Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTMX returned -2.43%, Advisor Class fund APDMX posted a return of -2.42%, and Institutional Class fund APHMX returned -2.41%, compared to a return of -0.65% for the Russell Midcap Growth Index. Sector allocation dragged the fund’s relative performance in the quarter. 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 Generac Holdings Inc. (NYSE:GNRC). Headquartered in Waukesha, Wisconsin, Generac Holdings Inc. (NYSE:GNRC) is a power generation equipment, energy storage systems, and other power product manufacturer and supplier. On November 14, 2022, Generac Holdings Inc. (NYSE:GNRC) stock closed at $107.06 per share. One-month return of Generac Holdings Inc. (NYSE:GNRC) was -25.63% and its shares lost 75.34% of their value over the last 52 weeks. Generac Holdings Inc. (NYSE:GNRC) has a market capitalization of $6.783 billion.
Artisan Partners made the following comment about Generac Holdings Inc. (NYSE:GNRC) in its Q3 2022 investor letter:
“We pared our exposures to Generac Holdings Inc. (NYSE:GNRC), Azenta and Burlington Stores in Q3. Generac is a provider of residential backup generators in the US with a dominant market position. Our thesis is based on climate change causing more frequent and severe storms and power grid failures, both of which should bolster demand for Generac’s generators. In addition, the company’s residential solar backup battery business—which benefits from Generac’s scale, distribution network and differentiated go-to-market strategy—could also enhance its overall profit cycle potential over time. That said, we believe generator demand may be entering a cyclical downturn as homeowners face inflation and rising interest rates. While our longer term thesis remains intact, we believe a smaller position is warranted.”
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Generac Holdings Inc. (NYSE:GNRC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Generac Holdings Inc. (NYSE:GNRC) at the end of the second quarter, which was 33 in the previous quarter.
We discussed Generac Holdings Inc. (NYSE:GNRC) in another article and shared the best Jim Cramer stocks to invest in. 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.
