Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTMX returned -2.43%, Advisor Class fund APDMX posted a return of -2.42%, and Institutional Class fund APHMX returned -2.41%, compared to a return of -0.65% for the Russell Midcap Growth Index. Sector allocation dragged the fund’s relative performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the third-quarter letter, Artisan Partners discussed stocks like Atlassian Corporation Plc (NASDAQ:TEAM). Headquartered in Sydney, Australia, Atlassian Corporation Plc (NASDAQ:TEAM) is a software product development company. On November 11, 2022, Atlassian Corporation Plc (NASDAQ:TEAM) stock closed at $142.37 per share. One-month return of Atlassian Corporation Plc (NASDAQ:TEAM) was -30.44% and its shares lost 67.20% of their value over the last 52 weeks. Atlassian Corporation Plc (NASDAQ:TEAM) has a market capitalization of $36.378 billion.
Artisan Partners made the following comment about Atlassian Corporation Plc (NASDAQ:TEAM) in its Q3 2022 investor letter:
“Atlassian Corporation Plc (NASDAQ:TEAM) is a leading provider of innovative, customizable team collaboration software tools for over 200,000 customers. The company recently reported 36% revenue growth despite a deteriorating macroeconomic backdrop. We recognize a recession would likely have an impact on Atlassian via slowing growth metrics. However, we believe its low priced, mission critical cloud tools would prove relatively resilient in this scenario. We expect free cash flow margin expansion and similar top-line growth in the periods ahead as the company continues to transition its customers to the cloud, increases prices, adds new products and expands adoption of its collaboration and workflow tools.”
Atlassian Corporation Plc (NASDAQ:TEAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held Atlassian Corporation Plc (NASDAQ:TEAM) at the end of the second quarter, which was 65 in the previous quarter.
We discussed Atlassian Corporation Plc (NASDAQ:TEAM) in another article and shared the list of stocks that will double in 2023. In addition, please check out our hedge fund investor letters Q3 2022 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.
