Artisan Partners, an investment management company, released its “Artisan Developing World Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund (Investor Class) returned 11.79% compared to 7.86% for the MSCI Emerging Markets Index. The fund has returned 95.52% cumulatively since June 30, 2015, compared to a 29.14% return for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
In its Q4 2023 investor letter, Artisan Developing World Fund featured stocks such as CrowdStrike Holdings, Inc. (NASDAQ:CRWD). Headquartered in Austin, Texas, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) offers cybersecurity products and services to stop breaches. On January 5, 2024, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) stock closed at $247.46 per share. One-month return of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) was 0.20%, and its shares gained 156.25% of their value over the last 52 weeks. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) has a market capitalization of $59.426 billion.
Artisan Developing World Fund stated the following regarding CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its fourth quarter 2023 investor letter:
“Top contributors to performance for the quarter included cybersecurity leader CrowdStrike Holdings, Inc. (NASDAQ:CRWD). CrowdStrike gained amid resilient cybersecurity spend, continued revenue growth against well-managed expenses, and traction in endpoint adjacencies.
We have underscored that the purpose of our risk management framework is to enhance value creation and aid in the execution and implementation of our investment program. However, this stage of risk management best manifests itself in down markets as it did in 2022. This year has been quite different since equities have broadly recovered, and our risk management focus has shifted toward establishing a level of permanence. We characterize this phase of risk management as Value Capture. Essentially, we have harvested disproportionate equity outcomes (Nvidia)and other strong performers (Passport holdings such as CrowdStrike) to fund a ~700bps increase in our India weighting (Makemytrip, Apollo Healthcare), a 235bps investment in Coca Cola (in correlation terms the real thing), and even a 114bps position in Alibaba (6.6X consensus 2023 EPS at purchase). These investments are not risk free, but they are stores of value that have the potential to enhance diversification and staying power in any market reversal. Moreover, we have marginally reduced portfolio concentration over the course of the year. Essentially, 2022 was a moment of extremely low reinvestment risk that allowed us to deemphasize China and other holdings, while concentrating around a handful of financially and strategically sound investments such as Nvidia, MercadoLibre, Airbnb and CrowdStrike.With these investments having largely reflated, we have sought to redistribute some of this capital while retaining significant residual positions. It is our hope that these actions can enhance our ability to execute our investment program if, for example, market exuberance about monetary policy proves excessive.”
A secure data center showing the cyber security measures taken to protect company operations.
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held CrowdStrike Holdings, Inc. (NASDAQ:CRWD) at the end of third quarter which was 65 in the previous quarter.
We discussed CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in another article and shared the list of best artificial intelligence stocks to buy for 2024 according to financial media. In addition, please check out our hedge fund investor letters Q4 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.
