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 H&R Block, Inc. (NYSE:HRB) in the Q3 2023 investor letter. Headquartered in Kansas City, Missouri, H&R Block, Inc. (NYSE:HRB) offers assisted income tax return preparation and do-it-yourself (DIY) tax return preparation services. On October 13, 2023, H&R Block, Inc. (NYSE:HRB) stock closed at $42.84 per share. One-month return of H&R Block, Inc. (NYSE:HRB) was 8.07%, and its shares gained 9.04% of their value over the last 52 weeks. H&R Block, Inc. (NYSE:HRB) has a market capitalization of $6.263 billion.
Artisan Mid Cap Value Fund made the following comment about H&R Block, Inc. (NYSE:HRB) in its Q3 2023 investor letter:
“In the consumer discretionary sector, tax preparer H&R Block, Inc. (NYSE:HRB) was a winner. Revenues contracted in the recent quarter but were better than expected, sending shares higher. Revenue growth was held back by lighter US industry tax filing volumes during the 2023 tax season, due in part to a year-over-year normalization of stimulus filers, in addition to market share losses in the assisted category. Some share losses are due to competition, but also a factor is a continued shift among filers to HRB’s cheaper DIY (do-it-yourself) option. While recent growth has been disappointing, HRB remains a dominant provider in assisted tax prep, a cash cow that is a relatively predictable, non-cyclical business. Prodigious cash flow continues to be faithfully returned to shareholders via dividends and share buybacks. Further, expectations remain muted as shares trade for less than 10X FY24 earnings.”
An experienced tax accountant reviewing paper work on their desk. Editorial photo for a financial news article. 8k. –ar 16:9
H&R Block, Inc. (NYSE:HRB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held H&R Block, Inc. (NYSE:HRB) at the end of the second quarter, which was 26 in the previous quarter.
We discussed H&R Block, Inc. (NYSE:HRB) in another article and shared the list of least tax-friendly states for middle-class families. 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.
