNHI). CNH Industrial is the second-largest global agricultural equipment company (primarily tractors and combines) with leading brands Case IH and New Holland. After a long period of relatively stagnant technological developments in the agricultural field, CNH is on a journey to meaningfully expand its technological offerings in areas such as precision agriculture and autonomous technology. Our research indicates that the fleet of agricultural equipment in the world is as old as it has been in 40 years, meaning there is pent-up demand at a time when there is new technological innovation. We believe this sets up CNH for a long-term secular growth opportunity. Last, in our view, additional internal catalysts—a new CEO who previously led an impressive turnaround at Polaris, greater pricing discipline and improvements to its supply chain efficiency—will enable it to narrow its margin gap with competitor John Deere in the periods ahead. We maintain conviction in CNH over the long term. However, we are cognizant of the possibility that agriculture market trends have peaked in the short term, which, combined with signs of economic pressure and the potential for tighter lending standards, led us to reduce the position.”
Photo by Sebastian Gómez on Unsplash
CNH Industrial N.V. (NYSE:CNHI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held CNH Industrial N.V. (NYSE:CNHI) at the end of first quarter 2023 which was 32 in the previous quarter.
We discussed CNH Industrial N.V. (NYSE:CNHI) in another article and shared the list of agribusiness companies in the world by revenue. 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.
