Should You Harvest Your Position in BILL Holdings (BILL)?

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, its Investor Class fund ARTMX returned 12.37%, Advisor Class fund APDMX posted a return of 12.43%, and Institutional Class fund APHMX returned 12.43%, compared to a 9.14% return for the Russell Midcap Growth Index. Positive stock selection drove the portfolio to outperform in the quarter and was most pronounced in the information technology and healthcare sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Mid Cap Fund highlighted stocks like BILL Holdings, Inc. (NYSE:BILL) in the Q1 2023 investor letter. Headquartered in San Jose, California, BILL Holdings, Inc. (NYSE:BILL) is a cloud-based software provider. On June 21, 2023, BILL Holdings, Inc. (NYSE:BILL) stock closed at $108.63 per share. One-month return of BILL Holdings, Inc. (NYSE:BILL) was 14.22%, and its shares lost 12.79% of their value over the last 52 weeks. BILL Holdings, Inc. (NYSE:BILL) has a market capitalization of $11.557 billion.

Artisan Mid Cap Fund made the following comment about BILL Holdings, Inc. (NYSE:BILL) in its first quarter 2023 investor letter:

“We ended our investment campaigns in BILL Holdings, Inc. (NYSE:BILL, ZoomInfo Technologies and First Republic Bank during the quarter. BILL Holdings offers cloud-based applications that simplify, digitize and automate back-office accounts receivable and accounts payable processes for small and medium-sized businesses (SMBs). We view the company’s addressable market as large and its business model attractive. However, we are seeing pressure on SMB payments trends given the slowing economy. Also, we are concerned about Intuit’s expansion into accounts payable automation given a meaningful portion of BILL’s customers (and addressable market) use Intuit’s market-leading QuickBooks accounting software. With our conviction in the thesis wavering, we decided to harvest the position in favor of more compelling opportunities.”

everything possible/Shutterstock.com

BILL Holdings, Inc. (NYSE:BILL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held BILL Holdings, Inc. (NYSE:BILL) at the end of the first quarter, which was 58 in the previous quarter.

We discussed BILL Holdings, Inc. (NYSE:BILL) in another article and shared Baron FinTech Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 10 Tech Stocks Benefiting From The AI Boom
• 25 Oldest Countries in the World
• 50 Richest Cities in the World

Disclosure: None. This article is originally published at Insider Monkey.