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 Formula One Group (NASDAQ:FWONK), in the second quarter 2024 investor letter. Formula One Group (NASDAQ:FWONK) is a motorsports company. The one-month return of Formula One Group (NASDAQ:FWONK) was 9.52%, and YTD, its shares gained 26.07% of their value. On July 16, 2024, Formula One Group (NASDAQ:FWONK) stock closed at $79.59 per share with a market capitalization of $18.482 billion.
Artisan Mid Cap Fund stated the following regarding Formula One Group (NASDAQ:FWONK) in its Q2 2024 investor letter:
“Along with Lattice Semiconductor, Celsius and Tyler Technologies, notable adds in the quarter included West Pharmaceutical Services, MACOM and Formula One Group (NASDAQ:FWONK). Since acquiring F1 in 2017, Liberty Formula One has expanded the fan base to newer markets (like the US and China) and a younger demographic through efforts like the “Drive to Survive” series on Netflix, recasting broadcast agreements and making the sport more competitive (through adding cost caps, instituting standardized parts and changing prize money distribution). As its audience continues to grow, we believe F1 will be able to increase future monetization and profitability through higher broadcasting fees, better sponsorship and hospitality opportunities, and extracting more value out of races from promoters. Recent earnings results were thesis affirming. Sports rights continue to grow in value as streaming services compete for proprietary content, and the one-off costs incurred to launch its Las Vegas race in 2023 should support margin expansion in 2024. We moved the position into the Crop® of the portfolio.”
Three racing cars competing side by side at a motorsports event, demonstrating the power and precision of the company’s racing technology.
Formula One Group (NASDAQ:FWONK) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Formula One Group (NASDAQ:FWONK) at the end of the first quarter which was 42 in the previous quarter. While we acknowledge the potential of Formula One Group (NASDAQ:FWONK) 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 Formula One Group (NASDAQ:FWONK) and shared Sequoia Fund’s views on the company in the previous quarter. Artisan Mid Cap Fund initiated a new Garden position in Formula One Group (NASDAQ:FWONK) in Q2 2023. 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.
