Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund featured stocks like Xylem Inc. (NYSE:XYL) in the first quarter 2024 investor letter. Headquartered in Washington, District of Columbia, Xylem Inc. (NYSE:XYL) designs, manufactures, and services engineered products and solutions that operates through Water Infrastructure, Applied Water, Measurement & Control Solutions, and Integrated Solutions and Services segments. On April 11, 2024, Xylem Inc. (NYSE:XYL) stock closed at $128.79 per share. One-month return of Xylem Inc. (NYSE:XYL) was 1.19%, and its shares gained 23.31% of their value over the last 52 weeks. Xylem Inc. (NYSE:XYL) has a market capitalization of $31.138 billion.
Artisan Mid Cap Fund stated the following regarding Xylem Inc. (NYSE:XYL) in its first quarter 2024 investor letter:
“Notable adds in the quarter included Xylem Inc. (NYSE:XYL), NVR and Equifax. Xylem is a global leader in water technology across pumps, smart meters and treatment services. More than 80% of the company’s sales come from markets where it maintains the No. 1 or No. 2 market position. Xylem’s pumps business (sold primarily to utilities) is sticky and profitable, providing capital to invest in innovative solutions, such as smart meters. In mid-2023, Xylem completed the acquisition of Evoqua, giving it a leading position in the US water treatment business. We believe the company is at the start of a compelling profit cycle. Smart meter sales are recovering from supply chain issues, cost and revenue synergies from its acquisition are in the early innings, and a newly hired and well-respected CFO should help catalyze long-awaited margin expansion. Meanwhile, rising demand for solutions to water sustainability challenges should be a trend for years to come. Financial results were thesis affirming, including revenue, margins and earnings that exceeded expectations. We decided to bring the position into the CropSM of the portfolio.”
A technician opening a valve in a water infrastructure facility.
Xylem Inc. (NYSE:XYL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Xylem Inc. (NYSE:XYL) was held by 32 hedge fund portfolios, down from 40 in the previous quarter, according to our database.
We previously discussed Xylem Inc. (NYSE:XYL) in another article, where we shared the list of best industrial machinery stocks to invest in. In addition, please check out our hedge fund investor letters Q1 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.
