Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The final quarter of 2023 saw a continuous fluctuation between recessionary fears and soft-landing optimism. In the fourth quarter, the fund’s Investor Class fund ARTMX returned 8.86%, Advisor Class fund APDMX posted a return of 8.93%, and Institutional Class fund APHMX returned 8.96%, compared to a 14.55% return for the Russell Midcap Growth Index. The portfolio generated a positive absolute return in Q4 but underperformed the Russell Midcap Growth Index due to poor security selection, particularly in health care and information technology. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund featured stocks like Lattice Semiconductor Corporation (NASDAQ:LSCC) in the fourth quarter 2023 investor letter. Based in Hillsboro, Oregon, Lattice Semiconductor Corporation (NASDAQ:LSCC) is a semiconductor products developer. On March 6, 2024, Lattice Semiconductor Corporation (NASDAQ:LSCC) stock closed at $80.76 per share. One-month return of Lattice Semiconductor Corporation (NASDAQ:LSCC) was 18.68%, and its shares lost 9.29% of their value over the last 52 weeks. Lattice Semiconductor Corporation (NASDAQ:LSCC) has a market capitalization of $11.109 billion.
Artisan Mid Cap Fund stated the following regarding Lattice Semiconductor Corporation (NASDAQ:LSCC) in its fourth quarter 2023 investor letter:
“Along with Argenx, our top detractors for Q4 included two semiconductor companies: Lattice Semiconductor Corporation (NASDAQ:LSCC) and ON Semiconductor. Lattice Semiconductor is a fabless vendor of field programmable gate array (FPGA) chips that customers can program and configure to their specifications. Shares underperformed after management lowered its forward guidance, mainly driven by its industrial business in Asia and Europe. Our investment thesis is driven by market share gains, enabled by the company’s reinvigorated product line, which target high-growth markets (such as automotive technology, data centers, artificial intelligence and factory automation) with a leading balance of performance, cost and power. Despite the cyclical market correction underway, there remains solid evidence that Lattice continues to gain market share. Importantly, the company is just now launching its new medium-power Avant line of chips, which should be another market share driver coming out of this downturn. Given our view that semiconductor downcycles tend to be short-lived, we are comfortable being patient for a reacceleration in the profit cycle over the course of 2024.”
A row of robotic arms in a factory, assembling semiconductor products.
Lattice Semiconductor Corporation (NASDAQ:LSCC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Lattice Semiconductor Corporation (NASDAQ:LSCC) was held by 24 hedge fund portfolios, down from 25 in the previous quarter, according to our database.
We discussed Lattice Semiconductor Corporation (NASDAQ:LSCC) in another article and shared the list of most valuable semiconductor companies in the world. In addition, please check out our hedge fund investor letters Q4 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.
