Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Investor Class fund ARTMX returned -5.73%, Advisor Class fund APDMX posted a return of -5.67%, and Institutional Class fund APHMX returned -5.64%, compared to a -3.21% return for the Russell Midcap Growth Index. The portfolio generated negative absolute returns and underperformed the index in the second quarter. Modest negative security selection across multiple sectors, including information technology, industrials, communication services, and health care led to the underperformance and was partially offset by outperformance within consumer discretionary. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund highlighted stocks like Insmed Incorporated (NASDAQ:INSM) in its Q2 2024 investor letter. Insmed Incorporated (NASDAQ:INSM) is a biopharmaceutical company. The one-month return of Insmed Incorporated (NASDAQ:INSM) was 18.13%, and its shares gained 270.32% of their value over the last 52 weeks. On July 15, 2024, Insmed Incorporated (NASDAQ:INSM) stock closed at $77.47 per share with a market capitalization of $12.637 billion.
Artisan Mid Cap Fund stated the following regarding Insmed Incorporated (NASDAQ:INSM) in its Q2 2024 investor letter:
“During the quarter, we initiated new GardenSM positions in CCC Intelligent Solutions, Marvell Technology and Insmed Incorporated (NASDAQ:INSM). Insmed is a commercial stage biotech company focused on serious pulmonary diseases. Its first commercial product, Arikayce, is an inhaled antibiotic for the treatment of lung disease in patients who haven’t responded to conventional treatment. But the company also has a late-stage pipeline asset, Brensocatib, which treats bronchiectasis (a chronic, progressive inflammatory disease that causes permanent lung damage) and other neutrophil-mediated diseases. Over one million patients in the US, Europe and Japan have been diagnosed with bronchiectasis, and limited treatment options make this one of the biggest unmet medical needs within respiratory disease. Our research suggests that Brensocatib has multi-billion-dollar sales potential and may even be able to treat other serious respiratory illnesses. We decided to initiate a position following positive phase 3 clinical trial results.”
A biopharmaceutical research team taking notes in front of a laboratory’s microscope.
Insmed Incorporated (NASDAQ:INSM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Insmed Incorporated (NASDAQ:INSM) at the end of the first quarter which was 48 in the previous quarter. Insmed Incorporated (NASDAQ:INSM) reported global net revenues of $75.5 million in the first quarter of 2024, up 16% compared to Q1 2023. While we acknowledge the potential of Insmed Incorporated (NASDAQ:INSM) 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 Insmed Incorporated (NASDAQ:INSM) and shared the list of best mid-cap healthcare stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
