Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned 3.23%, Advisor Class fund APDSX posted a return of 3.27%, and Institutional Class fund APHSX returned 3.27%, compared to a return of 0.24% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the third-quarter letter, Artisan Partners discussed stocks like iRhythm Technologies, Inc. (NASDAQ:IRTC). Headquartered in San Francisco, California, iRhythm Technologies, Inc. (NASDAQ:IRTC) is a digital healthcare company. On November 11, 2022, iRhythm Technologies, Inc. (NASDAQ:IRTC) stock closed at $110.14 per share. One-month return of iRhythm Technologies, Inc. (NASDAQ:IRTC) was -6.37% and its shares gained 3.99% of their value over the last 52 weeks. iRhythm Technologies, Inc. (NASDAQ:IRTC) has a market capitalization of $3.316 billion.
Artisan Partners made the following comment about iRhythm Technologies, Inc. (NASDAQ:IRTC) in its Q3 2022 investor letter:
“We added to iRhythm Technologies, Inc. (NASDAQ:IRTC) and Etsy during Q3. iRhythm develops and markets the Zio, a small, wearable patch which monitors suspected heartbeat arrhythmias. The technology utilizes a proprietary algorithm, based on machine learning, capable of detecting multiple classes of arrhythmias from a database of over 4 million patients. The Zio is a significant improvement over the current standard of care, the much more cumbersome and uncomfortable Holter monitor. The growth runway is meaningful as the Holter monitor market ($2 billion) converts to patch sensors over time. The company recently received positive news from Centers for Medicare and Medicaid Services (CMS) to set a preliminary reimbursement for 2023 $200 (and above our estimate). We believe the news is a positive step toward CMS and other Medicare administrative contractors appreciating Zio’s value proposition over the Holter monitor. We added to our position and brought the holding to the top of the GardenSM until we get full clarity on the final reimbursement decision, which is expected to occur late this year.”
iRhythm Technologies, Inc. (NASDAQ:IRTC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held iRhythm Technologies, Inc. (NASDAQ:IRTC) at the end of the second quarter which was 29 in the previous quarter.
We discussed iRhythm Technologies, Inc. (NASDAQ:IRTC) in another article and shared Artisan Partners’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.
