Artisan Partners, an investment management company, released its “Artisan Global Opportunities Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTRX returned 5.73%, Advisor Class fund APDRX posted a return of 5.78%, and Institutional Class fund APHRX returned 5.83%, compared to a return of 6.18% for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Global Opportunities Fund highlighted stocks like Intuit Inc. (NASDAQ:INTU) in the second quarter 2023 investor letter. Headquartered in Mountain View, California, Intuit Inc. (NASDAQ:INTU) provides business and financial management solutions. On September 19, 2023, Intuit Inc. (NASDAQ:INTU) stock closed at $529.19 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was 5.66%, and its shares gained 29.49% of their value over the last 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $148.31 billion.
Artisan Global Opportunities Fund made the following comment about Intuit Inc. (NASDAQ:INTU) in its Q2 2023 investor letter:
“Intuit Inc. (NASDAQ:INTU) has dominant market share positions in its two largest brands. QuickBooks has 75%–80% share in small business accounting, and TurboTax has 60%–65% share in tax prep software and 30% share of overall tax filings. And Intuit is driving growth within each platform. The recently launched QuickBooks Advanced is serving as a new customer acquisition funnel in the middle market and a retention tool for the 10%–15% of customers who “graduate” off the QuickBooks platform each year. Also, the company is experiencing accelerating growth within its underpenetrated payroll and payments offerings, which will drive higher average revenues per customer and higher margins. With TurboTax, the company is focusing on moving more people to live-assisted and full-service offerings. The do-it-yourself tax market is gaining 1%–2% of market share per year against CPA/accountants who control about 40% market share. And the overall market should continue to grow 1%–2% per year just based on growth in total IRS returns. While the company has sizable exposure to the small- and medium-sized business market, we believe it would be insulated from an economic slowdown given the mission-critical nature of these two offerings. We are also encouraged by the company’s plans to improve the platform by utilizing AI, which would drive an enhanced customer experience.”
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Intuit Inc. (NASDAQ:INTU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 86 hedge fund portfolios held Intuit Inc. (NASDAQ:INTU) at the end of second quarter which was 86 in the previous quarter.
We discussed Intuit Inc. (NASDAQ:INTU) in another article and shared the list of biggest generative AI companies in the world. 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.
