Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, its Investor Class fund ARTMX returned 12.37%, Advisor Class fund APDMX posted a return of 12.43%, and Institutional Class fund APHMX returned 12.43%, compared to a 9.14% return for the Russell Midcap Growth Index. Positive stock selection drove the portfolio to outperform in the quarter and was most pronounced in the information technology and healthcare sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like Arthur J. Gallagher & Co. (NYSE:AJG) in the first quarter 2023 investor letter. Headquartered in Rolling Meadows, Illinois, Arthur J. Gallagher & Co. (NYSE:AJG) provides insurance brokerage, consulting, and third-party claims settlement and administration services. On June 21, 2023, Arthur J. Gallagher & Co. (NYSE:AJG) stock closed at $212.97 per share. One-month return of Arthur J. Gallagher & Co. (NYSE:AJG) was 4.23%, and its shares gained 33.07% of their value over the last 52 weeks. Arthur J. Gallagher & Co. (NYSE:AJG) has a market capitalization of $45.628 billion.
Artisan Mid Cap Fund made the following comment about Arthur J. Gallagher & Co. (NYSE:AJG) in its first quarter 2023 investor letter:
“Notable adds in the quarter included Verisk Analytics, Bentley Systems and Arthur J. Gallagher & Co. (NYSE:AJG). Arthur J. Gallagher and its subsidiaries provide insurance brokerage, consulting and third-party claims settlement and administration services. We expect healthy organic growth to continue, supported by higher inflation levels and a pricing cycle within the insurance industry. This pricing cycle is being driven by a significant level of catastrophes over the past few years, as well as inflationary pressures (labor, materials, medical expenses, etc.) that have driven up the cost of paying claims. Furthermore, we expect the company’s proven track record of acquiring small brokerage firms to add attractive levels of inorganic growth. Earnings results showed organic revenue growth of 11.7% YoY, which was ahead of expectations and provided evidence that its brokerage business continues to benefit from rising insurance costs. From an inorganic growth perspective, the company also indicated its deal pipeline is healthy given an uptick in sellers and less competition from private equity firms. With recent quarterly results supporting our positive fundamental view, we added to our position at what we consider to be a reasonable valuation.”
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Arthur J. Gallagher & Co. (NYSE:AJG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Arthur J. Gallagher & Co. (NYSE:AJG) at the end of first quarter 2023 which was 36 in the previous quarter.
We discussed Arthur J. Gallagher & Co. (NYSE:AJG) in another article and shared the list of best insurance brokerage stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
