Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, its Investor Class fund ARTSX returned 7.60%, Advisor Class fund APDSX posted a return of 7.63%, and Institutional Class fund APHSX returned 7.62%, compared to a return of 6.07% for the Russell 2000 Growth Index. Both allocation and security selection drove the portfolio to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like Crocs, Inc. (NASDAQ:CROX) in the first quarter 2023 investor letter. Headquartered in Broomfield, Colorado, Crocs, Inc. (NASDAQ:CROX) engages in the footwear and accessories business. On May 18, 2023, Crocs, Inc. (NASDAQ:CROX) stock closed at $115.37 per share. One-month return of Crocs, Inc. (NASDAQ:CROX) was -21.61%, and its shares gained 113.61% of their value over the last 52 weeks. Crocs, Inc. (NASDAQ:CROX) has a market capitalization of $7.156 billion.
Artisan Small Cap Fund made the following comment about Crocs, Inc. (NASDAQ:CROX) in its Q1 2023 investor letter:
“We began new GardenSM positions in Crocs, Inc. (NASDAQ:CROX), Saia and Shift4 Payments during the quarter. Crocs designs, develops, manufactures and distributes casual footwear and accessories for men, women and children. The company invented the molded plastic Clog in 2002 and has turned it into a $3B global revenue base. We believe revenue growth will continue to surprise to the upside driven by expansion opportunities outside the US, demand from new product introductions (including from recently acquired Hey Dude) and a distribution push both within the direct-to-consumer and wholesale channels. Given the company is still small in terms of a global market share (its $4B in revenues puts them at 1% global market share of the footwear industry), we believe there is a long runway for growth and initiated a GardenSM position.”
Crocs, Inc. (NASDAQ:CROX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Crocs, Inc. (NASDAQ:CROX) at the end of the fourth quarter which was 31 in the previous quarter.
We discussed Crocs, Inc. (NASDAQ:CROX) in another article and shared Choice Equities Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.