Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, the fund’s Investor Class fund ARTMX returned 5.11%, Advisor Class fund APDMX posted a return of 5.14%, and Institutional Class fund APHMX returned 5.14%, compared to an 8.14% return for the Russell Midcap Growth Index. US equities achieved solid Q4 gains, concluding a strong year. Following Donald Trump’s election win, optimism surged over deregulation and tax cuts. However, concerns about inflation from proposed tariffs and immigration policies emerged in December, introducing market volatility. Despite this, markets ended 2024 with strong gains, marking one of the best two-year performance stretches in decades. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Artisan Mid Cap Fund emphasized stocks such as Pure Storage, Inc. (NYSE:PSTG). Pure Storage, Inc. (NYSE:PSTG) offers data storage and management technologies, products, and services. The one-month return of Pure Storage, Inc. (NYSE:PSTG) was 27.68%, and its shares gained 10.00% of their value over the last 52 weeks. On March 3, 2025, Pure Storage, Inc. (NYSE:PSTG) stock closed at $49.43 per share with a market capitalization of $17.118 billion.
Artisan Mid Cap Fund stated the following regarding Pure Storage, Inc. (NYSE:PSTG) in its Q4 2024 investor letter:
“During the quarter, we initiated new GardenSM positions in US Foods, Pure Storage, Inc. (NYSE:PSTG) and Robinhood. Pure Storage is redefining enterprise data storage by bypassing traditional approaches used by competitors. Instead of purchasing costly enterprise-grade solid-state drives (SSDs) and layering software ontop, Pure Storage sources raw NAND flash memory and designs custom all-flash storage systems, providing a cost advantage. The company has been gaining share of the core enterprise data storage market due to this offering, but we believe its recent announcement of securing a large hyper scaler data center contract potentially opens the company up to a much larger addressable market and gives us confidence that the company can accelerate its growth trajectory over the next two to three years.”
A closeup of a computer monitor displaying a complex software interface used in data protection services.
Pure Storage, Inc. (NYSE:PSTG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Pure Storage, Inc. (NYSE:PSTG) at the end of the fourth quarter compared to 31 in the third quarter. While we acknowledge the potential of Pure Storage, Inc. (NYSE:PSTG) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Pure Storage, Inc. (NYSE:PSTG) and shared Polen US SMID Company Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.