Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund APFDX returned 6.71%, Advisor Class fund APDDX posted a return of 6.77 %, and Institutional Class fund APHDX returned 6.79%, compared to a return of 9.76% for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Artisan Global Discovery Fund highlighted stocks like IRhythm Technologies, Inc. (NASDAQ:IRTC) in the Q4 2022 investor letter. Headquartered in San Francisco, California, iRhythm Technologies, Inc. (NASDAQ:IRTC) is a digital healthcare company. On February 17, 2023, IRhythm Technologies, Inc. (NASDAQ:IRTC) stock closed at $112.73 per share. One-month return of IRhythm Technologies, Inc. (NASDAQ:IRTC) was 12.53%, and its shares lost 0.17% of their value over the last 52 weeks. IRhythm Technologies, Inc. (NASDAQ:IRTC) has a market capitalization of $3.394 billion.
Artisan Global Discovery Fund made the following comment about IRhythm Technologies, Inc. (NASDAQ:IRTC) in its Q4 2022 investor letter:
“Other notable adds in the quarter included IRhythm Technologies, Inc. (NASDAQ:IRTC), Gerresheimer and Zscaler. IRhythm develops and markets the Zio, a small, wearable patch which monitors suspected heartbeat arrhythmias. The technology utilizes a proprietary algorithm, based on machine learning, capable of detecting multiple classes of arrhythmias from a database of over 4 million patients. The Zio is a significant improvement over the current standard of care, the much more cumbersome and uncomfortable Holter monitor. The growth runway is meaningful as the Holter monitor market ($2 billion) converts to patch sensors over time. In Q4, the company received final clarity from the Centers for Medicare and Medicaid Services (CMS) to set reimbursement levels for 2023 to more than $200 (above our estimate). We view the news as a positive step toward CMS and other Medicare administrative contractors appreciating Zio’s value proposition over the Holter monitor, and we added to the position.”
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IRhythm Technologies, Inc. (NASDAQ:IRTC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held IRhythm Technologies, Inc. (NASDAQ:IRTC) at the end of the third quarter which was 36 in the previous quarter.
We discussed IRhythm Technologies, Inc. (NASDAQ:IRTC) in another article and shared Artisan Partners’ views on the company. In addition, please check out our hedge fund investor letters Q4 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.
