Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund featured stocks like Spotify Technology S.A. (NYSE:SPOT) in the first quarter 2024 investor letter. Headquartered in Luxembourg City, Luxembourg, Spotify Technology S.A. (NYSE:SPOT) offers audio streaming subscription services. On April 11, 2024, Spotify Technology S.A. (NYSE:SPOT) stock closed at $303.57 per share. One-month return of Spotify Technology S.A. (NYSE:SPOT) was 19.10%, and its shares gained 125.30% of their value over the last 52 weeks. Spotify Technology S.A. (NYSE:SPOT) has a market capitalization of $60.206 billion.
Artisan Mid Cap Fund stated the following regarding Spotify Technology S.A. (NYSE:SPOT) in its first quarter 2024 investor letter:
“Among our top Q1 contributors were Chipotle, Shockwave Medical and Spotify Technology S.A. (NYSE:SPOT) is a leading global audio streaming franchise with 600 million monthly active users. We believe its position in the supply chain is solid given a secular trend around the fragmentation of music as well as internal product and pricing initiatives. Shares rallied after the company reported strong earnings results, including growth of 23% for monthly active users, 15% for premium subscribers and 16% for revenue. The company also reported 140bps of gross margin expansion, to 26.7%, which we believe still has further to go due to likely price increases, potentially better terms with labels and further cost discipline.”
A person wearing headphones listening to an audio streaming service.
Spotify Technology S.A. (NYSE:SPOT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Spotify Technology S.A. (NYSE:SPOT) was held by 68 hedge fund portfolios, compared to 53 in the previous quarter, according to our database.
We previously discussed Spotify Technology S.A. (NYSE:SPOT) in another article, where we shared the list of most valuable entertainment companies in the world. In addition, please check out our hedge fund investor letters Q1 2024 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.
