Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Investor Class fund ARTMX returned -5.73%, Advisor Class fund APDMX posted a return of -5.67%, and Institutional Class fund APHMX returned -5.64%, compared to a -3.21% return for the Russell Midcap Growth Index. The portfolio generated negative absolute returns and underperformed the index in the second quarter. Modest negative security selection across multiple sectors, including information technology, industrials, communication services, and health care led to the underperformance and was partially offset by outperformance within consumer discretionary. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund highlighted stocks like Celsius Holdings, Inc. (NASDAQ:CELH), in the second quarter 2024 investor letter. Celsius Holdings, Inc. (NASDAQ:CELH) is a functional drink and liquid supplements manufacturer and distributor. The one-month return of Celsius Holdings, Inc. (NASDAQ:CELH) was -16.83%, and its shares gained 9.24% of their value over the last 52 weeks. On July 15, 2024, Celsius Holdings, Inc. (NASDAQ:CELH) stock closed at $52.63 per share with a market capitalization of $12.267 billion.
Artisan Mid Cap Fund stated the following regarding Celsius Holdings, Inc. (NASDAQ:CELH) in its Q2 2024 investor letter:
“Among our top detractors were Lattice Semiconductor, Exact Sciences and Celsius Holdings, Inc. (NASDAQ:CELH). Celsius is an energy drink company viewed as providing a healthier option than its large competitors. We believe Celsius’ product portfolio appeals to a broad demographic, creating new consumers and generating more frequent usage occasions in the energy drink category. As a result, Celsius has been able to grow sales through market share gains and market expansion. Furthermore, the company signed a US distribution partnership with PepsiCo in October 2022, expanding its distribution and increasing penetration wherever it’s already sold. Shares sold off due to Pepsi selling down elevated inventory and recent data indicating broader weakness within the energy drink category. We will monitor US category trends, but the company continues to capture market share and expand margins. Meanwhile, there remains a large opportunity for international expansion. We modestly added to the position.”
A hand pouring a cool can of a carbonated non-alcoholic beverage with a smiley face on it.
Celsius Holdings, Inc. (NASDAQ:CELH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Celsius Holdings, Inc. (NASDAQ:CELH) at the end of the first quarter which was 42 in the previous quarter. Celsius Holdings, Inc. (NASDAQ:CELH) generated $355.7 million in revenue, a 37% increase year over year, and achieved another record selling quarter. While we acknowledge the potential of Celsius Holdings, Inc. (NASDAQ:CELH) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Celsius Holdings, Inc. (NASDAQ:CELH) and shared Artisan Global Discovery Fund’s views on the company in the previous quarter. In the fourth quarter of 2023, Artisan Mid Cap Fund started investing in Celsius Holdings, Inc. (NASDAQ:CELH). In addition, please check out our hedge fund investor letters Q2 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.
