Several Factors Benefitted Snap (SNAP)

Artisan Partners, an investment management company, released its “Artisan Developing World Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund (Investor Class) returned 11.79% compared to 7.86% for the MSCI Emerging Markets Index. The fund has returned 95.52% cumulatively since June 30, 2015, compared to a 29.14% return for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.

In its Q4 2023 investor letter, Artisan Developing World Fund featured stocks such as Snap Inc. (NYSE:SNAP). Headquartered in Santa Monica, California, Snap Inc. (NYSE:SNAP) is a technology company. On January 5, 2024, Snap Inc. (NYSE:SNAP) stock closed at $16.55 per share. One-month return of Snap Inc. (NYSE:SNAP) was 5.08%, and its shares gained 79.89% of their value over the last 52 weeks. Snap Inc. (NYSE:SNAP) has a market capitalization of $27.248 billion.

Artisan Developing World Fund stated the following regarding Snap Inc. (NYSE:SNAP) in its fourth quarter 2023 investor letter:

“Top contributors to performance for the quarter included social media platform Snap Inc. (NYSE:SNAP). Snap benefited from signs of improved industry demand, improved customer adoption of Snap’s direct response technology platform, and a new partnership with Amazon.”

Snap Inc. (NYSE:SNAP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Snap Inc. (NYSE:SNAP) at the end of third quarter which was 29 in the previous quarter.

We discussed Snap Inc. (NYSE:SNAP) in another article and shared the list of prominent NYSE stocks that hit 52-week highs this week. 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.