Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund featured stocks like Pool Corporation (NASDAQ:POOL) in the first quarter 2024 investor letter. Headquartered in Covington, Louisiana, Pool Corporation (NASDAQ:POOL) is a swimming pool supplies, equipment, and related leisure products distributor. On April 11, 2024, Pool Corporation (NASDAQ:POOL) stock closed at $379.14 per share. One-month return of Pool Corporation (NASDAQ:POOL) was -5.64%, and its shares gained 14.09% of their value over the last 52 weeks. Pool Corporation (NASDAQ:POOL) has a market capitalization of $14.5 billion.
Artisan Mid Cap Fund stated the following regarding Pool Corporation (NASDAQ:POOL) in its first quarter 2024 investor letter:
“Notable trims in the quarter included Repligen and Pool Corporation (NASDAQ:POOL). Pool Corp is the largest wholesale distributor of pool supplies and related outdoor living products. The company commands a leading market share of the pool product distribution market, nearly 4X the next largest competitor, which we believe is important as economies of scale drive higher vendor rebates, better sourcing and product availability. Current demand is soft due to higher interest rates and pandemic-driven spike in new pool construction that ended up pulling forward demand. However, our research indicates that ~60% of Pool’s sales are more recurring in nature (maintenance-related), and the new pools constructed in recent years have added to that recurring revenue opportunity. Investors have been looking past the current normalization of demand and anticipating better growth, leading shares to rally. We trimmed the position based on our valuation discipline.”
Aerial view of a large public swimming pool surrounded by lush green lawn and trees.
Pool Corporation (NASDAQ:POOL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Pool Corporation (NASDAQ:POOL) was held by 42 hedge fund portfolios, compared to 41 in the previous quarter, according to our database.
We previously discussed Pool Corporation (NASDAQ:POOL) in another article, where we shared the list of stocks whose price targets were recently raised by analysts. In addition, please check out our hedge fund investor letters Q1 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.
