Artisan Partners, an investment management company, released its “Artisan Select Equity Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Investor Class: ARTNX returned 12.84%, its Advisor Class: APDNX returned 12.92%, and Institutional Class: APHNX returned 12.88% compared to S&P 500 Index’s 11.69% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Select Equity Fund featured stocks like American Express Company (NYSE:AXP) in the Q4 2023 investor letter. Headquartered in New York, New York, American Express Company (NYSE:AXP) operates as an integrated payments company. On April 1, 2024, American Express Company (NYSE:AXP) stock closed at $227.61 per share. One-month return of American Express Company (NYSE:AXP) was 4.79%, and its shares gained 40.02% of their value over the last 52 weeks. American Express Company (NYSE:AXP) has a market capitalization of $163.888 billion.
Artisan Select Equity Fund stated the following regarding American Express Company (NYSE:AXP) in its fourth quarter 2023 investor letter:
“Our top performers this quarter were American Express Company (NYSE:AXP), Expedia and Axalta. American Express saw a 26% share price gain. The business has performed well over the past year and over our holding period. While American Express’ long-term growth and attractive business model is well known and understood, the shares had been flat to down for most of the year on fears of a recession. In a recessionary environment, consumer spending slows, which impacts revenue, and credit costs go up as consumers have a harder time paying their bills. As fears about a recession receded in Q4, investors bid up American Express shares.”
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. At the end of the fourth quarter, American Express Company (NYSE:AXP) was held by 64 hedge fund portfolios, down from 74 in the previous quarter, according to our database.
We discussed American Express Company (NYSE:AXP) in another article and shared the list of best stocks to buy and hold forever. In addition, please check out our hedge fund investor letters Q4 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.
