Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Inflation remained on a downward trend in the quarter and the fund’s Investor Class fund ARTMX returned -2.95%, Advisor Class fund APDMX posted a return of -2.92%, and Institutional Class fund APHMX returned -2.90%, compared to a -5.22% return for the Russell Midcap Growth 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 DexCom, Inc. (NASDAQ:DXCM) in the third quarter 2023 investor letter. Headquartered in San Diego, California, DexCom, Inc. (NASDAQ:DXCM) is a medical device company. On December 4, 2023, DexCom, Inc. (NASDAQ:DXCM) stock closed at $118.24 per share. One-month return of DexCom, Inc. (NASDAQ:DXCM) was 24.21%, and its shares gained 1.21% of their value over the last 52 weeks. DexCom, Inc. (NASDAQ:DXCM) has a market capitalization of $45.129 billion.
Artisan Mid Cap Fund made the following comment about DexCom, Inc. (NASDAQ:DXCM) in its Q3 2023 investor letter:
“Among our top detractors were Exact Sciences, Lattice Semiconductor and DexCom, Inc. (NASDAQ:DXCM). DexCom is the leader in continuous glucose-monitoring systems (CGM). We believe it is well positioned to continue penetrating the Type 1 diabetes market and to drive adoption in the much larger Type 2 diabetes market, with data increasingly supporting the clinical and economic case for using CGM sensors. By most indicators, DexCom is poised for a period of significant top- and bottom-line growth. Having made substantial investments in global distribution, product development and branding, the company has a receptive base of patients, physicians and payors ready for its newly launched next-generation G7 sensor. The stock’s recent performance tells a different story. The market appears concerned that the rapid growth of GLP-1 diabetes/obesity drugs will reduce demand for diabetes management technologies. While the magnitude of the GLP-1 adoption will likely have both good and bad impacts on how CGMs are used, our research suggests these changes will be slow to play out, and most experts view CGMs and GLP-1s as complementary tools in the fight against the obesity epidemic. With the stock more attractively valued, we added to our position.”
DexCom, Inc. (NASDAQ:DXCM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held DexCom, Inc. (NASDAQ:DXCM) at the end of third quarter which was 58 in the previous quarter.
We discussed DexCom, Inc. (NASDAQ:DXCM) in another article and shared the list of best long-term growth stocks to invest in. In addition, please check out our hedge fund investor letters Q3 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.
