Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTSX returned 1.10%, Advisor Class fund APDSX posted a return of 1.19%, and Institutional Class fund APHSX returned 1.19%, compared to a return of 7.05% for the Russell 2000 Growth Index. Year-to-date, ARTSX, APDSX, and APHSX returned 8.78%, 8.91%, and 8.91%, respectively, compared to a 13.55% return for the benchmark. Despite this year’s relative setback, the firm remains bullish on its asset class’s long-term prospects. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like SPX Technologies, Inc. (NYSE:SPXC) in the second quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, SPX Technologies, Inc. (NYSE:SPXC) is an engineered infrastructure equipment supplier that operates through HVAC and Detection and Measurement segments. On August 29, 2023, SPX Technologies, Inc. (NYSE:SPXC) stock closed at $79.27 per share. One-month return of SPX Technologies, Inc. (NYSE:SPXC) was -4.49%, and its shares gained 38.92% of their value over the last 52 weeks. SPX Technologies, Inc. (NYSE:SPXC) has a market capitalization of $3.614 billion.
Artisan Small Cap Fund made the following comment about SPX Technologies, Inc. (NYSE:SPXC) in its second quarter 2023 investor letter:
“We initiated new GardenSM positions in Duolingo, SPX Technologies, Inc. (NYSE:SPXC) and Smartsheet. SPX Technologies is a specialty manufacturer of commercial and industrial HVAC equipment as well as specialty detection instruments. Over the years, the company has successfully transformed into a simpler and cohesive company through divestitures of lower margin cyclical businesses and acquisitions focused on higher growth, higher margin businesses. The company is now positioned from various secular tailwinds, including the global regulatory push to improve energy efficiency, the reshoring of manufacturing and a large pipeline of infrastructure upgrades. In addition, we believe the company’s multiple, highly cash-generative business units should fuel a continued bolt-on acquisition strategy.”
Photo by Lalit Kumar on Unsplash
SPX Technologies, Inc. (NYSE:SPXC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held SPX Technologies, Inc. (NYSE:SPXC) at the end of second quarter which was 11 in the previous quarter.
We discussed SPX Technologies, Inc. (NYSE:SPXC) in another article and shared Diamond Hill Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
