Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned -7.98%, Advisor Class fund APDSX posted a return of -7.96%, and Institutional Class fund APHSX returned -7.97%, compared to a return of -7.32% for the Russell 2000 Growth Index. From a sector perspective, allocation impacts drove the sector’s underperformance, while security selection was positive. From an allocation perspective, the portfolio was hurt by its lack of exposure to energy and overweight exposure to health care. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like WESCO International, Inc. (NYSE:WCC) in the third quarter 2023 investor letter. Headquartered in Pittsburgh, Pennsylvania, WESCO International, Inc. (NYSE:WCC) offers business-to-business distribution, logistics services, and supply chain solutions. On November 30, 2023, WESCO International, Inc. (NYSE:WCC) stock closed at $155.85 per share. One-month return of WESCO International, Inc. (NYSE:WCC) was 9.14%, and its shares gained 21.86% of their value over the last 52 weeks. WESCO International, Inc. (NYSE:WCC) has a market capitalization of $7.96 billion.
Artisan Small Cap Fund made the following comment about WESCO International, Inc. (NYSE:WCC) in its Q3 2023 investor letter:
“We initiated new Garden positions in WESCO International, Inc. (NYSE:WCC), CCC Intelligent Solutions and Stevanato Group during the quarter. WESCO’s 2020 acquisition of Anixter made it the largest US electrical and data center distributor, which further strengthens WESCO’s brand and allows the company to benefit from supply chain advantages. We believe the company will experience accelerating growth due to internal and external catalysts. From an internal perspective, the Anixter acquisition provide more cross-selling opportunities between the two largely homogenous customer bases as well as the ability to use the combined scale to go after new opportunities. Additionally, the combination will likely reduce earnings cyclicality. From an external perspective, we believe the company will benefit from increased spending on the energy transition, electrification, reshoring of supply chains and higher levels of computing needed to power things like artificial intelligence.”
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WESCO International, Inc. (NYSE:WCC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held WESCO International, Inc. (NYSE:WCC) at the end of third quarter which was 43 in the previous quarter.
We discussed WESCO International, Inc. (NYSE:WCC) in another article and shared Diamond Hill Select Strategy’s views on the company. 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.
