Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund ARTQX returned 11.21%, Advisor Class fund APDQX posted a return of 11.20%, and Institutional Class fund APHQX returned 11.17%, compared to a 12.11% return for the Russell Midcap Value Index. For the full year, ARTQX, APDQX, and APHQX returned 18.15%, 18.25%, and 18.35%, respectively, compared to 12.71% for the index. The portfolio did well in the market with double-digit gains but trailed the Russell Midcap Value Index in Q4. However, it outperformed in the prior three quarters, leading to strong results compared to the index and peer group for 2023. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Value Fund featured stocks like Lamar Advertising Company (NASDAQ:LAMR) in the Q4 2023 investor letter. Headquartered in Baton Rouge, Louisiana, Lamar Advertising Company (NASDAQ:LAMR) is an outdoor advertising company. On March 26, 2024, Lamar Advertising Company (NASDAQ:LAMR) stock closed at $116.21 per share. One-month return of Lamar Advertising Company (NASDAQ:LAMR) was 7.02%, and its shares gained 21.41% of their value over the last 52 weeks. Lamar Advertising Company (NASDAQ:LAMR) has a market capitalization of $11.861 billion.
Artisan Mid Cap Value Fund stated the following regarding Lamar Advertising Company (NASDAQ:LAMR) in its fourth quarter 2023 investor letter:
“Lamar Advertising Company (NASDAQ:LAMR) operates outdoor advertising structures such as billboards, digital billboards and transit ads. The overall advertising environment remains challenging, but Q3 results were a little better than expected, both on revenues and margins, driving the stock higher. Business results have remained relatively steady, but the market has surprisingly treated the stock as highly cyclical, with shares up 28% in Q4 after dropping 14% in Q3. While the company’s growth can ebb and flow, over the long term, the company has experienced average annualized organic growth in the high single digits, supplemented by small tuck-in acquisitions. With a record of consistently generating free cash flow and prudent capital allocation that includes high return of capital to shareholders, this stock fits our process.”
A busy urban street, its billboards showing advertisements for a variety of national and local brands.
Lamar Advertising Company (NASDAQ:LAMR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Lamar Advertising Company (NASDAQ:LAMR) was held by 30 hedge fund portfolios, compared to 27 in the previous quarter, according to our database.
We discussed Lamar Advertising Company (NASDAQ:LAMR) in another article and shared Artisan Value Income Fund’s views on the company in the previous quarter. 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.
