Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTMX returned 4.44%, Advisor Class fund APDMX posted a return of 4.48%, and Institutional Class fund APHMX returned 4.49%, compared to a 6.23% return for the Russell Midcap Growth Index. Sector allocation and security selection drove the Q2 underperformance. ARTMX, APDMX, and APHMX returned 17.36%, 17.47%, and 17.48%, respectively, compared to 15.94% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like HubSpot, Inc. (NYSE:HUBS) in the second quarter 2023 investor letter. Headquartered in Cambridge, Massachusetts, HubSpot, Inc. (NYSE:HUBS) provides a cloud-based customer relationship management platform. On August 29, 2023, HubSpot, Inc. (NYSE:HUBS) stock closed at $525.10 per share. One-month return of HubSpot, Inc. (NYSE:HUBS) was -5.08%, and its shares gained 55.80% of their value over the last 52 weeks. HubSpot, Inc. (NYSE:HUBS) has a market capitalization of $26.263 billion.
Artisan Mid Cap Fund made the following comment about HubSpot, Inc. (NYSE:HUBS) in its second quarter 2023 investor letter:
“Among our top contributors were HubSpot, Inc. (NYSE:HUBS), Chipotle and Exact Sciences. Like many software companies, HubSpot’s revenue growth has slowed from the torrid pace seen in recent years. While this slowing weighed heavily on the stock in 2022, recent quarterly results have shown a relative stabilization in top-line trends. Shares rallied based on the company’s reported earnings results exceeding expectations across many important metrics, including revenue, customer adds and earnings. But the highlight was operating margins, where management forecasted a long-term target of 20%–25% versus 10% in 2022 as the company is taking advantage of less frenetic demand conditions to improve its profitability after several years of heavy investment. We are also encouraged by the company’s efforts to leverage AI advances to help internally (more efficient software development) and externally (new chat-based apps to help customers extract more value out of its products). We modestly trimmed the position based on valuation, but it remains a high-conviction holding.”
HubSpot, Inc. (NYSE:HUBS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held HubSpot, Inc. (NYSE:HUBS) at the end of second quarter which was 54 in the previous quarter.
We discussed HubSpot, Inc. (NYSE:HUBS) in another article and shared Artisan Small Cap Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 30 Countries with Highest Rates of Emigration
- 20 States with the Most Electric Vehicles
- 25 States with the Best Drivers
Disclosure: None. This article is originally published at Insider Monkey.
