Artisan Partners, an investment management company, released its “Artisan Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. US Treasury yields saw a significant decline towards the end of 2023, which led to a massive surge in the last two months of the year for US stocks. The fund’s Investor Class ARTLX, Advisor Class APDLX, and Institutional Class APHLX returned 9.75%, 9.75%, and 9.79% respectively, in the quarter compared to a 9.50% return for the Russell 1000 Value Index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Artisan Value Fund featured stocks like Schlumberger Limited (NYSE:SLB) in the fourth quarter 2023 investor letter. Headquartered in Houston, Texas, Schlumberger Limited (NYSE:SLB) is an oil field services company. On March 13, 2024, Schlumberger Limited (NYSE:SLB) stock closed at $52.57 per share. One-month return of Schlumberger Limited (NYSE:SLB) was 8.21%, and its shares gained 13.84% of their value over the last 52 weeks. Schlumberger Limited (NYSE:SLB) has a market capitalization of $75.3 billion.
Artisan Value Fund stated the following regarding Schlumberger Limited (NYSE:SLB) in its fourth quarter 2023 investor letter:
“On the downside in Q4, our two energy holdings, Schlumberger Limited (NYSE:SLB), the world’s largest oil services company, and EOG Resources, a US shale-focused E&P company, were weak along with the broader sector. We have stringent criteria for business quality, which is particularly important in commodities sectors as these businesses do not control the underlying commodity prices, which can be volatile. We expect Schlumberger to continue to successfully navigate market volatility and deliver on its free cash flow and profit margin growth objectives from combination of activity growth and pricing gains. The stock has been among our top contributors since we initiated our position in December 2020.”
A drilling rig in action, operated by an oilfield services team.
Schlumberger Limited (NYSE:SLB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Schlumberger Limited (NYSE:SLB) was held by 62 hedge fund portfolios, compared to 65 in the previous quarter, according to our database.
We discussed Schlumberger Limited (NYSE:SLB) in another article and shared the list of oil stocks with the biggest upside. 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.
