Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund’s Investor Class fund ARTMX returned 2.35%, Advisor Class fund APDMX posted a return of 2.38%, and Institutional Class fund APHMX returned 2.40%, compared to a 6.54% return for the Russell Midcap Growth Index. Negative security selection within health care, information technology, and industrials led to the fund’s underperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund highlighted stocks like Samsara Inc. (NYSE:IOT) in the third quarter 2024 investor letter. Samsara Inc. (NYSE:IOT) offers solutions to connect physical operations data to its connected operations cloud. The one-month return of Samsara Inc. (NYSE:IOT) was 5.72%, and its shares gained 113.37% of their value over the last three months. On October 15, 2024, Samsara Inc. (NYSE:IOT) stock closed at $50.27 per share with a market capitalization of $27.968 billion.
Artisan Mid Cap Fund stated the following regarding Samsara Inc. (NYSE:IOT) in its Q3 2024 investor letter:
“Notable adds in the quarter included Samsara Inc. (NYSE:IOT), Illumina and Onto Innovation. Samsara is a software platform for asset-intensive industries that provides data and insights to enable asset tracking, performance measurement and safety monitoring. We believe the company’s attractive value proposition for customers makes it a durable top-line compounder that will become highly free cash flow generative over time. Recent quarterly results displayed the company’s rapid growth, and we believe it remains in the early stages of its profit cycle based on the size of its addressable markets. We added to the position.”
A data analyst wearing virtual reality goggles while analyzing on-board telematics.
Samsara Inc. (NYSE:IOT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Samsara Inc. (NYSE:IOT) at the end of the second quarter which was 22 in the previous quarter. In the fiscal second quarter 2025, Samsara Inc.’s (NYSE:IOT) ARR increased 36% year-over-year to $1.26 billion. While we acknowledge the potential of Samsara Inc. (NYSE:IOT) 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 Samsara Inc. (NYSE:IOT) and shared the list of worst cloud stocks to buy according to short sellers. In addition, please check out our hedge fund investor letters Q3 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.