Artisan Partners, an investment management company, released its “Artisan Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. US Treasury yields saw a significant decline towards the end of 2023, which led to a massive surge in the last two months of the year for US stocks. The fund’s Investor Class ARTLX, Advisor Class APDLX, and Institutional Class APHLX returned 9.75%, 9.75%, and 9.79% respectively, in the quarter compared to a 9.50% return for the Russell 1000 Value Index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Artisan Value Fund featured stocks like EOG Resources, Inc. (NYSE:EOG) in the Q4 2023 investor letter. Headquartered in Houston, Texas, EOG Resources, Inc. (NYSE:EOG) is an energy company that explores and produces crude oil, natural gas, and natural gas liquids. On March 13, 2024, EOG Resources, Inc. (NYSE:EOG) stock closed at $122.57 per share. One-month return of EOG Resources, Inc. (NYSE:EOG) was 7.28%, and its shares gained 17.31% of their value over the last 52 weeks. EOG Resources, Inc. (NYSE:EOG) has a market capitalization of $71.091 billion.
Artisan Value Fund stated the following regarding EOG Resources, Inc. (NYSE:EOG) in its fourth quarter 2023 investor letter:
“On the downside in Q4, our two energy holdings, Schlumberger, the world’s largest oil services company, and EOG Resources, Inc. (NYSE:EOG), a US shale-focused E&P company, were weak along with the broader sector. EOG is one of the highest quality operators in the E&P space. EOG has a low-cost production position with a strong reserve base, giving it an advantage versus peers. Further, EOG’s management has long focused on return on invested capital and cash flow generation, distinguishing it from many of the company’s competitors, which prioritize growth over profitability. Its commitment to return excess capital to shareholders via regular and special dividends is also highly appealing, particularly in a period of rising interest rates. The company has proven its ability to create economic value for shareholders, even over the past decade that included the toughest energy commodity environment of the last 30+ years. The company’s strong balance sheet enabled it to increase production capabilities during the prior downturn.”
An oil rig in action in a vast desert, drilling for natural gas.
EOG Resources, Inc. (NYSE:EOG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, EOG Resources, Inc. (NYSE:EOG) was held by 42 hedge fund portfolios, compared to 45 in the previous quarter, according to our database.
We discussed EOG Resources, Inc. (NYSE:EOG) in another article and shared the list of best energy stocks to invest in according to hedge funds. In addition, please check out our hedge fund investor letters Q4 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.
