Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio had a positive absolute return in Q4 but underperformed the Russell 2000 Growth Index due to security selection, particularly in the healthcare and information technology sectors. In the fourth quarter, its Investor Class fund ARTSX returned 9.18%, Advisor Class fund APDSX posted a return of 9.26%, and Institutional Class fund APHSX returned 9.28%, compared to a return of 12.75% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund featured stocks like Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the Q4 2023 investor letter. Headquartered in Portland, Tennessee, Shoals Technologies Group, Inc. (NASDAQ:SHLS) provides electrical balance of system solutions for solar energy projects. On March 11, 2024, Shoals Technologies Group, Inc. (NASDAQ:SHLS) stock closed at $12.99 per share. One-month return of Shoals Technologies Group, Inc. (NASDAQ:SHLS) was -16.30%, and its shares lost 38.73% of their value over the last 52 weeks. Shoals Technologies Group, Inc. (NASDAQ:SHLS) has a market capitalization of $2.218 billion.
Artisan Small Cap Fund stated the following regarding Shoals Technologies Group, Inc. (NASDAQ:SHLS) in its fourth quarter 2023 investor letter:
“We ended our investment campaigns in BlackLine, Shoals Technologies Group, Inc. (NASDAQ:SHLS) and Freshpet during the quarter. Shoals offers prefabricated electrical components used for utility-scale solar projects. The products reduce solar project installation costs by reducing labor and raw materials, driving an immediate return on investment to its customers. We believe Shoals operates within a market that is in the early innings of a long-term penetration story for renewables and growing demand for electricity. However, while the core business has been experiencing strong bookings and shipments, a problem with defective wires has created warranty issues and called into question its quality control practices. Given this uncertainty, we decided to move on.”
A construction crew working on a solar energy system, revealing the company’s drive for success.
Shoals Technologies Group, Inc. (NASDAQ:SHLS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Shoals Technologies Group, Inc. (NASDAQ:SHLS) was held by 31 hedge fund portfolios, compared to 33 in the previous quarter, according to our database.
We discussed Shoals Technologies Group, Inc. (NASDAQ:SHLS) in another article and shared the list of best strong buy stocks to invest in. 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.
