Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The final quarter of 2023 saw a continuous fluctuation between recessionary fears and soft-landing optimism. In the fourth quarter, the fund’s Investor Class fund ARTMX returned 8.86%, Advisor Class fund APDMX posted a return of 8.93%, and Institutional Class fund APHMX returned 8.96%, compared to a 14.55% return for the Russell Midcap Growth Index. The portfolio generated a positive absolute return in Q4 but underperformed the Russell Midcap Growth Index due to poor security selection, particularly in health care and information technology. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund featured stocks like Agilon Health, inc. (NYSE:AGL) in the fourth quarter 2023 investor letter. Headquartered in Austin, Texas, Agilon Health, inc. (NYSE:AGL) is a healthcare services provider for seniors through primary care physicians. On March 7, 2024, Agilon Health, inc. (NYSE:AGL) stock closed at $5.93 per share. One-month return of Agilon Health, inc. (NYSE:AGL) was -16.36%, and its shares lost 74.95% of their value over the last 52 weeks. Agilon Health, inc. (NYSE:AGL) has a market capitalization of $2.429 billion.
Artisan Mid Cap Fund stated the following regarding Agilon Health, inc. (NYSE:AGL) in its fourth quarter 2023 investor letter:
“We ended our investment campaigns in Agilon Health, inc. (NYSE:AGL) and BioNTech during the quarter. We initiated a GardenSM position in Agilon in early 2023 with a view that the company’s health care delivery model had the potential to provide both higher quality and lower cost care to seniors, which is a growing market due to an aging population. The company’s ability to scale while expanding margins was our biggest point of uncertainty, and it came to fruition as membership growth has tracked well but medical margins have struggled. After concluding that our probability of success has decreased, we decided to move on in favor of higher conviction ideas.”
A doctor in scrubs interacting with a Medicare Advantage member in her home.
Agilon Health, inc. (NYSE:AGL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Agilon Health, inc. (NYSE:AGL) was held by 24 hedge fund portfolios, up from 19 in the previous quarter, according to our database.
We discussed Agilon Health, inc. (NYSE:AGL) in another article and shared the list of best growth stocks under $25. 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.
