Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund featured stocks like BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in the first quarter 2024 investor letter. Headquartered in Marlborough, Massachusetts, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) operates warehouse clubs. On April 11, 2024, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) stock closed at $78.44 per share. One-month return of BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) was 5.27%, and its shares gained 7.22% of their value over the last 52 weeks. BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) has a market capitalization of $10.527 billion.
Artisan Mid Cap Fund stated the following regarding BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in its first quarter 2024 investor letter:
“We ended our investment campaigns in Lululemon, WESCO and BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) during the quarter. We initiated a position in BJ’s Wholesale Club when its membership renewal rates increased, balance sheet improved, and new store openings were expected to accelerate. Furthermore, we expected sales growth for the warehouse club category to continue to outpace overall retail sales as consumers searched for value in an environment of high inflation and interest rates. While membership growth has delivered, overall financial results have been mixed, and we decided to exit the position in favor of higher conviction opportunities.”
A customer happily filling up their tank at the Wholesale Club’s gasoline station.
BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) was held by 27 hedge fund portfolios, compared to 27 in the previous quarter, according to our database.
We previously discussed BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in another article, where we shared ClearBridge SMID Cap Growth Strategy’s perspective on the company. In addition, please check out our hedge fund investor letters Q1 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.
