Artisan Partners, an investment management company, released its “Artisan International Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTKX returned 3.97%, Advisor Class fund APDKX posted a return of 3.99%, and Institutional Class fund APHKX returned 4.02%, compared to a return of 2.95% for the MSCI EAFE Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan International Value Fund highlighted stocks like Nokia Oyj (NYSE:NOK) in the second quarter 2023 investor letter. Headquartered in Espoo, Finland, Nokia Oyj (NYSE:NOK) offers mobile, fixed, and cloud network solutions. On September 1, 2023, Nokia Oyj (NYSE:NOK) stock closed at $3.99 per share. One-month return of Nokia Oyj (NYSE:NOK) was 2.05%, and its shares lost 19.07% of their value over the last 52 weeks. Nokia Oyj (NYSE:NOK) has a market capitalization of $22.337 billion.
Artisan International Value Fund made the following comment about Nokia Oyj (NYSE:NOK) in its second quarter 2023 investor letter:
“Nokia Oyj (NYSE:NOK) is the world’s third-largest provider of telecommunications equipment. The company sells its products to service providers, such as AT&T and Vodaphone. While we have held the stock, new management has simultaneously improved competitiveness and reduced costs—a remarkable achievement that has resulted in improved growth and profitability. Despite that, the share price has declined, and the valuation multiple has shrunk below 10X forward earnings. The reason is that telecommunications operators are cutting back on investment. Higher interest rates, inflation and competition are eating into customer cash flows, resulting in less capital spending. For now, Nokia will experience reduced demand. At some point, the ever-increasing need for wire and wireless bandwidth will force service providers to increase investment. In addition, Nokia’s market share is improving due to geopolitical changes and improved market competitiveness. The share price declined by 15% during the quarter.”
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Nokia Oyj (NYSE:NOK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Nokia Oyj (NYSE:NOK) at the end of second quarter which was 15 in the previous quarter.
We discussed Nokia Oyj (NYSE:NOK) in another article and shared the list of most undervalued penny stocks to invest in. In addition, please check out our hedge fund investor letters Q2 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.
