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 Lattice Semiconductor Corporation (NASDAQ:LSCC) in the third quarter 2023 investor letter. Based in Hillsboro, Oregon, Lattice Semiconductor Corporation (NASDAQ:LSCC) is a semiconductor products developer. On November 30, 2023, Lattice Semiconductor Corporation (NASDAQ:LSCC) stock closed at $58.55 per share. One-month return of Lattice Semiconductor Corporation (NASDAQ:LSCC) was 1.60%, and its shares lost 17.74% of their value over the last 52 weeks. Lattice Semiconductor Corporation (NASDAQ:LSCC) has a market capitalization of $8.082 billion.
Artisan Small Cap Fund made the following comment about Lattice Semiconductor Corporation (NASDAQ:LSCC) in its Q3 2023 investor letter:
“Among our top detractors were Lattice Semiconductor Corporation (NASDAQ:LSCC), Shockwave and Exact Sciences. Lattice Semiconductor is a fabless vendor of field programmable gate array (FPGA) chips that customers can program and configure to their specifications. These chips are used in numerous applications, including data centers, 5G infrastructure, automobiles, industrial automation and artificial intelligence inferencing. Lattice gave back some of its first-half outperformance in Q3. The semiconductor industry was one of the worst performing areas within the index as investors grew more concerned about macroeconomic weakness. Lattice’s financial results did show some weakness within more cyclical end markets, such as communications and computing, given a slowdown in 5G rollouts and the CPU market working down excess inventory. However, industrial and automotive end markets, which now make up >60% of revenues, continued to expand sharply as the company benefits from market share gains and trends in industrial automation and robotics. We believe the company will continue to gain market share and expand margins. One key driver in the coming years will be its newly launched medium-power product portfolio, Avant, which carries higher unit prices than its traditional low-power products.”
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. As per our database, 25 hedge fund portfolios held Lattice Semiconductor Corporation (NASDAQ:LSCC) at the end of third quarter which was 35 in the previous quarter.
We discussed Lattice Semiconductor Corporation (NASDAQ:LSCC) in another article and shared the list of stocks that outperform the S&P 500 every year for the last 5 years. 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.
