Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In Q2, data indicated strong US economic activity and a robust labor market, while inflation gradually moved closer to the Fed’s 2% target. In the second quarter, its Investor Class fund ARTSX returned -4.45%, Advisor Class fund APDSX posted a return of -4.40%, and Institutional Class fund APHSX returned -4.38%, compared to a return of -2.92% for the Russell 2000 Growth Index. From a sector standpoint, the underperformance was due to negative security selection, while the impact of allocation was slightly positive. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Artisan Small Cap Fund highlighted stocks like Bentley Systems, Incorporated (NASDAQ:BSY) in its Q2 2024 investor letter. Bentley Systems, Incorporated (NASDAQ:BSY) is an infrastructure engineering software solutions provider. The one-month return of Bentley Systems, Incorporated (NASDAQ:BSY) was -1.04%, and its shares lost 9.95% of their value over the last 52 weeks. On July 26, 2024, Bentley Systems, Incorporated (NASDAQ:BSY) stock closed at $48.52 per share with a market capitalization of $14.556 billion.
Artisan Small Cap Fund stated the following regarding Bentley Systems, Incorporated (NASDAQ:BSY) in its Q2 2024 investor letter:
“We ended our investment campaigns in Bentley Systems, Incorporated (NASDAQ:BSY) and Etsy during the quarter. Bentley Systems is the leading provider of engineering software used to design roads, bridges, tunnels, rail systems and other public works. Construction is one of the economy’s least digitized verticals, and our thesis was based on the view that there are significant opportunities for software to increase productivity within civil engineering projects. We also viewed the company as well positioned to support the infrastructure spending encouraged by the Infrastructure Investment and Jobs Act and the Inflation Reduction Act. After a successful multiyear investment campaign, we decided to exit the position due to the market cap outgrowing our small-cap mandate.”
A computer engineer in front of his screen monitoring a 3D model of a building, representing the company’s open modeling and open simulation applications.
Bentley Systems, Incorporated (NASDAQ:BSY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Bentley Systems, Incorporated (NASDAQ:BSY) at the end of the first quarter which was 17 in the previous quarter. While we acknowledge the potential of Bentley Systems, Incorporated (NASDAQ:BSY) 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 Bentley Systems, Incorporated (NASDAQ:BSY) and shared TimesSquare Capital U.S. Mid Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
