Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Inflation remained on a downward trend in the quarter and the fund’s Investor Class fund ARTMX returned -2.95%, Advisor Class fund APDMX posted a return of -2.92%, and Institutional Class fund APHMX returned -2.90%, compared to a -5.22% return for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like Jabil Inc. (NYSE:JBL) in the Q3 2023 investor letter. Headquartered in Saint Petersburg, Florida, Jabil Inc. (NYSE:JBL) offers manufacturing services and solutions. On December 4, 2023, Jabil Inc. (NYSE:JBL) stock closed at $115.35 per share. One-month return of Jabil Inc. (NYSE:JBL) was -8.67%, and its shares gained 62.97% of their value over the last 52 weeks. Jabil Inc. (NYSE:JBL) has a market capitalization of $14.758 billion.
Artisan Mid Cap Fund made the following comment about Jabil Inc. (NYSE:JBL) in its Q3 2023 investor letter:
“We initiated new GardenSM positions in Wingstop, Quanta Services and Jabil Inc. (NYSE:JBL)during the quarter. Jabil provides outsourced manufacturing services to a diverse set of end markets and customers using its 100+ manufacturing facilities. For two decades, Jabil focused on manufacturing to customer-specified blueprints which inherently carried low margins (2%–3%), a problem further exacerbated by Asian competition. In 2017, Jabil commenced a strategic pivot to focus on manufacturing high-growth, low-volume and high-value products in areas such as health care, industrial, automotive, cloud and 5G infrastructure. We believe moving away from more cyclical consumer electronics markets toward secular growth areas, such as EVs and medical devices, will lead to both faster growth and higher margins. During the quarter, Jabil announced a pending sale of its smartphone manufacturing assets, which meaningfully accelerates this transition.”
A technician overseeing an application-specific integrated circuit design, etched on a metallic plate.
Jabil Inc. (NYSE:JBL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Jabil Inc. (NYSE:JBL) at the end of third quarter which was 44 in the previous quarter.
We discussed Jabil Inc. (NYSE:JBL) in another article and shared the list of best mid-cap value stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.
