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 Vertiv Holdings Co (NYSE:VRT) in the first quarter 2024 investor letter. Headquartered in Westerville, Ohio, Vertiv Holdings Co (NYSE:VRT) manufactures and services critical digital infrastructure technologies and life cycle services. On April 11, 2024, Vertiv Holdings Co (NYSE:VRT) stock closed at $86.34 per share. One-month return of Vertiv Holdings Co (NYSE:VRT) was 16.42%, and its shares gained 594.61% of their value over the last 52 weeks. Vertiv Holdings Co (NYSE:VRT) has a market capitalization of $32.979 billion.
Artisan Mid Cap Fund stated the following regarding Vertiv Holdings Co (NYSE:VRT) in its first quarter 2024 investor letter:
“During the quarter, we initiated new GardenSM positions in DoorDash, GoDaddy and Vertiv Holdings Co (NYSE:VRT). Vertiv is an industrial power equipment company primarily serving the data center market with a global supply chain in cooling, power, controls and services. Rising AI-driven GPU use in data centers has spiked the need for efficient thermal management solutions, an area where Vertiv is particularly strong. Cooling, which consumes ~25% of data center energy, is a significant, recurring operational cost. We believe Vertiv is well positioned to benefit from a multiyear profit cycle in data center construction activity and a mix shift toward GPU-based data centers (which consume 2X–3X more power).”
A close-up of a group of technicians working on complex data center systems.
Vertiv Holdings Co (NYSE:VRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Vertiv Holdings Co (NYSE:VRT) was held by 75 hedge fund portfolios, up from 66 in the previous quarter, according to our database.
We previously discussed Vertiv Holdings Co (NYSE:VRT) in another article, where we shared the list of AI stocks that will skyrocket. 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.
