Artisan Partners, an investment management company, released its “Artisan Developing World Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Investor Class) returned 9.64% compared to 8.72% for the MSCI Emerging Markets Index. The Artisan Developing World Fund has returned 149.38% cumulatively, since June 30, 2015, compared to 50.92% for the index. During the quarter, the US labor market’s weakness interrupted the steady year-over-year inflation rate improvement, which paved the way for a 50bps interest rate cut from the Federal Reserve at its September policy meeting. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Developing World Fund highlighted stocks like Cadence Design Systems, Inc. (NASDAQ:CDNS), in the third quarter 2024 investor letter. Cadence Design Systems, Inc. (NASDAQ:CDNS) is a global provider of software, hardware, services, and reusable integrated circuit (IC) design blocks. The one-month return of Cadence Design Systems, Inc. (NASDAQ:CDNS) was 8.54%, and its shares gained 10.13% of their value over the last 52 weeks. On October 4, 2024, Cadence Design Systems, Inc. (NASDAQ:CDNS) stock closed at $268.65 per share with a market capitalization of $73.562 billion.
Artisan Developing World Fund stated the following regarding Cadence Design Systems, Inc. (NASDAQ:CDNS) in its Q3 2024 investor letter:
“Bottom contributors to performance for the quarter included semiconductor design and simulation company Cadence Design Systems, Inc. (NASDAQ:CDNS). Cadence declined due to weaker-than-expected guidance, sensitivity to Cadence’s hardware product cycle in the near term, and uncertainty around China exposure.”
An office of software engineers and designers collaborating on a digital project.
Cadence Design Systems, Inc. (NASDAQ:CDNS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held Cadence Design Systems, Inc. (NASDAQ:CDNS) at the end of the second quarter which was 74 in the previous quarter. While we acknowledge the potential of Cadence Design Systems, Inc. (NASDAQ:CDNS) 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 Cadence Design Systems, Inc. (NASDAQ:CDNS) and shared the list of AI stocks that could go parabolic according to the financial media. Artisan Developing World Fund previously highlighted Cadence Design Systems, Inc.’s (NASDAQ:CDNS) stable revenue model in Q2 2024 investor letter. In addition, please check out our hedge fund investor letters Q3 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.