Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTQX returned -2.94%, Advisor Class fund APDQX posted a return of -2.95%, and Institutional Class fund APHQX returned -2.89 %, compared to a -4.46% return for the Russell Midcap Value Index. The portfolio had a negative return in Q3 but performed better than the Russell Midcap Value Index due to favorable security selection. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Value Fund highlighted stocks like NOV Inc. (NYSE:NOV) in the Q3 2023 investor letter. Headquartered in Houston, Texas, NOV Inc. (NYSE:NOV) provides equipment and technologies for oil and gas drilling and production. On October 12, 2023, NOV Inc. (NYSE:NOV) stock closed at $19.87 per share. One-month return of NOV Inc. (NYSE:NOV) was -5.06%, and its shares gained 11.13% of their value over the last 52 weeks. NOV Inc. (NYSE:NOV) has a market capitalization of $7.824 billion.
Artisan Mid Cap Value Fund made the following comment about NOV Inc. (NYSE:NOV) in its Q3 2023 investor letter:
“Our top individual contributor in Q3 was NOV Inc. (NYSE:NOV), a provider of oilfield equipment, technology and expertise. Shares rallied as part of the broader sector move. Additionally, recent results have benefited from improved manufacturing throughput, market share gains and improving demand from international and offshore markets. NOV is our sole energy holding. In the mid-cap segment, it’s more challenging to find higher quality businesses in a sector that also has above-average risk due to the volatility in underlying commodity prices. NOV has a moat around the rig technologies business, and unlike many energy-focused companies, it has a history of generating free cash flow and acceptable returns on tangible capital. NOV’s valuation remains undemanding, in our view, and we believe margins still have room to rise as the cycle continues and cost savings opportunities are realized.”
A large natural gas pipeline running through a rural landscape with mountains in the background. Editorial photo for a financial news article. 8k. –ar 16:9
NOV Inc. (NYSE:NOV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held NOV Inc. (NYSE:NOV) at the end of the second quarter, which was 34 in the previous quarter.
We discussed NOV Inc. (NYSE:NOV) in another article and shared the list of best oil stocks under $20. In addition, please check out our hedge fund investor letters Q3 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.
