Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund APFDX returned 6.71%, Advisor Class fund APDDX posted a return of 6.77 %, and Institutional Class fund APHDX returned 6.79%, compared to a return of 9.76% for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Artisan Global Discovery Fund highlighted stocks like Zscaler, Inc. (NASDAQ:ZS) in the Q4 2022 investor letter. Headquartered in San Jose, California, Zscaler, Inc. (NASDAQ:ZS) is a cloud security company. On February 17, 2023, Zscaler, Inc. (NASDAQ:ZS) stock closed at $132.35 per share. One-month return of Zscaler, Inc. (NASDAQ:ZS) was 6.94%, and its shares lost 48.14% of their value over the last 52 weeks. Zscaler, Inc. (NASDAQ:ZS) has a market capitalization of $19.086 billion.
Artisan Global Discovery Fund made the following comment about Zscaler, Inc. (NASDAQ:ZS) in its Q4 2022 investor letter:
“Zscaler, Inc. (NASDAQ:ZS) provides cloud-based Internet security solutions. In the quarter, it announced 54% revenue growth and expected growth of nearly 40% in 2023 (ahead of expectations). Despite solid fundamental momentum, shares have underperformed this year as investors have grown concerned about slowing demand for enterprise software as the broader global economy slows. We believe the dual trends of rising security vulnerability and increased enterprise digitization will lead to sustained demand, even in a recession. Cybersecurity remains a top concern for businesses and governments alike as cyberattacks can have devastating financial and reputational consequences. Meanwhile, managing the security needs of legacy on-premise applications, a growing number of cloud-based applications (Office 365, Salesforce, etc.) and a more remote workforce (versus pre-pandemic) make operating IT infrastructures increasingly complex. Give the attractive long-term outlook and depressed valuations, we added to the position.”
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Zscaler, Inc. (NASDAQ:ZS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Zscaler, Inc. (NASDAQ:ZS) at the end of the third quarter which was 40 in the previous quarter.
We discussed Zscaler, Inc. (NASDAQ:ZS) in another article and shared the list of best up-and–coming stocks to buy. 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.