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 BlackLine, Inc. (NASDAQ:BL) in the Q3 2023 investor letter. Headquartered in Woodland Hills, California, BlackLine, Inc. (NASDAQ:BL) offers cloud-based solutions to automate and streamline accounting and finance operations. On December 1, 2023, BlackLine, Inc. (NASDAQ:BL) stock closed at $60.00 per share. One-month return of BlackLine, Inc. (NASDAQ:BL) was 11.54%, and its shares lost 7.93% of their value over the last 52 weeks. BlackLine, Inc. (NASDAQ:BL) has a market capitalization of $3.676 billion.
Artisan Small Cap Fund made the following comment about BlackLine, Inc. (NASDAQ:BL) in its Q3 2023 investor letter:
“Notable trims in the quarter included Papa John’s, Advanced Drainage and BlackLine, Inc. (NASDAQ:BL). BlackLine offers cloud-based software that automates and manages complex, manual and repetitive accounting processes. We still believe its solutions can lead to cost savings, enhance real-time visibility and improve data integrity. However, recent financial results have been uninspiring as subscription revenue decelerated and the company indicated that it expects demand to remain muted for the remainder of 2023. We are struggling to see a clear path to revenue reacceleration and trimmed the position to redeploy capital into areas where the opportunities are more attractive.”
A close-up of a person using a laptop with cloud solutions in the background.
BlackLine, Inc. (NASDAQ:BL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held BlackLine, Inc. (NASDAQ:BL) at the end of third quarter which was 23 in the previous quarter.
We discussed BlackLine, Inc. (NASDAQ:BL) in another article and shared the list of George Soros Stocks that are on sale. 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.
