Artisan Partners, an investment management company, released its “Artisan Select Equity Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Investor Class: ARTNX returned 12.84%, its Advisor Class: APDNX returned 12.92%, and Institutional Class: APHNX returned 12.88% compared to S&P 500 Index’s 11.69% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Select Equity Fund featured stocks like Axalta Coating Systems Ltd. (NYSE:AXTA) in the fourth quarter 2023 investor letter. Headquartered in Glen Mills, Pennsylvania, Axalta Coating Systems Ltd. (NYSE:AXTA) manufactures, markets, and distributes coatings systems. On April 1, 2024, Axalta Coating Systems Ltd. (NYSE:AXTA) stock closed at $34.40 per share. One-month return of Axalta Coating Systems Ltd. (NYSE:AXTA) was 6.57%, and its shares gained 14.32% of their value over the last 52 weeks. Axalta Coating Systems Ltd. (NYSE:AXTA) has a market capitalization of $7.573 billion.
Artisan Select Equity Fund stated the following regarding Axalta Coating Systems Ltd. (NYSE:AXTA) in its fourth quarter 2023 investor letter:
“Our top performers this quarter were American Express, Expedia and Axalta Coating Systems Ltd. (NYSE:AXTA). Axalta reported strong Q3 results, and the shares reacted very positively, gaining 26% for the quarter. Axalta—a leading coatings manufacturer—has been pushing through price increases in the wake of significant raw material cost inflation. Investors have questioned its ability to push through the necessary price increases in order to restore operating margins to a healthy level. Recent results confirm that Axalta is on track to do so. Revenue was up 6%, and EBIT increased 27%. Management confirmed that they are on track to restore operating margins to pre-COVID levels.”
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Axalta Coating Systems Ltd. (NYSE:AXTA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Axalta Coating Systems Ltd. (NYSE:AXTA) was held by 47 hedge fund portfolios, compared to 44 in the previous quarter, according to our database.
We discussed Axalta Coating Systems Ltd. (NYSE:AXTA) in another article and shared Ariel Appreciation Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.