Artisan Partners, an investment management company, released its “Artisan Value Income Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Us equities experienced a pullback in Q3 following the strong returns in the first half of 2023. The fund’s Investor Class APFWX, Advisor Class APDWX, and Institutional Class APHWX returned -3.51%, -3.60%, and -3.49% respectively, in the quarter compared to -3.27% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Artisan Value Income Fund highlighted stocks like Lamar Advertising Company (NASDAQ:LAMR) in the Q3 2023 investor letter. Headquartered in Baton Rouge, Louisiana, Lamar Advertising Company (NASDAQ:LAMR) is an outdoor advertising company. On December 5, 2023, Lamar Advertising Company (NASDAQ:LAMR) stock closed at $104.09 per share. One-month return of Lamar Advertising Company (NASDAQ:LAMR) was 11.95%, and its shares gained 11.40% of their value over the last 52 weeks. Lamar Advertising Company (NASDAQ:LAMR) has a market capitalization of $10.617 billion.
Artisan Value Income Fund made the following comment about Lamar Advertising Company (NASDAQ:LAMR) in its Q3 2023 investor letter:
“On the downside, our biggest detractors included Lamar Advertising Company (NASDAQ:LAMR), Omnicom Group and Heineken. Lamar Advertising operates outdoor advertising structures such as billboards, digital billboards and transit ads. Recent results have been steady, but management noted a slowdown in activity heading into Q3, with clients hesitating to pull the trigger on renewals and new contracts. While the near-term growth outlook has softened, over the long term, the company has experienced average annualized organic growth in the high single digits, supplemented by small tuck-in acquisitions. With a record of consistently generating free cash flow and growing dividends (the current dividend yield is about 6%), we consider this company a good fit within our process and our portfolio’s income objective.”
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Lamar Advertising Company (NASDAQ:LAMR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Lamar Advertising Company (NASDAQ:LAMR) at the end of third quarter which was 30 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
