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 Veeva Systems Inc. (NYSE:VEEV). Headquartered in Pleasanton, California, Veeva Systems Inc. (NYSE:VEEV) is a cloud-based software provider for the life sciences industry. On November 11, 2022, Veeva Systems Inc. (NYSE:VEEV) stock closed at $191.02 per share. One-month return of Veeva Systems Inc. (NYSE:VEEV) was 21.01% and its shares lost 39.46% of their value over the last 52 weeks. Veeva Systems Inc. (NYSE:VEEV) has a market capitalization of $29.662 billion.
Artisan Partners made the following comment about Veeva Systems Inc. (NYSE:VEEV) in its Q3 2022 investor letter:
“Veeva Systems Inc. (NYSE:VEEV) shares fell after the company slightly trimmed its 2022 financial guidance (citing foreign exchange headwinds and a slowdown in sales mid-summer, particularly to smaller biotech companies). However, we believe the company’s core growth driver—market share gains for its Vault enterprise software—remains healthy. In fact, we were impressed by the solid level of new business wins during the quarter. While elongated sales cycles and pressure from smaller customers could intensify as the economy slows, we believe the company’s profit cycle will prove far more resilient than most. The pharmaceutical sector is less economically sensitive, and Veeva has high levels of recurring subscription revenues. Given our high level of conviction in the longer term profit cycle potential, we added to our position with shares trading at an attractive discount to our private market value (PMV) estimate.”
Copyright: nexusplexus / 123RF Stock Photo
Veeva Systems Inc. (NYSE:VEEV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Veeva Systems Inc. (NYSE:VEEV) at the end of the second quarter, which was 41 in the previous quarter.
We discussed Veeva Systems Inc. (NYSE:VEEV) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
