Artisan Partners Releases First Quarter 2024 Investor Letter for Artisan Mid Cap Fund

Artisan Partners, an investment management company, has recently released its first quarter 2024 investor letter for the Artisan Mid Cap Fund. The fund saw impressive returns in the first quarter, with the Investor Class fund returning 10.41%, the Advisor Class fund posting a return of 10.40%, and the Institutional Class fund returning 10.44%. This outperformed the Russell Midcap Growth Index, which had a return of 9.50%.

The success of the fund was attributed to balanced security selection across various sectors such as health care, industrials, consumer staples, consumer discretionary, and communication services. This strategy led the portfolio to outperform the index during the quarter.

One of the featured stocks in the first quarter investor letter was GoDaddy Inc. (NYSE:GDDY). GoDaddy, headquartered in Tempe, Arizona, offers domain name registration and web hosting services. The stock closed at $126.61 per share on April 11, 2024, with a one-month return of 8.04% and a 64.90% gain over the last 52 weeks. The company has a market capitalization of $18.039 billion.

In the investor letter, Artisan Mid Cap Fund highlighted GoDaddy’s leading market share in commercial domain registration and its high brand recognition. The company’s strategy of using the domain business as a customer acquisition tool and cross-selling higher margin products has shown success. The CEO’s efforts to modernize the company’s tech stack are expected to lead to higher margins in the future.

Despite its success, GoDaddy Inc. is not among the 30 most popular stocks among hedge funds. However, it was held by 42 hedge fund portfolios at the end of the fourth quarter.

For more information on top mid-cap tech companies and hedge fund investor letters, readers are encouraged to visit Insider Monkey’s website.