Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund ARTMX returned -1.13%, Advisor Class fund APDMX posted a return of -1.12%, and Institutional Class fund APHMX returned -1.07%, compared to a return of 6.90% for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Artisan Partners highlighted stocks like Five Below, Inc. (NASDAQ:FIVE) in the fourth quarter 2022 investor letter. Headquartered in Philadelphia, Pennsylvania, Five Below, Inc. (NASDAQ:FIVE) is a specialty value retailer. On January 19, 2023, Five Below, Inc. (NASDAQ:FIVE) stock closed at $181.54 per share. One-month return of Five Below, Inc. (NASDAQ:FIVE) was 3.88%, and its shares gained 14.13% of their value over the last 52 weeks. Five Below, Inc. (NASDAQ:FIVE) has a market capitalization of $10.078 billion.
Artisan Partners made the following comment about Five Below, Inc. (NASDAQ:FIVE) in its Q4 2022 investor letter:
“Five Below, Inc. (NASDAQ:FIVE) is a value-oriented discretionary retailer offering an evolving assortment of trend-right products oriented to kids (tweens/teens). The company reported a solid beat on both top- and bottom-line results along with continued strong growth in new stores. Management is playing offense with a “triple-double” strategy, aiming to triple Five Below’s number of stores by 2030 and double revenue by 2025. Our consumer spending outlook remains uncertain given the slowing economy and inflationary pressures, but Five Below has shown an ability to adapt to changing market conditions over time while continuing to offer consumers compelling merchandise and value. We are particularly attracted to its stores’ high returns on invested capital, which should continue to support strong profit growth as the company grows its footprint over time. With our confidence in the profit cycle rising, we added to the position within the Garden.”
Five Below, Inc. (NASDAQ:FIVE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Five Below, Inc. (NASDAQ:FIVE) at the end of the third quarter, which was 31 in the previous quarter.
We discussed Five Below, Inc. (NASDAQ:FIVE) in another article and shared Wasatch Global Investors’ 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.