Artisan Partners, a high value-added investment management firm, published its ‘Artisan Mid Cap Fund’ fourth quarter 2021 investor letter – a copy of which can be downloaded here. A return of -0.72% was recorded by its Investor Class: ARTMX, -0.68% by its Advisor Class: APDMX, and -0.66% by its Institutional Class: APHMX, in the fourth quarter of 2021, all underperforming the Russell Midcap® Growth Index that delivered a 2.85% return, and the Russell Midcap® Index that was up by 6.44% for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
Artisan Mid Cap Fund, in its Q4 2021 investor letter, mentioned ON Semiconductor Corporation (NASDAQ: ON) and discussed its stance on the firm. ON Semiconductor Corporation is a Phoenix, Arizona-based semiconductor manufacturing company with a $25.2 billion market capitalization. ON delivered a -13.96% return since the beginning of the year, while its 12-month returns are down by 44.51%. The stock closed at $58.44 per share on February 22, 2022.
Here is what Artisan Mid Cap Fund has to say about ON Semiconductor Corporation in its Q4 2021 investor letter:
“ON Semiconductor is a global supplier of advanced semiconductors for sophisticated electronics applications within the automotive, industrial, communications, consumer and computing end-product markets. The company operates across three segments: power solutions, advanced solutions and intelligent sensing. A new management team, which took over toward the end of 2020, is working to dramatically improve the company’s performance by rightsizing its manufacturing footprint, exiting more commoditized products and investing in several compelling growth opportunities. When the dust has settled, we expect the portfolio to be more focused on the auto and industrial segments. As auto OEMs incorporate more automated safety technology and car fleets transition from internal combustion engines to battery electric vehicles, ON’s image sensors for cars and silicon carbide inverters— which extend EV battery efficiency—will be in high demand. This mix shift should drive ON’s margins higher over time. With shares trading at an attractive valuation, we initiated a GardenSM position.”
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Our calculations show that ON Semiconductor Corporation (NASDAQ: ON) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. ON was in 47 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 41 funds in the previous quarter. ON Semiconductor Corporation (NASDAQ: ON) delivered a -5.30% return in the past 3 months.
In January 2022, we also shared another hedge fund’s views on ON in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
