Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Equity markets surged at the beginning of 2024 in anticipation of the US economy entering a “goldilocks” scenario – a soft landing combined with decreasing inflation, potentially leading to a cut in interest rates by the Fed. In the first quarter, its Investor Class fund ARTSX returned 9.43%, Advisor Class fund APDSX posted a return of 9.42%, and Institutional Class fund APHSX returned 9.48%, compared to a return of 7.58% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Small Cap Fund highlighted stocks like SharkNinja, Inc. (NYSE:SN), in the first quarter 2024 investor letter. SharkNinja, Inc. (NYSE:SN) is a product design and technology company that provides cleaning, cooking, beverage, food preparation, and beauty appliances. The one-month return of SharkNinja, Inc. (NYSE:SN) was 16.80%, and its YTD shares appreciated 46.36% of their value. On May 28, 2024, SharkNinja, Inc. (NYSE:SN) stock closed at $74.89 per share with a market capitalization of $10.471 billion.
Artisan Small Cap Fund stated the following regarding SharkNinja, Inc. (NYSE:SN) in its first quarter 2024 investor letter:
“Along with Iovance Biotherapeutics, notable adds in the quarter included SharkNinja, Inc. (NYSE:SN). We already mentioned emerging signs of consumer weakness, especially among those with lower incomes. We think this environment sets up nicely for companies that provide high-quality products sold at a discount to capture market share from their name-brand competitors. SharkNinja and e.l.f. Beauty are two examples. SharkNinja is a leading household consumer products company with the Shark and Ninja brands. The Shark brand focuses on the cleaning category (vacuums, mops, carpet cleaners, etc.) and more recently, beauty (hair dryers, hair stylers, etc.). The Ninja brand focuses on food preparation (blenders, food processors, ice cream makers, juicers, etc.) and cooking (indoor grill, ovens, toasters, cookers, air fryer, etc.). We believe a healthy combination of market share gains within existing categories, new category entries and international expansion will drive growth.”
Copyright: johnkasawa / 123RF Stock Photo
SharkNinja, Inc. (NYSE:SN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held SharkNinja, Inc. (NYSE:SN) at the end of the first quarter which was 36 in the previous quarter.
SharkNinja, Inc. (NYSE: SN) had a strong start to the year with impressive Q1 results. Net sales rose by 25%, and adjusted net sales, which exclude divested APAC business, increased by 28% to $1.1 billion. The company achieved a 30% growth in adjusted EBITDA to $231 million.
In another article, we discussed SharkNinja, Inc. (NYSE:SN) and shared the list of best new stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.
