Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Investor Class fund ARTMX returned -5.73%, Advisor Class fund APDMX posted a return of -5.67%, and Institutional Class fund APHMX returned -5.64%, compared to a -3.21% return for the Russell Midcap Growth Index. The portfolio generated negative absolute returns and underperformed the index in the second quarter. Modest negative security selection across multiple sectors, including information technology, industrials, communication services, and health care led to the underperformance and was partially offset by outperformance within consumer discretionary. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund highlighted stocks like CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS), in the second quarter 2024 investor letter. CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) is a software-as-a-service company for the P&C insurance economy. The one-month return of CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) was -1.40%, and its shares gained 4.65% of their value over the last 52 weeks. On July 15, 2024, CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) stock closed at $11.26 per share with a market capitalization of $7 billion.
Artisan Mid Cap Fund stated the following regarding CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) in its Q2 2024 investor letter:
“During the quarter, we initiated new GardenSM positions in CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS), Marvell Technology and Insmed. CCC Intelligent Solutions is the largest SaaS provider for accident claims processing by US insurance companies and for the US auto repair facilities market. The company’s scale and longevity (founded in 1980) give it knowledge advantages in areas such as expected repair costs, parts availability and repair workflows. We believe the company will drive growth by continuing to cross-sell and up-sell to its legacy customer base, expand its market share and use artificial intelligence (AI) to leverage its vast amounts of industry data in order to help customers realize productivity gains.”
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CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) at the end of the first quarter which was 20 in the previous quarter. CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) reported $227 million in revenues in the first quarter, up 11% compared to Q1 2023. While we acknowledge the potential of CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) 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.
Conestoga Capital Advisors, another investment management firm, added CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) to its portfolio in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
