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 GoDaddy Inc. (NYSE:GDDY) in the first quarter 2024 investor letter. Headquartered in Tempe, Arizona, GoDaddy Inc. (NYSE:GDDY) offers domain name registration and web hosting services. On April 11, 2024, GoDaddy Inc. (NYSE:GDDY) stock closed at $126.61 per share. One-month return of GoDaddy Inc. (NYSE:GDDY) was 8.04%, and its shares gained 64.90% of their value over the last 52 weeks. GoDaddy Inc. (NYSE:GDDY) has a market capitalization of $18.039 billion.
Artisan Mid Cap Fund stated the following regarding GoDaddy Inc. (NYSE:GDDY) in its first quarter 2024 investor letter:
“During the quarter, we initiated new GardenSM positions in DoorDash, GoDaddy Inc. (NYSE:GDDY) and Vertiv. GoDaddy provides website tools for small businesses and professional website builders, including domain registration, website creation and commerce tools. The company has a leading market share in commercial (.com) domain registration and a high brand recognition due to 25+ years of heavy marketing spend. Its core domain business accounts for 70% of revenue, while the other 30% is from applications and commerce, which are higher margins. The company’s strategy for the last decade has been to use the domain business as a low-cost customer acquisition tool and cross-sell the customer base into higher margin products. While this approach has had some success, we believe the CEO’s efforts to modernize the company’s tech stack in order to capitalize on emerging generative AI capabilities will lead to accelerating product attach rates and higher margins in the years ahead.”
A close-up of a complex web page being developed and refined by a web development specialist.
GoDaddy Inc. (NYSE:GDDY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, GoDaddy Inc. (NYSE:GDDY) was held by 42 hedge fund portfolios, up from 41 in the previous quarter, according to our database.
We previously discussed GoDaddy Inc. (NYSE:GDDY) in another article, where we shared the list of top mid-cap tech companies in the US. 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.
