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 Composite highlighted stocks like MarketAxess Holdings Inc. (NASDAQ:MKTX) in the second quarter 2023 investor letter. Headquartered in New York, New York, MarketAxess Holdings Inc. (NASDAQ:MKTX) is an electronic trading platform operator. On August 29, 2023, MarketAxess Holdings Inc. (NASDAQ:MKTX) stock closed at $246.35 per share. One-month return of MarketAxess Holdings Inc. (NASDAQ:MKTX) was -5.72%, and its shares lost 0.90% of their value over the last 52 weeks. MarketAxess Holdings Inc. (NASDAQ:MKTX) has a market capitalization of $9.282 billion.
Artisan Mid Cap Fund Composite made the following comment about MarketAxess Holdings Inc. (NASDAQ:MKTX) in its second quarter 2023 investor letter:
“Underperformance within financials was partially driven by two electronic fixed income exchanges, Tradeweb and MarketAxess Holdings Inc. (NASDAQ:MKTX). Both companies underperformed as bond market activity slowed in the wake of March’s bank failures. As leading US electronic credit trading networks, we believe these companies are well-positioned to capture greater market share of trading volumes as global credit markets increasingly shift toward electronic trading venues. We expect market conditions to normalize in future periods and remain attracted by the opportunity for both franchises. In addition, financial information services provider MSCI underperformed as growth slowed in its climate and ESG segment. We reduced our position but still consider it to be well positioned longer term.”
MarketAxess Holdings Inc. (NASDAQ:MKTX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held MarketAxess Holdings Inc. (NASDAQ:MKTX) at the end of second quarter which was 29 in the previous quarter.
We discussed MarketAxess Holdings Inc. (NASDAQ:MKTX) in another article and shared Baron Asset Fund’s views on the company. 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.
