Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund’s Investor Class fund ARTMX returned 2.35%, Advisor Class fund APDMX posted a return of 2.38%, and Institutional Class fund APHMX returned 2.40%, compared to a 6.54% return for the Russell Midcap Growth Index. Negative security selection within health care, information technology, and industrials led to the fund’s underperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund highlighted stocks like Tetra Tech, Inc. (NASDAQ:TTEK), in the third quarter 2024 investor letter. Tetra Tech, Inc. (NASDAQ:TTEK) is a consulting and engineering services provider that operates through two segments, Government Services Group (GSG) and Commercial/International Services Group (CIG). The one-month return of Tetra Tech, Inc. (NASDAQ:TTEK) was -1.27%, and its shares gained 47.48% of their value over the last 52 weeks. On October 15, 2024, Tetra Tech, Inc. (NASDAQ:TTEK) stock closed at $49.06 per share with a market capitalization of $13.131 billion.
Artisan Mid Cap Fund stated the following regarding Tetra Tech, Inc. (NASDAQ:TTEK) in its Q3 2024 investor letter:
“During the quarter, we initiated new GardenSM positions in CBRE Group, Tetra Tech, Inc. (NASDAQ:TTEK) and Coherent. Tetra Tech is a leader in the water, renewable energy and sustainable infrastructure end markets. The company provides exposure to an ongoing sustainability trend and funding renaissance around water. For example, the Environmental Protection Agency (EPA) recently finalized the National Primary Drinking Water Regulation, which states that public water systems must monitor and limit per- and polyfluoroalkyl substances (PFAS) in drinking water. Coupled with an experienced management team, established client relationships and key capabilities, we believe Tetra Tech should be a long-term beneficiary of the transformational federal funding and secular tailwinds of global investment into water infrastructure.”
An energy executive observing a wind turbine farm from a remote location.
Tetra Tech, Inc. (NASDAQ:TTEK) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Tetra Tech, Inc. (NASDAQ:TTEK) at the end of the second quarter which was 26 in the previous quarter. In the fiscal third quarter of 2024, Tetra Tech, Inc.’s (NASDAQ:TTEK) net revenue increased 12% to $1.11 billion. While we acknowledge the potential of Tetra Tech, Inc. (NASDAQ:TTEK) 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 Tetra Tech, Inc. (NASDAQ:TTEK) and shared TimesSquare Capital Management U.S. Small Cap Growth Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.