Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund featured stocks like Atlassian Corporation (NASDAQ:TEAM) in the Q1 2024 investor letter. Headquartered in Sydney, Australia, Atlassian Corporation Plc (NASDAQ:TEAM) is a software product development company. On April 11, 2024, Atlassian Corporation (NASDAQ:TEAM) stock closed at $214.65 per share. One-month return of Atlassian Corporation (NASDAQ:TEAM) was 10.40%, and its shares gained 29.67% of their value over the last 52 weeks. Atlassian Corporation (NASDAQ:TEAM) has a market capitalization of $55.682 billion.
Artisan Mid Cap Fund stated the following regarding Atlassian Corporation (NASDAQ:TEAM) in its first quarter 2024 investor letter:
“Among our top detractors were Atlassian Corporation (NASDAQ:TEAM), ON Semiconductor and Exact Sciences. Atlassian’s earnings results met expectations for cloud revenue growth. However, this was insufficient for investors to support the stock’s momentum after strong recent performance. While parts of its cloud business, such as enterprise, are exceeding expectations, there are signs of weakness among small- and medium-sized companies, where pressures persist in paid seat expansions. We trimmed the position due to valuation concerns; however, we remain bullish in the longer term and are building conviction around its ability to leverage generative AI to drive accelerated cloud revenue growth.”
A software developer typing on a laptop in a modern office environment.
Atlassian Corporation (NASDAQ:TEAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Atlassian Corporation (NASDAQ:TEAM) was held by 57 hedge fund portfolios, compared to 52 in the previous quarter, according to our database.
We previously discussed Atlassian Corporation (NASDAQ:TEAM) in another article, where we shared large-cap tech stocks to watch for latest insider selling. In addition, please check out our hedge fund investor letters Q1 2024 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.
