Artisan Partners Mid Cap Fund Adds NVR as Homebuilder Orders Accelerate: Q1 2024 Investor Letter Highlights

Artisan Partners, an investment management company, 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 fund attributed its success to balanced security selection across various sectors including health care, industrials, consumer staples, consumer discretionary, and communication services. This strategy led the portfolio to outperform the index in the quarter.

One of the top holdings in the Artisan Mid Cap Fund for the first quarter was NVR, Inc. (NYSE:NVR), a home builder headquartered in Reston, Virginia. The stock closed at $7,757.18 per share on April 11, 2024, with a one-month return of 2.53% and a 52-week gain of 37.72%. NVR, Inc. has a market capitalization of $24.808 billion.

In the investor letter, Artisan Mid Cap Fund highlighted NVR, Inc. as a notable addition in the quarter. The company is known for its highly productive, build-to-order homebuilding strategy and land-light approach. The fund added to its position in NVR, Inc. based on signs of homebuilder orders accelerating and the favorable housing cycle.

Despite its success, NVR, Inc. is not among the 30 Most Popular Stocks Among Hedge Funds. However, it was held by 44 hedge fund portfolios at the end of the fourth quarter, compared to 35 in the previous quarter.

For more information on NVR, Inc. and other investor letters from hedge funds, readers can visit Insider Monkey’s website. The success of NVR, Inc. in the first quarter of 2024 showcases the potential for growth in the homebuilding sector and the strategic investment decisions made by Artisan Partners.