Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Inflation remained on a downward trend in the quarter and the fund’s Investor Class fund ARTMX returned -2.95%, Advisor Class fund APDMX posted a return of -2.92%, and Institutional Class fund APHMX returned -2.90%, compared to a -5.22% return for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like Quanta Services, Inc. (NYSE:PWR) in the Q3 2023 investor letter. Headquartered in Houston, Texas, Quanta Services, Inc. (NYSE:PWR) is an infrastructure solutions provider for the electric and gas utility, renewable energy, communications, and pipeline and energy industries. On December 4, 2023, Quanta Services, Inc. (NYSE:PWR) stock closed at $189.64 per share. One-month return of Quanta Services, Inc. (NYSE:PWR) was 14.88%, and its shares gained 26.77% of their value over the last 52 weeks. Quanta Services, Inc. (NYSE:PWR) has a market capitalization of $27.552 billion.
Artisan Mid Cap Fund made the following comment about Quanta Services, Inc. (NYSE:PWR) in its Q3 2023 investor letter:
“We initiated new GardenSM positions in Wingstop, Quanta Services, Inc. (NYSE:PWR) and Jabil during the quarter. Quanta provides outsourced skilled labor for maintenance and construction services, primarily to utilities. We have followed Quanta for over a decade and have witnessed its shift from oil and gas to renewables. The energy transition (solar and wind farms, electric vehicles, etc.) requires investments in the US energy grid to support greater electrification. At the same time, climate change is increasing stress on the existing grid, forcing utilities to increase maintenance spending. Our research indicates that utility capex spending is growing 5%–8% annually to upgrade an aging grid infrastructure and protect against extreme weather. Furthermore, electrification efforts will further tax this aging infrastructure, with estimates that annual electric utility capex will need to double to meet net-zero goals. Federal incentive programs, such as the Inflation Reduction Act and Bipartisan Infrastructure Act, will also help fuel Quanta’s long-term growth given its expertise in transmission and distribution connections as renewable energy infrastructure seeks to connect to the grid.”
A row of utility poles and power lines, showing the reach of the electric utility operations.
Quanta Services, Inc. (NYSE:PWR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Quanta Services, Inc. (NYSE:PWR) at the end of third quarter which was 41 in the previous quarter.
We discussed Quanta Services, Inc. (NYSE:PWR) in another article and shared the list of best performing S&P500 stocks over the past five 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.
