Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Inflation remained on a downward trend in the quarter and the fund’s Investor Class fund ARTMX returned -2.95%, Advisor Class fund APDMX posted a return of -2.92%, and Institutional Class fund APHMX returned -2.90%, compared to a -5.22% return for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like Zscaler, Inc. (NASDAQ:ZS) in the Q3 2023 investor letter. Headquartered in San Jose, California, Zscaler, Inc. (NASDAQ:ZS) is a cloud security company. On December 4, 2023, Zscaler, Inc. (NASDAQ:ZS) stock closed at $198.26 per share. One-month return of Zscaler, Inc. (NASDAQ:ZS) was 15.68%, and its shares gained 70.96% of their value over the last 52 weeks. Zscaler, Inc. (NASDAQ:ZS) has a market capitalization of $29.407 billion.
Artisan Mid Cap Fund made the following comment about Zscaler, Inc. (NASDAQ:ZS) in its Q3 2023 investor letter:
“Notable trims in the quarter included Zscaler, Inc. (NASDAQ:ZS), BioNTech and Ingersoll Rand. Zscaler provides cloud-based Internet security solutions. In the quarter, it announced solid financial results including 43% revenue growth and 38% growth in billings, which were both ahead of expectations. We believe the dual trends of rising security vulnerability and increased enterprise digitization will lead to sustained demand, even in a recession. Cybersecurity remains a top concern for businesses and governments as cyberattacks can have devastating financial and reputational consequences. Meanwhile, managing the security needs of legacy on-premise applications, a growing number of cloud-based applications (e.g., Office 365 and Salesforce) and more remote workers than before the pandemic make operating IT infrastructures increasingly complex. The stock has been a top performer this year, and we decided to trim the position based on valuation considerations.”
An engineer typing on a computer, developing the latest cybersecurity application.
Zscaler, Inc. (NASDAQ:ZS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Zscaler, Inc. (NASDAQ:ZS) at the end of third quarter which was 45 in the previous quarter.
We discussed Zscaler, Inc. (NASDAQ:ZS) in another article and shared the list of stocks with consistent growth. 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.
