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 HubSpot, Inc. (NYSE:HUBS) in the Q1 2023 investor letter. Headquartered in Cambridge, Massachusetts, HubSpot, Inc. (NYSE:HUBS) provides a cloud-based customer relationship management platform. On May 18, 2023, HubSpot, Inc. (NYSE:HUBS) stock closed at $482.72 per share. One-month return of HubSpot, Inc. (NYSE:HUBS) was 13.89%, and its shares gained 44.73% of their value over the last 52 weeks. HubSpot, Inc. (NYSE:HUBS) has a market capitalization of $23.962 billion.
Artisan Small Cap Fund made the following comment about HubSpot, Inc. (NYSE:HUBS) in its Q1 2023 investor letter:
“Like many software companies, HubSpot, Inc. (NYSE:HUBS)’s revenue growth has slowed from the torrid pace seen in recent years. While this slowing weighed heavily on the stock in 2022, the most recent quarterly results showed a relative stabilization in top-line trends. Shares rallied after it reported results that exceeded expectations across many important metrics: revenue, recurring revenue, billings, customer adds, subscription revenue per customer and earnings. But the highlight was operating margins, where management forecasted a long-term target of 20%-25% versus 10% in 2022 as the company is taking advantage of less frenetic demand conditions to improve its margin structure after several years of heavy investment. We remain confident in its significant market share opportunity over time and believe its products’ reasonable prices and quick payback should help insulate HubSpot from the potential of macroeconomic pressures.”
HubSpot, Inc. (NYSE:HUBS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 53 hedge fund portfolios held HubSpot, Inc. (NYSE:HUBS) at the end of the fourth quarter, which was 55 in the previous quarter.
We discussed HubSpot, Inc. (NYSE:HUBS) in another article and shared ClearBridge Investments’ 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.