Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund APFDX returned 1.78%, Advisor Class fund APDDX posted a return of 1.78%, and Institutional Class fund APHDX returned 1.83%, compared to a return of 6.18% for the MSCI All Country World Index. Security selection in the IT and healthcare Sector led the fund to underperform in the quarter. Year-to-date, APFDX, APDDX, and APHDX returned 13.51%, 13.54%, and 13.68%, respectively, compared to 13.93% for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Global Discovery Fund highlighted stocks like Pool Corporation (NASDAQ:POOL) in the second quarter 2023 investor letter. Headquartered in Covington, Louisiana, Pool Corporation (NASDAQ:POOL) is a swimming pool supplies, equipment, and related leisure products distributor. On August 23, 2023, Pool Corporation (NASDAQ:POOL) stock closed at $356.64 per share. One-month return of Pool Corporation (NASDAQ:POOL) was -6.61%, and its shares lost 3.65% of their value over the last 52 weeks. Pool Corporation (NASDAQ:POOL) has a market capitalization of $13.928 billion.
Artisan Global Discovery Fund made the following comment about Pool Corporation (NASDAQ:POOL) in its second quarter 2023 investor letter:
“Notable adds in the quarter included Pool Corporation (NASDAQ:POOL), Silergy and Live Nation Entertainment. Pool Corp is the largest wholesale distributor of pool supplies and related outdoor living products. The company commands 37% 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. New pool construction spiked during the pandemic, but it subsequently softened given the pull-forward of demand and higher interest rates. However, our research indicates that ~60% of Pool’s sales are recurring in nature (maintenance-related), and the new pools constructed in recent years have added to that recurring revenue opportunity. After this soft patch, we believe demand will normalize, and we view the stock’s decline as an opportunity to add to our GardenSM position.”
Pool Corporation (NASDAQ:POOL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Pool Corporation (NASDAQ:POOL) at the end of second quarter which was 41 in the previous quarter.
We discussed Pool Corporation (NASDAQ:POOL) in another article and shared the list of best summer stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Most Consumed Candies in the US
- 100 Biggest Technology Companies in the World
- Billionaire Ken Fisher and Corporate Insiders Are Betting On These Stocks
Disclosure: None. This article is originally published at Insider Monkey.
