Here’s Why Nu Holdings Ltd. (NU) Outperformed in Q2

Artisan Partners, an investment management company, released its “Artisan Developing World Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund (Investor Class) returned 1.91% compared to 0.90% for the MSCI Emerging Markets Index. The fund has returned 88.68% cumulatively since June 30, 2015, compared to a 23.33% return for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Developing World Fund highlighted stocks like Nu Holdings Ltd. (NYSE:NU) in the second quarter 2023 investor letter. Headquartered in Sao Paulo, Brazil, Nu Holdings Ltd. (NYSE:NU) provides digital banking services. On July 7, 2023, Nu Holdings Ltd. (NYSE:NU) stock closed at $7.78 per share. One-month return of Nu Holdings Ltd. (NYSE:NU) was 2.10%, and its shares gained 106.37% of their value over the last 52 weeks. Nu Holdings Ltd. (NYSE:NU) has a market capitalization of $36.525 billion.

Artisan Developing World Fund made the following comment about Nu Holdings Ltd. (NYSE:NU) in its second quarter 2023 investor letter:

“Top contributors to performance for the quarter included Latin American online bank Nu Holdings Ltd. (NYSE:NU). Nubank benefited from early signs of success in Brazilian payroll lending and Mexican customer acquisition, and improving investor sentiment regarding the Brazilian macroeconomic and rates outlook.”

Nu Holdings Ltd. (NYSE:NU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Nu Holdings Ltd. (NYSE:NU) at the end of first quarter which was 31 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.