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 BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in the second quarter 2023 investor letter. Headquartered in Westborough, Massachusetts, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) operates warehouse clubs. On August 23, 2023, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) stock closed at $66.20 per share. One-month return of BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) was 1.01%, and its shares lost 8.08% of their value over the last 52 weeks. BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) has a market capitalization of $8.895 billion.
Artisan Global Discovery Fund made the following comment about BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in its second quarter 2023 investor letter:
“We initiated new GardenSM positions in BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ), Sartorius and Proya Cosmetics during the quarter. We view BJ’s Wholesale Club as a business that has improved meaningfully since pre-pandemic. Its membership renewal rates have increased, the balance sheet is improved, and we are excited about the accelerated new store openings. The company’s store count has grown to 237 versus 216 five years ago, and it expects to open ~10 new stores per year going forward. Sales growth for the warehouse club category has been 11.1% annually over the past five years compared to 7.8% for the total retail market. We believe consumers will continue to look for value in an environment of high inflation and high interest rates, which lends itself nicely to the club format gaining market share.”
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BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) at the end of second quarter which was 35 in the previous quarter.
We discussed BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in another article and shared the list of best warehouse and self-storage stocks to buy. 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.
