Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, its Investor Class fund ARTSX returned 7.60%, Advisor Class fund APDSX posted a return of 7.63%, and Institutional Class fund APHSX returned 7.62%, compared to a return of 6.07% for the Russell 2000 Growth Index. Both allocation and security selection drove the portfolio to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like Morningstar, Inc. (NASDAQ:MORN) in the first quarter 2023 investor letter. Headquartered in Chicago, Illinois, Morningstar, Inc. (NASDAQ:MORN) offers data, direct, investment management, advisor workstation, workplace solutions, pitchbook data, enterprise components, research, credit ratings and indexes. On May 19, 2023, Morningstar, Inc. (NASDAQ:MORN) stock closed at $197.43 per share. One-month return of Morningstar, Inc. (NASDAQ:MORN) was -4.16%, and its shares lost 20.15% of their value over the last 52 weeks. Morningstar, Inc. (NASDAQ:MORN) has a market capitalization of $8.401 billion.
Artisan Small Cap Fund made the following comment about Morningstar, Inc. (NASDAQ:MORN) in its Q1 2023 investor letter:
“On March 8 the company announced a plan to raise capital to restructure its security portfolio and position for added flexibility in a higher-for-longer interest rate environment. The announcement catalyzed a cycle of confusion and concern among depositors, which was fueled by influential venture capital investors suggesting their portfolio companies withdraw their cash. We later learned that $42B of deposits left on a single day, compared to Washington Mutual that lost $17B in deposits over the course of the final 10 days before its failure. While part of our process involves imagining what could go wrong in a “bear case,” a run on bank deposits of this magnitude was unfortunately something we did not contemplate. This left the company unable to complete the capital raise, prompting the FDIC to step in and place the bank into receivership. We sold our SVB position at a significant loss. This was our only regional bank exposure, and we reacted quickly to eliminate other holdings that may have been at risk, including Morningstar, Inc. (NASDAQ:MORN), which has been experiencing a fundamental deterioration within its Pitchbook business given its private markets exposure.”
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Morningstar, Inc. (NASDAQ:MORN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Morningstar, Inc. (NASDAQ:MORN) at the end of the fourth quarter which was 19 in the previous quarter.
We discussed Morningstar, Inc. (NASDAQ:MORN) in another article and shared the list of best April dividend stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
