Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio had a positive absolute return in Q4 but underperformed the Russell 2000 Growth Index due to security selection, particularly in the healthcare and information technology sectors. In the fourth quarter, its Investor Class fund ARTSX returned 9.18%, Advisor Class fund APDSX posted a return of 9.26%, and Institutional Class fund APHSX returned 9.28%, compared to a return of 12.75% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund featured stocks like MYR Group Inc. (NASDAQ:MYRG) in the fourth quarter 2023 investor letter. Headquartered in Thornton, Colorado, MYR Group Inc. (NASDAQ:MYRG) offers electrical construction services. On March 8, 2024, MYR Group Inc. (NASDAQ:MYRG) stock closed at $162.06 per share. One-month return of MYR Group Inc. (NASDAQ:MYRG) was 2.26%, and its shares gained 35.62% of their value over the last 52 weeks. MYR Group Inc. (NASDAQ:MYRG) has a market capitalization of $2.713 billion.
Artisan Small Cap Fund stated the following regarding MYR Group Inc. (NASDAQ:MYRG) in its fourth quarter 2023 investor letter:
“We initiated new GardenSM positions in IPG Photonics, MYR Group Inc. (NASDAQ:MYRG) and elf Beauty during the quarter. MYR Group is a regional leader in specialty contracting for electrical power and electrical construction. The company’s work spans the electrical infrastructure, from power generation to the grid to complicated electrical projects. Furthermore, while utility work ends outside, MYR continues inside buildings, including high and medium voltage, along with complicated low voltage work. We believe MYR Group is a high-quality business serving markets in the early innings of multiyear growth cycles driven by reshoring, the energy transition and grid modernization.”
A construction crew using a crane to install a new electric substation.
MYR Group Inc. (NASDAQ:MYRG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, MYR Group Inc. (NASDAQ:MYRG) was held by 25 hedge fund portfolios, up from 24 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q4 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.
