Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTMX returned -2.43%, Advisor Class fund APDMX posted a return of -2.42%, and Institutional Class fund APHMX returned -2.41%, compared to a return of -0.65% for the Russell Midcap Growth Index. Sector allocation dragged the fund’s relative performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the third-quarter letter, Artisan Partners discussed stocks like Uber Technologies, Inc. (NYSE:UBER). Headquartered in San Francisco, California, Uber Technologies, Inc. (NYSE:UBER) is a technology company that operates through mobility, delivery, and freight segments. On November 11, 2022, Uber Technologies, Inc. (NYSE:UBER) stock closed at $29.15 per share. One-month return of Uber Technologies, Inc. (NYSE:UBER) was 12.37% and its shares lost 33.16% of their value over the last 52 weeks. Uber Technologies, Inc. (NYSE:UBER) has a market capitalization of $58.137 billion.
Artisan Partners made the following comment about Uber Technologies, Inc. (NYSE:UBER) in its Q3 2022 investor letter:
“During the quarter, we began new GardenSM campaigns in Uber Technologies, Inc. (NYSE:UBER) and Shopify. In July, we initiated our position in Uber, a leader in global ride-hailing and online food delivery. We believe the company is wellpositioned to benefit from strong secular tailwinds in both of its core businesses. Earlier this year, management outlined a plan at its investor day to achieve $4 billion of free cash flow by 2024, an encouraging commitment given investors have maligned the company for years of being unprofitable. We witnessed solid progress toward achieving this goal in the company’s most recent earnings results, where it beat expectations for the quarter on both fronts and delivered positive FCF for the first time. The company also indicated it isn’t seeing any evidence of slowing demand. We recognize the execution risk associated with Uber achieving its long-term targets, and the path likely won’t be linear, which is why we are keeping our position size modest until we see signs of continued operational momentum in the coming quarters.”
Photo by Zhuo Cheng you on Unsplash
Uber Technologies, Inc. (NYSE:UBER) is in 8th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 129 hedge fund portfolios held Uber Technologies, Inc. (NYSE:UBER) at the end of the second quarter, which was 144 in the previous quarter.
We discussed Uber Technologies, Inc. (NYSE:UBER) in another article and shared the best growth stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2022 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.
