Artisan Partners, an investment management company, released its “Artisan Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund outperformed the Russell 1000 Value Index. Its Investor Class fund ARTLX returned 7.88%, Advisor Class fund APDLX posted a return of 7.93%, and Institutional Class fund APHLX returned 8.02% in the quarter, compared to a 1.01% return for the Russell 1000 Value Index. In Q1, sector allocation and stock selection turned out to be positive. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Value Fund highlighted stocks like Baxter International Inc. (NYSE:BAX) in the first quarter 2023 investor letter. Headquartered in Deerfield, Illinois, Baxter International Inc. (NYSE:BAX) is a healthcare products provider. On May 23, 2023, Baxter International Inc. (NYSE:BAX) stock closed at $42.50 per share. One-month return of Baxter International Inc. (NYSE:BAX) was -7.77%, and its shares lost 43.48% of their value over the last 52 weeks. Baxter International Inc. (NYSE:BAX) has a market capitalization of $21.499 billion.
Artisan Value Fund made the following comment about Baxter International Inc. (NYSE:BAX) in its Q1 2023 investor letter:
“During the quarter, we also purchased Baxter International Inc. (NYSE:BAX), a global medical technology company providing essential products in renal care, medication delivery, advanced surgery, clinical nutrition, pharma and acute therapies. It has a diversified geographic reach and is a consistent producer of free cash flow. The stock trades at its cheapest valuation in years due to pessimism regarding raw material costs, supply chain issues, semiconductor availability and foreign exchange headwinds. We believe the company has turnaround potential as none of these are permanent conditions. Additionally, the company is going through the process of selling several non-core operations, which should raise cash and simplify the business longer term. BAX also meets our criteria for sound financial condition due to its high interest coverage and well-termed out debt on the balance sheet.”
sfam_photo/Shutterstock.com
Baxter International Inc. (NYSE:BAX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Baxter International Inc. (NYSE:BAX) at the end of first quarter 2023 which was 41 in the previous quarter.
We discussed Baxter International Inc. (NYSE:BAX) in another article and shared the list of largest biotech companies in the US. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 11 Stocks with Heavy Insider Buying
- 35 Fastest Growing Cities in the U.S.
- Top 20 Most Popular Consumer Electronics Brands
Disclosure: None. This article is originally published at Insider Monkey.
