Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio had a positive absolute return in Q4 but underperformed the Russell 2000 Growth Index due to security selection, particularly in the healthcare and information technology sectors. In the fourth quarter, its Investor Class fund ARTSX returned 9.18%, Advisor Class fund APDSX posted a return of 9.26%, and Institutional Class fund APHSX returned 9.28%, compared to a return of 12.75% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund featured stocks like Smartsheet Inc. (NYSE:SMAR) in the fourth quarter 2023 investor letter. Headquartered in Bellevue, Washington, Smartsheet Inc. (NYSE:SMAR) provides a cloud-based platform for work management. On March 11, 2024, Smartsheet Inc. (NYSE:SMAR) stock closed at $41.85 per share. One-month return of Smartsheet Inc. (NYSE:SMAR) was -6.54%, and its shares gained 9.21% of their value over the last 52 weeks. Smartsheet Inc. (NYSE:SMAR) has a market capitalization of $5.702 billion.
Artisan Small Cap Fund stated the following regarding Smartsheet Inc. (NYSE:SMAR) in its fourth quarter 2023 investor letter:
“Notable adds in the quarter included CCC Intelligent Solutions, Procore Technologies and Smartsheet Inc. (NYSE:SMAR). Smartsheet is a highly customizable cloud-based workflow management tool enabling automation and increased productivity across several organizational functions, including information technology, human resources, sales, marketing, operations and finance. Smartsheet replaces traditional workflow management tools and can integrate with Microsoft Teams, Tableau, Slack and other third-party software applications. The company has several notable large enterprises on its platform that are lightly penetrated, and we believe this creates a meaningful runway for adding new users and selling product enhancements. Smartsheet is introducing AI-driven features, which aim to drive enhanced customer productivity. They will also allow the company to capture value through increased revenue per user. After reporting strong earnings results that were thesis affirming, we added to the position.”
An executive in suit presenting a large touch screen of the company’s cloud-based enterprise platform.
Smartsheet Inc. (NYSE:SMAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Smartsheet Inc. (NYSE:SMAR) was held by 52 hedge fund portfolios, compared to 48 in the previous quarter, according to our database.
We discussed Smartsheet Inc. (NYSE:SMAR) in another article and shared TimesSquare Capital Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 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.
