Artisan Partners Sold its Position in Ceridian HCM Holding (CDAY)

Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” second quarter investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class: APFDX returned -20.46%, Advisor Class: APDDX posted a return of -20.42%, and Institutional Class: APHDX returned -20.40%, compared to the benchmark return of -15.66% for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Artisan Partners discussed stocks like Ceridian HCM Holding Inc. (NYSE:CDAY) in the second quarter investor letter. Headquartered in Minneapolis, Minnesota, Ceridian HCM Holding Inc. (NYSE:CDAY) is a human capital management software providing company. On September 23, 2022, Ceridian HCM Holding Inc. (NYSE:CDAY) stock closed at $54.79 per share. One-month return of Ceridian HCM Holding Inc. (NYSE:CDAY) was -10.49% and its shares lost 52.32% of their value over the last 52 weeks. Ceridian HCM Holding Inc. (NYSE:CDAY) has a market capitalization of $8.386 billion.

Here is what Artisan Partners specifically said about Ceridian HCM Holding Inc. (NYSE:CDAY) in its Q2 2022 investor letter:

“Ceridian HCM Holding Inc. (NYSE:CDAY) is a cloud-based provider of payroll and related software. Our thesis has been predicated on the potential for the company’s Dayforce suite to drive market share gains and operating margin expansion. While we continue to believe the company is well-positioned longer term, the investments needed to support sales force expansion and international growth are proving higher than we anticipated. With the free cash flow trajectories and valuation support looking stronger for our other software holdings, we exited our position during the quarter and reinvested the capital.”

Ceridian HCM Holding Inc. (NYSE:CDAY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Ceridian HCM Holding Inc. (NYSE:CDAY)  at the end of the second quarter which was 24 in the previous quarter.

We discussed Ceridian HCM Holding Inc. (NYSE:CDAY) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.