Here’s Why Artisan Partners Ended its Position in Ball Corporation (BALL)

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTMX returned -2.43%, Advisor Class fund APDMX posted a return of -2.42%, and Institutional Class fund APHMX returned -2.41%, compared to a return of -0.65% for the Russell Midcap Growth Index. Sector allocation dragged the fund’s relative performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

In the third-quarter letter, Artisan Partners discussed stocks like Ball Corporation (NYSE:BALL). Headquartered in Westminster, Colorado, Ball Corporation (NYSE:BALL) is an aluminum packaging products company. On November 11, 2022, Ball Corporation (NYSE:BALL) stock closed at $56.81 per share. One-month return of Ball Corporation (NYSE:BALL) was 15.44%, and its shares lost 40.75% of their value over the last 52 weeks. Ball Corporation (NYSE:BALL) has a market capitalization of $17.834 billion.

Artisan Partners made the following comment about Ball Corporation (NYSE:BALL) in its Q3 2022 investor letter:

“Ball Corporation (NYSE:BALL) is the leading manufacturer of aluminum cans for beverages. Our thesis has been based on the company benefiting from beverage makers’ increasing adoption of aluminum cans given broader societal concerns about the detrimental impact plastic can have on the environment (aluminum is infinitely recyclable). Unfortunately, several macro pressures—food, beverage and gas inflation, disruption in the company’s Russian market, economic volatility in Latin America—have caused profit growth to trail our expectations in recent quarters and have raised questions about whether the industry has over-invested in capacity in recent years. Our inability to determine when these headwinds will abate prompted us to end our investment campaign.”

Pixabay/Public Domain

Ball Corporation (NYSE:BALL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Ball Corporation (NYSE:BALL) at the end of the second quarter which was 37 in the previous quarter.

We discussed Ball Corporation (NYSE:BALL) in another article and shared Upslope Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.