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 Roblox Corporation (NYSE:RBLX), in the second quarter 2024 investor letter. Roblox Corporation (NYSE:RBLX) develops and operates an online entertainment platform. The one-month return of Roblox Corporation (NYSE:RBLX) was 14.99%, and its shares lost 9.35% of their value over the last 52 weeks. On July 16, 2024, Roblox Corporation (NYSE:RBLX) stock closed at $41.28 per share with a market capitalization of $26.418 billion.
Artisan Mid Cap Fund stated the following regarding Roblox Corporation (NYSE:RBLX) in its Q2 2024 investor letter:
“We ended our investment campaigns in Five Below, Roblox Corporation (NYSE:RBLX) and Pool Corp during the quarter. Roblox is an online platform where users both play games created by other users and create their own games using Roblox Studio, a robust suite of development and coding tools. While the graphics, user interface and general gameplay appeals more to younger people, our thesis focused on the company’s investing heavily to improve its technological capabilities so it could provide experiences that appeal to an older demographic. We saw a potential bull case of Roblox becoming a leading place to create and consume social 3D experiences for the general population. Unfortunately, that view has not materialized as fundamentals have slowed. We exited the position.”
A person taking lessons through Roblox Education, expanding their knowledge and skills.
Roblox Corporation (NYSE:RBLX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Roblox Corporation (NYSE:RBLX) at the end of the first quarter which was 50 in the previous quarter. The first quarter revenue of Roblox Corporation (NYSE:RBLX) was $801 million, up 22% year-on-year. While we acknowledge the potential of Roblox Corporation (NYSE:RBLX) 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 Roblox Corporation (NYSE:RBLX) and shared the list of best ARK stocks to buy. Artisan Mid Cap Fund initiated a position in Roblox Corporation (NYSE:RBLX) in Q2 2023.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.
