Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund ARTQX returned 11.21%, Advisor Class fund APDQX posted a return of 11.20%, and Institutional Class fund APHQX returned 11.17%, compared to a 12.11% return for the Russell Midcap Value Index. For the full year, ARTQX, APDQX, and APHQX returned 18.15%, 18.25%, and 18.35%, respectively, compared to 12.71% for the index. The portfolio did well in the market with double-digit gains but trailed the Russell Midcap Value Index in Q4. However, it outperformed in the prior three quarters, leading to strong results compared to the index and peer group for 2023. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Value Fund featured stocks like First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the fourth quarter 2023 investor letter. Headquartered in Raleigh, North Carolina, First Citizens BancShares, Inc. (NASDAQ:FCNCA) is a bank holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services. On March 27, 2024, First Citizens BancShares, Inc. (NASDAQ:FCNCA) stock closed at $1,616.88 per share. One-month return of First Citizens BancShares, Inc. (NASDAQ:FCNCA) was 3.23%, and its shares gained 71.78% of their value over the last 52 weeks. First Citizens BancShares, Inc. (NASDAQ:FCNCA) has a market capitalization of $23.312 billion.
Artisan Mid Cap Value Fund stated the following regarding First Citizens BancShares, Inc. (NASDAQ:FCNCA) in its fourth quarter 2023 investor letter:
“First Citizens BancShares, Inc. (NASDAQ:FCNCA) was our top overall contributor in 2023. Headquartered in Raleigh, North Carolina, and one of the largest family-controlled banks in the US, First Citizens was a big winner from its acquisition of the failed Silicon Valley Bank. First Citizens purchased $72.1 billion in loans at a deeply discounted price of $16.5 billion. The transaction adds scale, increases geographic diversity and is financially attractive with downside protections from a loss-sharing agreement with the FDIC. First Citizens is now one of the top-15 largest US banks. The bank is run by and almost fully controlled by CEO Frank Holding and his family members. They have significant ownership, aligning their interest with minority shareholders like us. They’ve done an admirable job of growing the bank by keeping a strong capital and liquidity profile that allows for opportunistic M&A during times of market stress, like we just experienced in March. In the global financial crisis, First Citizens used its position of strength to acquire when others could not, and during the COVID-induced stress of 2020, it flexed its muscles again with the acquisition of CIT at a great price.”
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First Citizens BancShares, Inc. (NASDAQ:FCNCA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, First Citizens BancShares, Inc. (NASDAQ:FCNCA) was held by 54 hedge fund portfolios, compared to 46 in the previous quarter, according to our database.
We discussed First Citizens BancShares, Inc. (NASDAQ:FCNCA) in another article and shared the list of stocks hedge funds and insiders are buying. 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.
