Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTMX returned 4.44%, Advisor Class fund APDMX posted a return of 4.48%, and Institutional Class fund APHMX returned 4.49%, compared to a 6.23% return for the Russell Midcap Growth Index. Sector allocation and security selection drove the Q2 underperformance. ARTMX, APDMX, and APHMX returned 17.36%, 17.47%, and 17.48%, respectively, compared to 15.94% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like Envista Holdings Corporation (NYSE:NVST) in the second quarter 2023 investor letter. Headquartered in Brea, California, Envista Holdings Corporation (NYSE:NVST) engages in the business of dental products. On August 29, 2023, Envista Holdings Corporation (NYSE:NVST) stock closed at $33.10 per share. One-month return of Envista Holdings Corporation (NYSE:NVST) was -2.42%, and its shares lost 10.76% of their value over the last 52 weeks. Envista Holdings Corporation (NYSE:NVST) has a market capitalization of $5.423 billion.
Artisan Mid Cap Fund made the following comment about Envista Holdings Corporation (NYSE:NVST) in its second quarter 2023 investor letter:
“Notable trims in the quarter included Global Payments, Teledyne Technologies and Envista Holdings Corporation (NYSE:NVST). Envista Holdings is a dental company with strong global brands and customer relationships in implants and orthodontic consumables. Envista spun out of Danaher in 2019, and since then, management has repositioned the company for faster and more profitable growth by divesting its capital equipment business and increasing the focus on specialty dental products (such as clear aligners, implant systems and intra-oral scanners). While we continue to find our thesis plausible longer term, we believe various short-term headwinds (such as economic headwinds that may weigh on discretionary dental spending and government price cuts in China) may offset the company’s internal progress in the year ahead, and we trimmed the position.”
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Envista Holdings Corporation (NYSE:NVST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Envista Holdings Corporation (NYSE:NVST) at the end of second quarter which was 25 in the previous quarter.
We discussed Envista Holdings Corporation (NYSE:NVST) in another article and shared the list of highest-paying countries for dentists. 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.
