Here’s Why Artisan Partners Small Cap Fund Exited HubSpot (HUBS)

Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned -7.98%, Advisor Class fund APDSX posted a return of -7.96%, and Institutional Class fund APHSX returned -7.97%, compared to a return of -7.32% for the Russell 2000 Growth Index. From a sector perspective, allocation impacts drove the sector’s underperformance, while security selection was positive. From an allocation perspective, the portfolio was hurt by its lack of exposure to energy and overweight exposure to health care. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Small Cap Fund highlighted stocks like HubSpot, Inc. (NYSE:HUBS) in the third quarter 2023 investor letter. Headquartered in Cambridge, Massachusetts, HubSpot, Inc. (NYSE:HUBS) provides a cloud-based customer relationship management platform. On November 30, 2023, HubSpot, Inc. (NYSE:HUBS) stock closed at $493.93 per share. One-month return of HubSpot, Inc. (NYSE:HUBS) was 16.80%, and its shares gained 62.50% of their value over the last 52 weeks. HubSpot, Inc. (NYSE:HUBS) has a market capitalization of $24.86 billion.

Artisan Small Cap Fund made the following comment about HubSpot, Inc. (NYSE:HUBS) in its Q3 2023 investor letter:

“We ended our investment campaigns in HubSpot, Inc. (NYSE:HUBS), Envista and Generac during the quarter. We first invested in HubSpot in February 2016 when it was a $1.1 billion company. After an extremely successful multiyear investment campaign, the company has outgrown our small-cap mandate, and we have exited the position.”

A close-up of a businesswoman using a laptop, being illuminated by the AI-enabled cloud interface sponsored by the company.

HubSpot, Inc. (NYSE:HUBS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held HubSpot, Inc. (NYSE:HUBS) at the end of third quarter which was 57 in the previous quarter.

We discussed HubSpot, Inc. (NYSE:HUBS) in another article and shared the list of best advertising stocks to invest in. In addition, please check out our hedge fund investor letters Q3 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.