Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Investor Class fund ARTMX returned -5.73%, Advisor Class fund APDMX posted a return of -5.67%, and Institutional Class fund APHMX returned -5.64%, compared to a -3.21% return for the Russell Midcap Growth Index. The portfolio generated negative absolute returns and underperformed the index in the second quarter. Modest negative security selection across multiple sectors, including information technology, industrials, communication services, and health care led to the underperformance and was partially offset by outperformance within consumer discretionary. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund highlighted stocks like Lattice Semiconductor Corporation (NASDAQ:LSCC) in the Q2 2024 investor letter. Based in Hillsboro, Oregon, Lattice Semiconductor Corporation (NASDAQ:LSCC) is a semiconductor products developer. The one-month return of Lattice Semiconductor Corporation (NASDAQ:LSCC) was -0.33%, and its shares lost 38.19% of their value over the last 52 weeks. On July 15, 2024, Lattice Semiconductor Corporation (NASDAQ:LSCC) stock closed at $59.83 per share with a market capitalization of $8.229 billion.
Artisan Mid Cap Fund stated the following regarding Lattice Semiconductor Corporation (NASDAQ:LSCC) in its Q2 2024 investor letter:
“Among our top detractors were Lattice Semiconductor Corporation (NASDAQ:LSCC), Exact Sciences and Celsius. Cyclical pressures continued to hurt Lattice’s recent quarterly results, and shares struggled. We believe some of these headwinds are set to ease. Most semiconductor companies have been impacted by their customers’ destocking elevated inventories in recent quarters, but this seems to be nearing completion. However, other factors, such as macro-related weakness in 5G wireless infrastructure investment, may take longer to turn. Lattice expects to return to growth in the second half of 2024, partly fueled by the company’s steady flow of new product launches, which continues to drive market share gains. During the quarter, sentiment toward the stock further weakened due to the departure of Lattice’s well-respected CEO. While we were disappointed to see him go, he’s taking on an exciting turnaround challenge, and we believe the company’s strategy and operations are on very strong footing. We modestly added to the position ahead of what we view as a likely profit cycle acceleration in the year’s second half.”
A row of robotic arms in a factory, assembling semiconductor products.
Lattice Semiconductor Corporation (NASDAQ:LSCC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Lattice Semiconductor Corporation (NASDAQ:LSCC) at the end of the first quarter which was 24 in the previous quarter. The first quarter revenue of Lattice Semiconductor Corporation (NASDAQ:LSCC) was $140.8 million, down 17.5% sequentially, and 24% year-over-year. The decline was driven by softness in demand and end customer inventory rebalancing. While we acknowledge the potential of Lattice Semiconductor Corporation (NASDAQ:LSCC) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Lattice Semiconductor Corporation (NASDAQ:LSCC) and shared TimesSquare Capital U.S. Mid Cap Growth Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2024 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.
