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 Nasdaq, Inc. (NASDAQ:NDAQ) in the second quarter 2023 investor letter. Headquartered in New York, New York, Nasdaq, Inc. (NASDAQ:NDAQ) is a technology company that serves capital markets and other industries. On August 29, 2023, Nasdaq, Inc. (NASDAQ:NDAQ) stock closed at $53.34 per share. One-month return of Nasdaq, Inc. (NASDAQ:NDAQ) was 7.39%, and its shares lost 10.40% of their value over the last 52 weeks. Nasdaq, Inc. (NASDAQ:NDAQ) has a market capitalization of $26.177 billion.
Artisan Mid Cap Fund made the following comment about Nasdaq, Inc. (NASDAQ:NDAQ) in its second quarter 2023 investor letter:
“Along with Catalent, we ended our investment campaigns in Aptiv and Nasdaq, Inc. (NASDAQ:NDAQ) during the quarter. Nasdaq is the second-largest diversified global exchange and a technology provider for US and European capital markets. While the company is well-known for its US stock exchange, the current management team is transitioning Nasdaq away from this more mature and volatile business and toward faster growing software and information service models. We trimmed shares earlier in the year after the company reported decelerating fundamental results. While the primary driver of the top-line miss was lower index revenues (a function of market volatility), the other businesses were not able to offset the decline as we would have expected. Then the company announced an acquisition of Adenza, a provider of risk management and regulatory software for the financial services industry. While the transaction makes strategic sense to us—shifting Nasdaq further toward a software and recurring revenue business model—we believe the $10.5 billion price tag offers fairly low economic returns and requires a meaningful increase in the company’s debt levels. We decided to exit our position.”
Nasdaq, Inc. (NASDAQ:NDAQ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Nasdaq, Inc. (NASDAQ:NDAQ) at the end of second quarter which was 33 in the previous quarter.
We discussed Nasdaq, Inc. (NASDAQ:NDAQ) in another article and shared Artisan Mid Cap Fund’s views on the company in the previous quarter. 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.
