Artisan Partners, an investment management company, released its “Artisan Select Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Investor Class: ARTNX returned -4.77%, its Advisor Class: APDNX returned -4.77%, and Institutional Class: APHNX returned -4.71% compared to S&P 500 Index’s -3.27% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Select Equity Fund highlighted stocks like American Express Company (NYSE:AXP) in the third quarter 2023 investor letter. Headquartered in New York, New York, American Express Company (NYSE:AXP) provides charge and credit payment card products and travel-related services. On November 29, 2023, American Express Company (NYSE:AXP) stock closed at $167.43 per share. One-month return of American Express Company (NYSE:AXP) was 10.99%, and its shares gained 6.30% of their value over the last 52 weeks. American Express Company (NYSE:AXP) has a market capitalization of $122.014 billion.
Artisan Select Equity Fund made the following comment about American Express Company (NYSE:AXP) in its Q3 2023 investor letter:
“American Express Company (NYSE:AXP) shares declined by 14%. Company results continued to be excellent, but shares were weak due to fears of a recession or a meaningful slowdown in the economy. Credit quality is normalizing after below-normal credit provision levels coming out of the pandemic. The company has an excellent brand, outstanding underwriting and a premium cardholder base that is the envy of the payments industry. It is well positioned to grow, and the current valuation reflects short-term fears over the direction of the economy, rather than the long-term upward trajectory in American Express’ earnings power.”
A close-up view of a payment terminal, capturing the sophistication of a payment network.
American Express Company (NYSE:AXP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 74 hedge fund portfolios held American Express Company (NYSE:AXP) at the end of third quarter which was 73 in the previous quarter.
We discussed American Express Company (NYSE:AXP) in another article and shared the list of best Nancy Pelosi stocks to buy. 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.
