Artisan Partners, an investment management company, released its “Artisan Global Equity Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund ARTHX returned 15.95%, Advisor Class fund APDHX posted a return of 15.98%, and Institutional Class fund APHHX returned 16.04%, 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 Equity Fund highlighted stocks like ING Groep N.V. (NYSE:ING) in the Q4 2022 investor letter. Headquartered in Amsterdam, the Netherlands, ING Groep N.V. (NYSE:ING) is a financial institution. On March 15, 2023, ING Groep N.V. (NYSE:ING) stock closed at $11.59 per share. One-month return of ING Groep N.V. (NYSE:ING) was -17.92%, and its shares gained 9.75% of their value over the last 52 weeks. ING Groep N.V. (NYSE:ING) has a market capitalization of $46.219 billion.
Artisan Global Equity Fund made the following comment about ING Groep N.V. (NYSE:ING) in its Q4 2022 investor letter:
“Our financial services theme has performed well this year due to the tailwinds provided by rising interest rates. Banks, in particular, have used their strong balance sheets to generate robust earnings on solid loan growth and widening net interest income (the spread between the interest earned and paid on accounts). Our positions in BNP Paribas and ING Groep N.V. (NYSE:ING) increased relative returns this quarter and are beneficiaries of these tailwinds. This year, the European Central Bank increased short-term rates at its fastest pace ever, topping off 2022 with a 50bps increase to its key interest rate to bring the deposit facility to 2%, the refinancing rate to 2.5% and the marginal lending to 2.75%, a level not seen in 14 years. Policymakers also said that rates are expected to rise further to combat lingering high inflation. In addition to net interest income, both BNP Paribas and ING have supported a robust stock buyback program providing additional support to valuations. This quarter, for example, ING is winding up another €1.5 billion in share buybacks. Overall, we believe these companies are competitively advantaged given the support that rising rates can provide going forward. As always, the investment team will continue to closely monitor economic conditions as we move into 2023.”
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ING Groep N.V. (NYSE:ING) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held ING Groep N.V. (NYSE:ING) at the end of the fourth quarter which was 12 in the previous quarter.
We discussed ING Groep N.V. (NYSE:ING) in another article and shared the list of best European bank stocks to invest in. 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.