Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned -7.98%, Advisor Class fund APDSX posted a return of -7.96%, and Institutional Class fund APHSX returned -7.97%, compared to a return of -7.32% for the Russell 2000 Growth Index. From a sector perspective, allocation impacts drove the sector’s underperformance, while security selection was positive. From an allocation perspective, the portfolio was hurt by its lack of exposure to energy and overweight exposure to health care. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like SPX Technologies, Inc. (NYSE:SPXC) in the Q3 2023 investor letter. Headquartered in Charlotte, North Carolina, SPX Technologies, Inc. (NYSE:SPXC) is an engineered infrastructure equipment supplier that operates through HVAC and Detection and Measurement segments. On December 1, 2023, SPX Technologies, Inc. (NYSE:SPXC) stock closed at $87.54 per share. One-month return of SPX Technologies, Inc. (NYSE:SPXC) was 3.05%, and its shares gained 30.21% of their value over the last 52 weeks. SPX Technologies, Inc. (NYSE:SPXC) has a market capitalization of $3.996 billion.
Artisan Small Cap Fund made the following comment about SPX Technologies, Inc. (NYSE:SPXC) in its Q3 2023 investor letter:
“SPX Technologies, Inc. (NYSE:SPXC) is a specialty manufacturer of commercial and industrial HVAC equipment as well as specialty detection instruments. Over the years, the company has successfully transformed into a simpler and cohesive company by divesting lower margin, cyclical businesses and acquiring higher growth, higher margin businesses. The company is now able to capitalize on several secular tailwinds, including a global regulatory push to improve energy efficiency, the reshoring of manufacturing and a large pipeline of US infrastructure upgrades. In addition, we believe the company’s multiple, highly cash-generative business units should fuel a continued bolt-on acquisition strategy. The company reported financial results that beat expectations, and management increased guidance, citing benefits from ~50% of its business that is exposed to secular tailwinds. Given the thesis-affirming results, we added to the position.”
An engineer inspecting a HVAC system, revealing the complexity of the products.
SPX Technologies, Inc. (NYSE:SPXC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held SPX Technologies, Inc. (NYSE:SPXC) at the end of third quarter which was 22 in the previous quarter.
We discussed SPX Technologies, Inc. (NYSE:SPXC) in another article and shared Artisan Small Cap Fund’s views on the company in the previous quarter. 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.
