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 LPL Financial Holdings Inc. (NASDAQ:LPLA) in the fourth quarter 2022 investor letter. Based in San Diego, California, LPL Financial Holdings Inc. (NASDAQ:LPLA) is an integrated platform provider for brokerage and investment advisory services. On January 19, 2023, LPL Financial Holdings Inc. (NASDAQ:LPLA) stock closed at $220.44 per share. One-month return of LPL Financial Holdings Inc. (NASDAQ:LPLA) was 2.17%, and its shares gained 37.75% of their value over the last 52 weeks. LPL Financial Holdings Inc. (NASDAQ:LPLA) has a market capitalization of $17.547 billion.
Artisan Partners made the following comment about LPL Financial Holdings Inc. (NASDAQ:LPLA) in its Q4 2022 investor letter:
“We pared our exposure to LPL Financial Holdings Inc. (NASDAQ:LPLA), Genmab and Advanced Drainage Systems in Q4. LPL Financial is the largest independent broker-dealer in the US, and the largest provider of outsourced wealth management services to banks. The company equips over 21,000 financial advisors with the tools—research, technology, compliance and administrative support—to grow their businesses and help their retail clients with wealth management and financial planning. In recent years, a new leadership team has invested to improve advisor technology and remove friction within advisors’ workflows, driving a 50% increase in productivity while increasing advisor retention to ~98%. We believe LPL is well-positioned to capture further market share and benefit from a migration of advisors away from wire houses to the independent channel. We also feel optimistic that their outsourcing contract wins with third-party banks and traction in the company’s new service offerings could further accelerate growth. Lastly, LPL has benefited from higher interest rates. However, as the share price now reflects more of these tailwinds, we modestly pared our position.”
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LPL Financial Holdings Inc. (NASDAQ:LPLA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held LPL Financial Holdings Inc. (NASDAQ:LPLA) at the end of the third quarter, which was 47 in the previous quarter.
We discussed LPL Financial Holdings Inc. (NASDAQ:LPLA) in another article and shared Carillon Tower Advisers’ 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.