Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund APFDX returned 6.71%, Advisor Class fund APDDX posted a return of 6.77 %, and Institutional Class fund APHDX returned 6.79%, compared to a return of 9.76% for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Artisan Global Discovery Fund highlighted stocks like CNH Industrial N.V. (NYSE:CNHI) in the Q4 2022 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 February 17, 2023, CNH Industrial N.V. (NYSE:CNHI) stock closed at $16.73 per share. One-month return of CNH Industrial N.V. (NYSE:CNHI) was -1.70%, and its shares gained 6.49% of their value over the last 52 weeks. CNH Industrial N.V. (NYSE:CNHI) has a market capitalization of $22.477 billion.
Artisan Global Discovery Fund made the following comment about CNH Industrial N.V. (NYSE:CNHI) in its Q4 2022 investor letter:
“Among our top contributors were CNH Industrial N.V. (NYSE:CNHI), Lattice Semiconductor and Ingersoll Rand. CNH Industrial is the second largest global agricultural equipment company (primarily tractors and combines) with leading brands Case IH and New Holland. The company reported top-line growth of 23.9% in the quarter, which was meaningfully ahead of expectations, and shares rallied on the news. After a long period of relatively stagnant technological developments in the agricultural field, CNH is on a journey to meaningfully expand their 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 ever been going back 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.”
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, 28 hedge fund portfolios held CNH Industrial N.V. (NYSE:CNHI) at the end of the third quarter, which was 25 in the previous quarter.
We discussed CNH Industrial N.V. (NYSE:CNHI) in another article and shared the top Mario Gabelli Stock Picks for 2023. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Best Safe Dividend Stocks for 2023
- 15 Most Promising Mid-cap Stocks
- 12 Most Promising Tech Stocks To Buy
Disclosure: None. This article is originally published at Insider Monkey.
