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 Medtronic plc (NYSE:MDT) in the Q4 2022 investor letter. Headquartered in Dublin, Ireland, Medtronic plc (NYSE:MDT) develops and manufactures device-based medical therapies. On March 1, 2023, Medtronic plc (NYSE:MDT) stock closed at $82.08 per share. One-month return of Medtronic plc (NYSE:MDT) was -6.28%, and its shares lost 23.75% of their value over the last 52 weeks. Medtronic plc (NYSE:MDT) has a market capitalization of $109.198 billion.
Artisan Value Fund made the following comment about Medtronic plc (NYSE:MDT) in its Q4 2022 investor letter:
“We also added to our position in Medtronic plc (NYSE:MDT), taking advantage of attractive prices. While procedure volumes for Medtronic, a medical technology company, are close to their pre-COVID levels, professional staffing shortages, supply chain constraints and some raw materials shortages globally have held back the availability of procedures. These factors have caused its top line to contract. However, foreign exchange has also been a big headwind. Each of its segments has its own respective reasons for ebbs and flows over the past couple quarters, but generally results have been soft and slow to recover. We are being patient with our investment in Medtronic because the company continues to be a strong free cash flow generator and is attractively priced, with a FCF yield of 5.3% and a dividend yield of 3.4%. Medtronic is under new management that is focused on growing the company’s top line, reinvesting in R&D, returning cash to shareholders and growing operating profits. We like the new management’s strategy and believe new product launches, increased surgery visits, sound M&A transactions and a shareholder-returns focus should reinvigorate the business.”
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Medtronic plc (NYSE:MDT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Medtronic plc (NYSE:MDT) at the end of the fourth quarter which was 55 in the previous quarter.
We discussed Medtronic plc (NYSE:MDT) in another article and shared the list of S&P 500 dividend aristocrats popular among hedge funds. 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.
