Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned -7.98%, Advisor Class fund APDSX posted a return of -7.96%, and Institutional Class fund APHSX returned -7.97%, compared to a return of -7.32% for the Russell 2000 Growth Index. From a sector perspective, allocation impacts drove the sector’s underperformance, while security selection was positive. From an allocation perspective, the portfolio was hurt by its lack of exposure to energy and overweight exposure to health care. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like Procore Technologies, Inc. (NYSE:PCOR) in the third quarter 2023 investor letter. Based in Carpinteria, California, Procore Technologies, Inc. (NYSE:PCOR) provides a cloud-based construction management platform. On December 1, 2023, Procore Technologies, Inc. (NYSE:PCOR) stock closed at $60.38 per share. One-month return of Procore Technologies, Inc. (NYSE:PCOR) was 18.91%, and its shares gained 26.98% of their value over the last 52 weeks. Procore Technologies, Inc. (NYSE:PCOR) has a market capitalization of $8.664 billion.
Artisan Small Cap Fund made the following comment about Procore Technologies, Inc. (NYSE:PCOR) in its Q3 2023 investor letter:
“Procore Technologies, Inc. (NYSE:PCOR) is a construction management software company with several products used for project management, quality and safety, and project financials. Its customers include building owners, general contractors and sub-contractors. Our conviction was increased after attending an analyst day in the quarter. Not only were we able to speak to customers at the event, but we got to test drive more of its software applications, including payments and invoicing. Construction is a cyclical industry. However, over time we believe the company’s profit cycle will become more stable than its end market given an ongoing digitalization trend within the construction industry, a diverse client base, large backlogs, high customer retention and the ability to cross-sell products that improve efficiency and margins. Furthermore, the company has access to a lot of data and is exploring AI as a way to help customers become more efficient, potentially enhancing its value proposition and pricing power.”
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Procore Technologies, Inc. (NYSE:PCOR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Procore Technologies, Inc. (NYSE:PCOR) at the end of third quarter which was 40 in the previous quarter.
We discussed Procore Technologies, Inc. (NYSE:PCOR) in another article and shared the list of under-the-radar stocks that are on the move. 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.
