Artisan Partners, an investment management company, released its “Artisan Value Income Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Us equities experienced a pullback in Q3 following the strong returns in the first half of 2023. The fund’s Investor Class APFWX, Advisor Class APDWX, and Institutional Class APHWX returned -3.51%, -3.60%, and -3.49% respectively, in the quarter compared to -3.27% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Artisan Value Income Fund highlighted stocks like Air Lease Corporation (NYSE:AL) in the third quarter 2023 investor letter. Headquartered in Los Angeles, California, Air Lease Corporation (NYSE:AL) is an aircraft leasing company. On December 5, 2023, Air Lease Corporation (NYSE:AL) stock closed at $38.78 per share. One-month return of Air Lease Corporation (NYSE:AL) was 5.55%, and its shares gained 2.32% of their value over the last 52 weeks. Air Lease Corporation (NYSE:AL) has a market capitalization of $4.306 billion.
Artisan Value Income Fund made the following comment about Air Lease Corporation (NYSE:AL) in its Q3 2023 investor letter:
“Air Lease Corporation (NYSE:AL) is an airplane leasing firm. We hold its perpetual preferred stock paying a 4.125% coupon. A preferred is a hybrid security having characteristics of both stocks and bonds. Like bonds, a preferred typically pays a fixed quarterly coupon and is senior to common equity in the capital structure; however, it’s not debt that must be repaid. Preferreds can offer higher dividend yields than available on common stocks but, like bonds, will fluctuate in price due to changes in prevailing interest rates. This is what has occurred with our Air Lease preferred. Rising interest rates caused the price to decline in 2022. Recent price gains have pared those losses. Air Lease’s business has performed well as air travel has recovered and strong demand in the secondary market has contributed to lease rates strengthening.”
A close up shot of a commercial aircraft in flight with its expansive wingspan.
Air Lease Corporation (NYSE:AL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Air Lease Corporation (NYSE:AL) at the end of third quarter which was 25 in the previous quarter.
We discussed Air Lease Corporation (NYSE:AL) in another article and shared millionaire Chuck Royce’s investment portfolio’s top stocks. In addition, please check out our hedge fund investor letters Q3 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.
