Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, its Investor Class fund ARTMX returned 12.37%, Advisor Class fund APDMX posted a return of 12.43%, and Institutional Class fund APHMX returned 12.43%, compared to a 9.14% return for the Russell Midcap Growth Index. Positive stock selection drove the portfolio to outperform in the quarter and was most pronounced in the information technology and healthcare sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in the first quarter 2023 investor letter. Headquartered in Westborough, Massachusetts, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) operates warehouse clubs. On June 21, 2023, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) stock closed at $61.21 per share. One-month return of BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) was -2.49%, and its shares lost 0.54% of their value over the last 52 weeks. BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) has a market capitalization of $8.225 billion.
Artisan Mid Cap Fund made the following comment about BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in its first quarter 2023 investor letter:
“We view BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) as a business that has improved meaningfully since pre-pandemic. Its membership renewal rates have increased, the balance sheet is improved, and we are excited about the accelerated new store openings. The company has grown members 27% since 2018, enjoys a renewal rate of 90% and has grown its store count to 235 versus 216 five years ago (and expects to open ~10 new stores per year going forward). Sales growth for the warehouse club category has been 11.1% annually over the past three years compared to 7.8% for the total retail market, and we believe consumers will continue to look for value in an environment of high inflation and high interest rates, which lends itself nicely to the club format gaining market share. While 2022 peak fuel profitability may make near-term earnings comparisons difficult, we believe the medium- and long-term opportunity is compelling as the company continues spinning its membership flywheel by enhancing its customer value proposition and opening new clubs.”
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BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) at the end of first quarter 2023 which was 38 in the previous quarter.
We discussed BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in another article and shared LVS Advisory’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
