Shockwave Medical (SWAV) Exceeded Expectations in Q2

Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund APFDX returned 1.78%, Advisor Class fund APDDX posted a return of 1.78%, and Institutional Class fund APHDX returned 1.83%, compared to a return of 6.18% for the MSCI All Country World Index. Security selection in the IT and healthcare Sector led the fund to underperform in the quarter. Year-to-date, APFDX, APDDX, and APHDX returned 13.51%, 13.54%, and 13.68%, respectively, compared to 13.93% for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Global Discovery Fund highlighted stocks like Shockwave Medical, Inc. (NASDAQ:SWAV) in the second quarter 2023 investor letter.  Headquartered in Santa Clara, California, Shockwave Medical, Inc. (NASDAQ:SWAV) is a medical device company. On August 23, 2023, Shockwave Medical, Inc. (NASDAQ:SWAV) stock closed at $222.37 per share. One-month return of Shockwave Medical, Inc. (NASDAQ:SWAV) was -16.62%, and its shares lost 28.39% of their value over the last 52 weeks. Shockwave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $8.172 billion.

Artisan Global Discovery Fund made the following comment about Shockwave Medical, Inc. (NASDAQ:SWAV) in its second quarter 2023 investor letter:

“Among our top contributors were NU Holdings, Bentley Systems and Shockwave Medical, Inc. (NASDAQ:SWAV). Shockwave is a medical device company developing and commercializing products for calcified cardiovascular disease. The company received FDA approval for its C2 Plus intravascular lithotripsy device for coronary procedures much earlier than expected, which provides a 50% increase in treatment capacity versus the current C2 device. The company reported strong financial results, including 72% revenue growth that exceeded expectations. We continue to be excited about the company’s long-term potential.”

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Shockwave Medical, Inc. (NASDAQ:SWAV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Shockwave Medical, Inc. (NASDAQ:SWAV) at the end of second quarter which was 28 in the previous quarter.

We discussed Shockwave Medical, Inc. (NASDAQ:SWAV) in another article and shared the list of stocks receiving price-target hike from Wall Street analysts. 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.