Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund featured stocks like DoorDash, Inc. (NASDAQ:DASH) in the first quarter 2024 investor letter. Headquartered in San Francisco, California, DoorDash, Inc. (NASDAQ:DASH) is a commerce platform. On April 11, 2024, DoorDash, Inc. (NASDAQ:DASH) stock closed at $140.95 per share. One-month return of DoorDash, Inc. (NASDAQ:DASH) was 6.34%, and its shares gained 129.37% of their value over the last 52 weeks. DoorDash, Inc. (NASDAQ:DASH) has a market capitalization of $56.944 billion.
Artisan Mid Cap Fund stated the following regarding DoorDash, Inc. (NASDAQ:DASH) in its first quarter 2024 investor letter:
During the quarter, we initiated new GardenSM positions in DoorDash, Inc. (NASDAQ:DASH), GoDaddy and Vertiv. DoorDash is a technology-driven marketplace that enables couriers (Dashers) to deliver restaurant and other local orders on-demand to consumers. The company is a market leader in restaurant delivery, a business that continues to gain US market share (with healthy margins) and grow internationally. At the same time, heavy investment in newer businesses has limited company profitability. Most notably, grocery delivery is a largely untapped market due to inventory management challenges (in-person grocery shopping involves a high degree of product substitution). This business unit has been losing money. However, the company believes it has a competitive cost advantage given its existing Dasher network, and continued growth will lead to profitability—something it is not getting credit for by the market. The future near-term profit trajectory from new businesses is unclear, but we view management as very rational with its spending. Either these initiatives will yield additional profitable revenue streams, or they will be deprioritized in the coming years—in both scenarios, we expect solid profit growth over time.
A shot of a delivery driver zooming down a busy street, symbolizing the company’s quick and efficient delivery services.
DoorDash, Inc. (NASDAQ:DASH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, DoorDash, Inc. (NASDAQ:DASH) was held by 64 hedge fund portfolios, compared to 57 in the previous quarter, according to our database.
We previously discussed DoorDash, Inc. (NASDAQ:DASH) in another article, where we shared the list of biggest internet companies in the US. In addition, please check out our hedge fund investor letters Q1 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.
