Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, its Investor Class fund ARTSX returned 7.60%, Advisor Class fund APDSX posted a return of 7.63%, and Institutional Class fund APHSX returned 7.62%, compared to a return of 6.07% for the Russell 2000 Growth Index. Both allocation and security selection drove the portfolio to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in the first quarter 2023 investor letter. Headquartered in Boise, Idaho, Clearwater Analytics Holdings, Inc. (NYSE:CWAN) provides web-based solutions for investment data aggregation, reconciliation, accounting, and reporting services. On May 19, 2023, Clearwater Analytics Holdings, Inc. (NYSE:CWAN) stock closed at $15.81 per share. One-month return of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) was -5.61%, and its shares gained 2.86% of their value over the last 52 weeks. Clearwater Analytics Holdings, Inc. (NYSE:CWAN) has a market capitalization of $4.719 billion.
Artisan Small Cap Fund made the following comment about Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in its Q1 2023 investor letter:
“Notable adds in the quarter included Clearwater Analytics Holdings, Inc. (NYSE:CWAN), MarketAxess and Avid Bioservices. Clearwater Analytics provides automated investment accounting, compliance and risk reporting for insurance companies, corporations and asset managers. The company’s cloud software allows clients to simplify their investment accounting operations, enabling them to focus on higher value business functions such as asset allocation strategy and investment selection. Clearwater has nearly $6 trillion of assets on its platform for >1,000 clients (including JP Morgan, AIG, Apple and Facebook, among others), across which it can extract best practices and insights for its customers. We view the company’s market as lightly penetrated with a long runway for it to capture additional share, particularly within the asset management, US insurance and European markets and took advantage of its secondary offering to add to our position in the quarter.”
Clearwater Analytics Holdings, Inc. (NYSE:CWAN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held Clearwater Analytics Holdings, Inc. (NYSE:CWAN) at the end of the fourth quarter which was 6 in the previous quarter.
We discussed Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in another article and shared Alger Small Cap Focus Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
