Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Equity markets surged at the beginning of 2024 in anticipation of the US economy entering a “goldilocks” scenario – a soft landing combined with decreasing inflation, potentially leading to a cut in interest rates by the Fed. In the first quarter, its Investor Class fund ARTSX returned 9.43%, Advisor Class fund APDSX posted a return of 9.42%, and Institutional Class fund APHSX returned 9.48%, compared to a return of 7.58% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Small Cap Fund highlighted stocks like On Holding AG (NYSE:ONON), in the first quarter 2024 investor letter. On Holding AG (NYSE:ONON) develops and distributes sports products. The one-month return of On Holding AG (NYSE:ONON) was 28.24%, and its shares lost 52.35% of their value over the last 52 weeks. On May 28, 2024, On Holding AG (NYSE:ONON) stock closed at $41.82 per share with a market capitalization of $13.353 billion.
Artisan Small Cap Fund stated the following regarding On Holding AG (NYSE:ONON) in its first quarter 2024 investor letter:
“We initiated new GardenSM positions in On Holding AG (NYSE:ONON) during the quarter. On is an emerging global athletic sports brand focusing on performance footwear. Performance running footwear is one of the most challenging categories to break into, requiring a high degree of technical knowledge, significant investment spending and marketing prowess, each of which On has acheived over the years. The company’s foundation in performance footwear provides a high barrier to entry and a strong and credible foundation for the brand to continue growing. We believe On will generate attractive growth as it scales across product categories, channels and geographies within the $300 billion global sportswear market.”
A team of athletes showcasing the company’s athletic footwear in an outdoor stadium.
On Holding AG (NYSE:ONON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held On Holding AG (NYSE:ONON) at the end of the first quarter which was 31 in the previous quarter. On Holding AG (NYSE:ONON) saw a 29.2% surge, on a constant currency basis, in the first quarter 2024 driven by robust consumer demand across all channels and geographies.
In another article, we discussed On Holding AG (NYSE:ONON) and shared the list of largest shoe companies in the world. 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.
