Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, its Investor Class fund ARTSX returned 7.60%, Advisor Class fund APDSX posted a return of 7.63%, and Institutional Class fund APHSX returned 7.62%, compared to a return of 6.07% for the Russell 2000 Growth Index. Both allocation and security selection drove the portfolio to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like Avid Bioservices, Inc. (NASDAQ:CDMO) in the first quarter 2023 investor letter. Headquartered in Tustin, California, Avid Bioservices, Inc. (NASDAQ:CDMO) is a biopharmaceutical company. On May 19, 2023, Avid Bioservices, Inc. (NASDAQ:CDMO) stock closed at $14.72 per share. One-month return of Avid Bioservices, Inc. (NASDAQ:CDMO) was -24.16%, and its shares gained 21.55% of their value over the last 52 weeks. Avid Bioservices, Inc. (NASDAQ:CDMO) has a market capitalization of $920.693 million.
Artisan Small Cap Fund made the following comment about Avid Bioservices, Inc. (NASDAQ:CDMO) in its Q1 2023 investor letter:
“Avid Bioservices, Inc. (NASDAQ:CDMO) is a pure-play contract development and manufacturing organization (CDMO) in biologic production. Avid was a biotech company until 2018 when it refocused its strategy to become a pureplay CDMO. Drug development is complex, and CDMOs, such as Avid, allow pharmaceutical and biotech companies to outsource their drug development and manufacturing needs. This provides several benefits, including reducing or eliminating infrastructure costs, providing access to additional expertise and enabling pharma and biotech companies to rapidly scale. Avid’s specialization in biologics is a particularly important part of our profit cycle thesis as this is the fastest growing segment of drugs in development. The company has been expanding its biologics manufacturing capacity and, while we believe the position should remain in the GardenSM given this ramp of new capacity will likely be lumpy, we believe it should drive meaningful top-line growth going forward and added to the position.”
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Avid Bioservices, Inc. (NASDAQ:CDMO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Avid Bioservices, Inc. (NASDAQ:CDMO) at the end of the fourth quarter which was 15 in the previous quarter.
We discussed Avid Bioservices, Inc. (NASDAQ:CDMO) in another article and shared the list of high growth pharma stocks that are profitable. In addition, please check out our hedge fund investor letters Q1 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.
