Artisan Partners, an investment management company, released its “Artisan Focus Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The first quarter was volatile, and macro-driven, the fund’s Investor Class fund ARTTX returned 3.34%, Advisor Class fund APDTX posted a return of 3.39%, and Institutional Class fund APHTX returned 3.38%, compared to a return of 7.50% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Focus Fund highlighted stocks like Canadian Pacific Kansas City Limited (NYSE:CP) in the first quarter 2023 investor letter. Headquartered in Calgary, Canada, Canadian Pacific Kansas City Limited (NYSE:CP) owns and operates a transcontinental freight railway. On June 22, 2023, Canadian Pacific Kansas City Limited (NYSE:CP) stock closed at $80.71 per share. One-month return of Canadian Pacific Kansas City Limited (NYSE:CP) was 4.75%, and its shares gained 14.35% of their value over the last 52 weeks. Canadian Pacific Kansas City Limited (NYSE:CP) has a market capitalization of $75.146 billion.
Artisan Focus Fund made the following comment about Canadian Pacific Kansas City Limited (NYSE:CP) in its first quarter 2023 investor letter:
“We’ve held a large position in Canadian Pacific Kansas City Limited (NYSE:CP) for more than a year. During the quarter, Canadian Pacific completed the acquisition of the Kansas City Southern Railroad. This outcome, to us, was a best case scenario. Despite considerable fears leading up to the close, the transaction resulted in no divestitures, concessions or track usage/interchange limitations in any key regions. This was exciting, and we see a very compelling setup for the next two years. Canadian Pacific has a best-in-class management team, now running the only truly end-to-end railroad network that can stretch across the high growth west coast Canadian ports down into lower Mexico. We think both areas are key beneficiaries of our De-Globalization theme. While the merits of the deal are slowly becoming apparent, we still think the scope of the upside is underappreciated. We expect accelerating growth from here in the form of new customer acquisition and share gains by existing customers. The deal itself is particularly unique as our analysis points to essentially no cannibalization or overlapping of existing routes.”
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Canadian Pacific Kansas City Limited (NYSE:CP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Canadian Pacific Kansas City Limited (NYSE:CP) at the end of first quarter 2023 which was 49 in the previous quarter.
We discussed Canadian Pacific Kansas City Limited (NYSE:CP) in another article and shared the list of best future stocks for the long-term. 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.
