Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio had a positive absolute return in Q4 but underperformed the Russell 2000 Growth Index due to security selection, particularly in the healthcare and information technology sectors. In the fourth quarter, its Investor Class fund ARTSX returned 9.18%, Advisor Class fund APDSX posted a return of 9.26%, and Institutional Class fund APHSX returned 9.28%, compared to a return of 12.75% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund featured stocks like E.l.f. Beauty, Inc. (NYSE:ELF) in the Q4 2023 investor letter. Headquartered in Oakland, California, E.l.f. Beauty, Inc. (NYSE:ELF) is a cosmetic and skin care products provider. On March 8, 2024, E.l.f. Beauty, Inc. (NYSE:ELF) stock closed at $200.91 per share. One-month return of E.l.f. Beauty, Inc. (NYSE:ELF) was 16.87%, and its shares gained 188.75% of their value over the last 52 weeks. E.l.f. Beauty, Inc. (NYSE:ELF) has a market capitalization of $11.152 billion.
Artisan Small Cap Fund stated the following regarding E.l.f. Beauty, Inc. (NYSE:ELF) in its fourth quarter 2023 investor letter:
“We initiated new GardenSM positions in IPG Photonics, MYR Group and E.l.f. Beauty, Inc. (NYSE:ELF) during the quarter. elf Beauty is a cosmetics company focusing on a low price strategy, sizeable social media presence and rapid speed to market. In the core business, it aims to replicate existing prestige products at a lower price along with recognizing new and emerging trends. It currently has around 10% market share of US cosmetic market across its key brands. We believe the company will continue to grow market share in the US and leverage social media to expand into new markets, such as Western Europe as well as India and Latin America. Furthermore, we believe the company has growth potential within its skincare business, where its recent acquisition of Naturium will benefit from elf’s innovative distribution model.”
A close up of the lip and eye products from the company on a model in a fashion and beauty shoot.
E.l.f. Beauty, Inc. (NYSE:ELF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, E.l.f. Beauty, Inc. (NYSE:ELF) was held by 34 hedge fund portfolios, same as 34 in the previous quarter, according to our database.
We discussed E.l.f. Beauty, Inc. (NYSE:ELF) in another article and shared the list of stocks that will make you rich in 2024. 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.
