Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTQX returned -2.94%, Advisor Class fund APDQX posted a return of -2.95%, and Institutional Class fund APHQX returned -2.89 %, compared to a -4.46% return for the Russell Midcap Value Index. The portfolio had a negative return in Q3 but performed better than the Russell Midcap Value Index due to favorable security selection. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Value Fund highlighted stocks like IAC Inc. (NASDAQ:IAC) in the third quarter 2023 investor letter. Headquartered in New York, New York, IAC Inc. (NASDAQ:IAC) is a media and internet company. On October 13, 2023, IAC Inc. (NASDAQ:IAC) stock closed at $46.80 per share. One-month return of IAC Inc. (NASDAQ:IAC) was -11.46%, and its shares lost 1.27% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $4.018 billion.
Artisan Mid Cap Value Fund made the following comment about IAC Inc. (NASDAQ:IAC) in its Q3 2023 investor letter:
“IAC Inc. (NASDAQ:IAC) is a diversified collection of eclectic businesses that includes a large controlling stake in public company ANGI, ownership of digital and print publisher Dotdash Meredith and a 18.5% stake in public company MGM Resorts. After strong gains since their April lows, shares pulled back this month after the company reported weak revenue growth, punctuated by headwinds in both Dotdash Meredith and ANGI. Dotdash Meredith is contending with a soft advertising environment, while ANGI is in the early stages of a business transformation that is contributing to top-line weakness in the short run given management’s decisions to optimize the business for the long term by winding down unprofitable demand channels. Despite disappointing results, we believe IAC’s businesses remain well positioned for the long-term growth opportunities in digital media. The company also has significant excess cash, a history of putting capital to good use through M&A and a long successful track record of growing controlled businesses.”
Photo by mahdis mousavi on Unsplash
IAC Inc. (NASDAQ:IAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of second quarter which was 49 in the previous quarter.
We discussed IAC Inc. (NASDAQ:IAC) in another article and shared Cove Street Small Cap Value Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.
