Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund APFDX returned 6.71%, Advisor Class fund APDDX posted a return of 6.77 %, and Institutional Class fund APHDX returned 6.79%, compared to a return of 9.76% for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Artisan Global Discovery Fund highlighted stocks like Wolfspeed, Inc. (NYSE:WOLF) in its Q4 2022 investor letter. Headquartered in Durham, North Carolina, Wolfspeed, Inc. (NYSE:WOLF) is a semiconductor manufacturing company. On February 17, 2023, Wolfspeed, Inc. (NYSE:WOLF) stock closed at $77.63 per share. One-month return of Wolfspeed, Inc. (NYSE:WOLF) was -9.44%, and its shares lost 19.63% of their value over the last 52 weeks. Wolfspeed, Inc. (NYSE:WOLF) has a market capitalization of $9.658 billion.
Artisan Global Discovery Fund made the following comment about Wolfspeed, Inc. (NYSE:WOLF) in its Q4 2022 investor letter:
“We ended our investment campaign in Wolfspeed, Inc. (NYSE:WOLF) during Q4. Wolfspeed is the leading manufacturer of silicon carbide (SiC) wafers, the next generation of power semiconductors. SiC wafers, relative to their silicon counterparts, provide significant efficiency increases and are better suited for high-voltage applications. The investment in Wolfspeed was based on our belief the market for SiC wafers could grow significantly over the next decade (up to 20% annually), primarily driven by battery electric vehicles capturing share from their internal combustion engine (ICE) counterparts as various public and private sector initiatives are expected to phase out ICE vehicles over the coming decades. While we still have conviction in the company over the long term, a combination of elevated valuations along with a significant step up in its investments (which we view as appropriate for the long term) introduced near-term risk, and we decided to harvest the position in favor of higher conviction ideas.”
Photo by Yogesh Phuyal on Unsplash
Wolfspeed, Inc. (NYSE:WOLF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Wolfspeed, Inc. (NYSE:WOLF) at the end of the third quarter, and 31 in the previous quarter.
We discussed Wolfspeed, Inc. (NYSE:WOLF) in another article and shared ClearBridge Multi Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
