Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTSX returned 1.10%, Advisor Class fund APDSX posted a return of 1.19%, and Institutional Class fund APHSX returned 1.19%, compared to a return of 7.05% for the Russell 2000 Growth Index. Year-to-date, ARTSX, APDSX, and APHSX returned 8.78%, 8.91%, and 8.91%, respectively, compared to a 13.55% return for the benchmark. Despite this year’s relative setback, the firm remains bullish on its asset class’s long-term prospects. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like Saia, Inc. (NASDAQ:SAIA) in the second quarter 2023 investor letter. Headquartered in Johns Creek, Georgia, Saia, Inc. (NASDAQ:SAIA) is a transportation company. On August 30, 2023, Saia, Inc. (NASDAQ:SAIA) stock closed at $423.42 per share. One-month return of Saia, Inc. (NASDAQ:SAIA) was -0.54%, and its shares gained 101.65% of their value over the last 52 weeks. Saia, Inc. (NASDAQ:SAIA) has a market capitalization of $11.236 billion.
Artisan Small Cap Fund made the following comment about Saia, Inc. (NASDAQ:SAIA) in its second quarter 2023 investor letter:
“Along with Exact Sciences, notable adds in the quarter included Twist Bioscience, Saia and Crocs. Saia, Inc. (NASDAQ:SAIA) operates in less-than-truckload shipping, a relatively attractive part of transportation that features several solid franchises supported by real estate assets and network advantages. Saia has been opening new terminals across the Northeast, raising its terminal count from 151 at the end of 2016 to 187 as of Q4 2022. With its Northeast expansion largely complete, Saia is entering a new growth phase that should unlock additional operating leverage. Thanks to a strengthened delivery network that enables higher quality service levels to customers, we believe Saia can simultaneously grow at a healthy pace and realize higher prices. We are cognizant that the slowing economy could reduce industry (and Saia’s) shipment volumes, but we have added to the position given its reasonable valuation, signs that shipping volumes are troughing and resilient pricing.”
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Saia, Inc. (NASDAQ:SAIA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Saia, Inc. (NASDAQ:SAIA) at the end of second quarter which was 20 in the previous quarter.
We discussed Saia, Inc. (NASDAQ:SAIA) in another article and shared the list of stocks recently upgraded by analysts. In addition, please check out our hedge fund investor letters Q2 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.
