Artisan Partners, an investment management company, released its “Artisan Value Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund outperformed the Russell 1000 Value Index. Its Investor Class fund ARTLX returned 14.04%, Advisor Class fund APDLX posted a return of 14.14%, and Institutional Class fund APHLX returned 14.10% in the quarter, compared to a 12.42% return for the benchmark index. Positive stock selection led to the outperformance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Artisan Value Fund highlighted stocks like Schlumberger Limited (NYSE:SLB) in the Q4 2022 investor letter. Headquartered in Houston, Texas, Schlumberger Limited (NYSE:SLB) is an oil fields services company. On March 1, 2023, Schlumberger Limited (NYSE:SLB) stock closed at $54.89 per share. One-month return of Schlumberger Limited (NYSE:SLB) was 4.97%, and its shares gained 42.50% of their value over the last 52 weeks. Schlumberger Limited (NYSE:SLB) has a market capitalization of $78.361 billion.
Artisan Value Fund made the following comment about Schlumberger Limited (NYSE:SLB) in its Q4 2022 investor letter:
“Our top Q4 contributor was Schlumberger Limited (NYSE:SLB), the world’s largest oil services company. Shares of SLB rallied along with the broader energy complex, as structural global supply issues have supported rising commodity prices following years of underinvestment in new production. SLB is performing well in a competitive marketplace. The new management team is conservative, forward thinking and executing a good strategic plan to make the company less dependent upon commodity prices and capex. Management has driven the company’s refocused efforts to increase free cash flow and expand profit margins, a task made easier with the cooperating price of oil. We also like that the business model is becoming nimbler and more adaptive to market forces, as evidenced by its recent focus on contributing to the production of cleaner energy. No single customer is more than 10% of revenue, with global exposure very diversified across basins, customers and capital spending exposure. Additionally, in contrast to much of the energy sector, SLB has consistently generated positive free cash flow. Despite solid price appreciation, the stock remains attractively priced based on our estimates of normalized EPS.”
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Schlumberger Limited (NYSE:SLB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Schlumberger Limited (NYSE:SLB) at the end of the fourth quarter which was 63 in the previous quarter.
We discussed Schlumberger Limited (NYSE:SLB) in another article and shared the list of largest energy companies according to their market capitalization. In addition, please check out our hedge fund investor letters Q4 2022 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.
