Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTMX returned 4.44%, Advisor Class fund APDMX posted a return of 4.48%, and Institutional Class fund APHMX returned 4.49%, compared to a 6.23% return for the Russell Midcap Growth Index. Sector allocation and security selection drove the Q2 underperformance. ARTMX, APDMX, and APHMX returned 17.36%, 17.47%, and 17.48%, respectively, compared to 15.94% for the 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 Veeva Systems Inc. (NYSE:VEEV) in the second quarter 2023 investor letter. Headquartered in Pleasanton, California, Veeva Systems Inc. (NYSE:VEEV) is a cloud-based software provider for the life sciences industry. On August 29, 2023, Veeva Systems Inc. (NYSE:VEEV) stock closed at $193.03 per share. One-month return of Veeva Systems Inc. (NYSE:VEEV) was -3.06%, and its shares lost 3.16% of their value over the last 52 weeks. Veeva Systems Inc. (NYSE:VEEV) has a market capitalization of $30.928 billion.
Artisan Mid Cap Fund made the following comment about Veeva Systems Inc. (NYSE:VEEV) in its second quarter 2023 investor letter:
“As we have met with companies, we have learned about the many ways AI can be leveraged to enhance business outcomes. That can mean designing AI functionality into a company’s products and services, allowing customers to derive additional value. The rapid emergence of AI-assisted software development tools can speed innovation, allowing companies to produce more, richer apps at lower cost. In addition, companies are deploying AI tools as sales and marketing enablers—helping with both prospect targeting and client service. We believe the companies with modern technology infrastructures, proprietary data sets and adaptive cultures are best positioned to take advantage of these tools.
We are focused on aligning with forward-thinking management teams who are investing to creatively deploy these capabilities. For example, Veeva Systems Inc. (NYSE:VEEV) has the dominant CRM platform for pharmaceutical sales and marketing organizations. The company has massive amounts of data and is utilizing AI within its latest Vault platform to help its customers identify and profile prospects, tailor more personalized interactions and enhance overall customer service.”
Copyright: nexusplexus / 123RF Stock Photo
Veeva Systems Inc. (NYSE:VEEV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Veeva Systems Inc. (NYSE:VEEV) at the end of second quarter which was 38 in the previous quarter.
We discussed Veeva Systems Inc. (NYSE:VEEV) in another article and shared the list of biggest technology companies. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 11 Best Global Luxury Stocks to Buy
- 50 Most Searched Brands on Google
- 12 Best High Risk Penny Stocks to Buy Now
Disclosure: None. This article is originally published at Insider Monkey.
