Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund’s Investor Class fund ARTMX returned 2.35%, Advisor Class fund APDMX posted a return of 2.38%, and Institutional Class fund APHMX returned 2.40%, compared to a 6.54% return for the Russell Midcap Growth Index. Negative security selection within health care, information technology, and industrials led to the fund’s underperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund highlighted stocks like IRhythm Technologies, Inc. (NASDAQ:IRTC), in the third quarter 2024 investor letter. IRhythm Technologies, Inc. (NASDAQ:IRTC) is a digital healthcare company that designs, and develops device-based technology to provide ambulatory cardiac monitoring services The one-month return of IRhythm Technologies, Inc. (NASDAQ:IRTC) was -15.35% and its shares lost 28.28% of their value over the last 52 weeks. On October 15, 2024, IRhythm Technologies, Inc. (NASDAQ:IRTC) stock closed at $60.13 per share with a market capitalization of $1.878 billion.
Artisan Mid Cap Fund stated the following regarding IRhythm Technologies, Inc. (NASDAQ:IRTC) in its Q3 2024 investor letter:
“Among our top detractors were Dexcom, IRhythm Technologies, Inc. (NASDAQ:IRTC) and Celsius. IRhythm develops and markets the Zio, a small, wearable patch that monitors suspected heartbeat arrhythmias. We believe the company’s superior technology will be widely adopted as physicians and payors look to detect and treat atrial fibrillation before patients experience strokes. And we expect to see strong execution toward these goals by the relatively new management team. Unfortunately, several regulatory issues have emerged over the last year, with roots going back to the company’s earlier years. We believe these are all fixable (with progress to be seen soon), but these developments have clearly weighed on the stock’s performance. We remain patient in a GardenSM position.”
A patient being monitored with a portable ECG device, showing the effectiveness of the company’s products.
IRhythm Technologies, Inc. (NASDAQ:IRTC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held IRhythm Technologies, Inc. (NASDAQ:IRTC) at the end of the second quarter which was 31 in the previous quarter. IRhythm Technologies, Inc. (NASDAQ:IRTC) generated revenue of $148 million in the second quarter 2024, representing 19.3% year-over-year increase. While we acknowledge the potential of IRhythm Technologies, Inc. (NASDAQ:IRTC) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Artisan Mid Cap Fund added IRhythm Technologies, Inc. (NASDAQ:IRTC) to its portfolio in the fourth quarter 2022. In addition, please check out our hedge fund investor letters Q3 2024 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.