Artisan Partners, an investment management company, released its “Artisan Developing World Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Investor Class) returned 9.64% compared to 8.72% for the MSCI Emerging Markets Index. The Artisan Developing World Fund has returned 149.38% cumulatively, since June 30, 2015, compared to 50.92% for the index. During the quarter, the US labor market’s weakness interrupted the steady year-over-year inflation rate improvement, which paved the way for a 50bps interest rate cut from the Federal Reserve at its September policy meeting. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Developing World Fund highlighted stocks like CrowdStrike Holdings, Inc. (NASDAQ:CRWD), in the third quarter 2024 investor letter. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a global cyber security solutions provider. The one-month return of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) was 18.61%, and its shares gained 65.40% of their value over the last 52 weeks. On October 4, 2024, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) stock closed at $292.24 per share with a market capitalization of $71.636 billion.
Artisan Developing World Fund stated the following regarding CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its Q3 2024 investor letter:
“Bottom contributors to performance for the quarter included cybersecurity technology company CrowdStrike Holdings, Inc. (NASDAQ:CRWD). Crowdstrike declined after a system update resulted in computer and server outages for clients around the world, leading Crowdstrike to respond with customer concession packages and a reduction in near-term financial targets.”
Security personnel at their consoles, monitoring a global network of threats in real-time.
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held CrowdStrike Holdings, Inc. (NASDAQ:CRWD) at the end of the second quarter which was 76 in the previous quarter. In the second quarter, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) achieved Q2 revenue of $964 million which exceeded the expectations. While we acknowledge the potential of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) 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 CrowdStrike Holdings, Inc. (NASDAQ:CRWD) and shared the list of best high-volume stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 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.