Artisan Partners, an investment management company, released its “Artisan Global Equity Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The expectation of rate reduction later this year and slowing inflation boosted global markets in Q1. In the first quarter, the fund’s Investor Class ARTHX returned 12.67 %, Advisor Class APDHX posted a return of 12.67%, and Institutional Class APHHX returned 12.72%, compared to an 8.20% return for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Global Equity Fund highlighted stocks like GE Aerospace (NYSE:GE), in the Q1 2024 investor letter. GE Aerospace (NYSE:GE) formerly General Electric Company, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. The one-month return of GE Aerospace (NYSE:GE) was 0.04%, and its shares gained 86.96% of their value over the last 52 weeks. On July 2, 2024, GE Aerospace (NYSE:GE) stock closed at $161.45 per share with a market capitalization of $176.725 billion.
Artisan Global Equity Fund stated the following regarding GE Aerospace (NYSE:GE) in its Q1 2024 investor letter:
“Our holdings in industrials, now our largest sector weighting, added to the portfolio’s outperformance as well. In particular, GE Aerospace (NYSE:GE) stood out as the largest contributor to relative performance this quarter. The storied American company and leader in aerospace, health care, renewable energy and power generation will split into three separate companies next quarter. We are most interested in its aerospace assets, given its growing pricing power in that industry. GE said it expects to increase deliveries of its popular LEAP airline engines by 20% to 25% this year given the escalating demand for air travel. The engine is manufactured by CFM International, a 50/50 joint venture between GE and Safran. Together, they make about 50% of the world’s commercial airline engines. In addition to strong fundamentals and pricing power in aerospace, we are attracted to GE’s clean hydrogen and decarbonization technologies in its alternative energy business, assets that are used to generate 30% of the world’s electricity.The unit benefits from the $435 billion in clean energy funding provided by the Inflation Reduction Act and Infrastructure Investment and Jobs Act.”
An aeronautics engineer inspecting a model aircraft engine in a factory setting.
GE Aerospace (NYSE:GE) is in 28th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 95 hedge fund portfolios held GE Aerospace (NYSE:GE) at the end of the first quarter which was 92 in the previous quarter. While we acknowledge the potential of GE Aerospace (NYSE:GE) 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.
We discussed GE Aerospace (NYSE:GE) in another article and shared the largest publicly traded industrial company in the US. Vulcan Value Partners sold its stake in GE Aerospace (NYSE:GE) in the first quarter 2024. In addition, please check out our hedge fund investor letters Q1 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.
