Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund APFDX returned 1.78%, Advisor Class fund APDDX posted a return of 1.78%, and Institutional Class fund APHDX returned 1.83%, compared to a return of 6.18% for the MSCI All Country World Index. Security selection in the IT and healthcare Sector led the fund to underperform in the quarter. Year-to-date, APFDX, APDDX, and APHDX returned 13.51%, 13.54%, and 13.68%, respectively, compared to 13.93% for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Global Discovery Fund highlighted stocks like Live Nation Entertainment, Inc. (NYSE:LYV) in the second quarter 2023 investor letter. Headquartered in Beverly Hills, California, Live Nation Entertainment, Inc. (NYSE:LYV) is a live entertainment company. On August 23, 2023, Live Nation Entertainment, Inc. (NYSE:LYV) stock closed at $84.09 per share. One-month return of Live Nation Entertainment, Inc. (NYSE:LYV) was -13.25%, and its shares lost 11.81% of their value over the last 52 weeks. Live Nation Entertainment, Inc. (NYSE:LYV) has a market capitalization of $19.353 billion.
Artisan Global Discovery Fund made the following comment about Live Nation Entertainment, Inc. (NYSE:LYV) in its second quarter 2023 investor letter:
“Notable adds in the quarter included Pool Corp, Silergy and Live Nation Entertainment, Inc. (NYSE:LYV). Live Nation is the world’s largest live entertainment company with operations in 42 countries and 120 million fans attending its events in 2022. Its flywheel business model uses concert promotion and production to feed its ticketing (Ticketmaster), venue operations (concessions, parking, premium seating, etc.) and its sponsorship and advertising businesses. The proliferation of music streaming services is driving demand growth for live entertainment. While streaming allows artists to quickly gain a global audience reach, the economics are poor. As a result, artists rely more on events to generate income. Also, the company is expanding globally and increasing its exposure to the higher margin portions of its business. After reporting thesis-affirming results and given its stock is trading at a valuation that continues to look reasonable, we added to the GardenSM position.”
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Live Nation Entertainment, Inc. (NYSE:LYV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Live Nation Entertainment, Inc. (NYSE:LYV) at the end of second quarter which was 37 in the previous quarter.
We discussed Live Nation Entertainment, Inc. (NYSE:LYV) in another article and shared the list of under-the-radar stocks billionaires are loading up on. In addition, please check out our hedge fund investor letters Q2 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.
