Artisan Partners, an investment management company, released its “Artisan International Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTKX returned 3.97%, Advisor Class fund APDKX posted a return of 3.99%, and Institutional Class fund APHKX returned 4.02%, compared to a return of 2.95% for the MSCI EAFE Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan International Value Fund highlighted stocks like Alibaba Group Holding Limited (NYSE:BABA) in the second quarter 2023 investor letter. Based in Hangzhou, the People’s Republic of China, Alibaba Group Holding Limited (NYSE:BABA) offers technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses. On August 30, 2023, Alibaba Group Holding Limited (NYSE:BABA) stock closed at $93.65 per share. One-month return of Alibaba Group Holding Limited (NYSE:BABA) was -4.03%, and its shares lost 0.06% of their value over the last 52 weeks. Alibaba Group Holding Limited (NYSE:BABA) has a market capitalization of $238.506 billion.
Artisan International Value Fund made the following comment about Alibaba Group Holding Limited (NYSE:BABA) in its second quarter 2023 investor letter:
“Alibaba Group Holding Limited (NYSE:BABA) was the worst performing stock during the quarter, despite the announcement of a significant change in corporate strategy that will lead to monetization of certain company operations. Alibaba’ s core business, e-commerce, continues to face challenges, though profitability remains high and cash flow generation is strong. Reported profits during the quarter grew significantly as the company reduced costs.
Outside of the core e-commerce business, Alibaba operates a number of other businesses, including China’s leading cloud service, an international e-commerce business and a domestic logistics operation. During the quarter, the company announced that these businesses will run autonomously from both an operational and a capital standpoint. From a shareholder’s perspective, an IPO, capital raise or demerger of these operations will crystallize the value of these growing but not yet profitable businesses—an obvious catalyst to value realization. The company also announced significant share repurchases and the intention to continue share buybacks at what we believe is an attractive valuation. Despite improved results and these efforts toward value creation, the share price declined by 18%.”
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Alibaba Group Holding Limited (NYSE:BABA) is in 14th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 112 hedge fund portfolios held Alibaba Group Holding Limited (NYSE:BABA) at the end of second quarter which was 128 in the previous quarter.
We discussed Alibaba Group Holding Limited (NYSE:BABA) in another article and shared the list of most profitable technology stocks in 2023. In addition, please check out our hedge fund investor letters Q2 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.
