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 The New York Times Company (NYSE:NYT). Headquartered in New York, New York, The New York Times Company (NYSE:NYT) is a news and information provider. On November 14, 2022, The New York Times Company (NYSE:NYT) stock closed at $35.86 per share. One-month return of The New York Times Company (NYSE:NYT) was 18.82%, and its shares lost 25.72% of their value over the last 52 weeks. The New York Times Company (NYSE:NYT) has a market capitalization of $5.932 billion.
Artisan Partners made the following comment about The New York Times Company (NYSE:NYT) in its Q3 2022 investor letter:
“We ended our The New York Times Company (NYSE:NYT) and Ball Corporation investment campaigns during Q3. The New York Times is an iconic US news publisher with over eight million subscribers globally. The company continues to build a solid digital subscription business, led not only by the core news product but also by ancillary offerings such as cooking and games. We believe the company is the best positioned news publisher given its scale and digital capabilities. However, the company’s ability to deliver operating margin expansion has disappointed us given accelerating profit declines in the company’s legacy print business and investments to support its subscription growth strategy—namely, its recent dilutive acquisition of sports website The Athletic. Meanwhile, consumer and advertising spending have come under pressure amid the deteriorating global economy. Given these headwinds, we exited our position.”
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The New York Times Company (NYSE:NYT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held The New York Times Company (NYSE:NYT) at the end of the second quarter, which was 38 in the previous quarter.
We discussed The New York Times Company (NYSE:NYT) in another article and shared Artisan Partners’ views on the company in the previous quarter. 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.
