Artisan Partners, an investment management company, released its “Artisan Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund outperformed the Russell 1000 Value Index. Its Investor Class fund ARTLX returned 7.88%, Advisor Class fund APDLX posted a return of 7.93%, and Institutional Class fund APHLX returned 8.02% in the quarter, compared to a 1.01% return for the Russell 1000 Value Index. In Q1, sector allocation and stock selection turned out to be positive. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Value Fund highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the first quarter 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On May 23, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $246.74 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 17.83%, and its shares gained 34.22% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $632.328 billion.
Artisan Value Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q1 2023 investor letter:
“Our top contributors in Q1 were Meta Platforms, Inc. (NASDAQ:META), Warner Bros Discovery (WBD) and FedEx. Following sharp declines in 2022, shares of Meta Platforms have more than doubled since their early November 2022 lows. Last year’s drawdown created a highly favorable risk-reward, which we took advantage of by adding to our position. Management has wisely, in our view, recalibrated its spending plans to focus on profitability amid a weaker advertising environment, increased TikTok competition and Apple’s privacy changes. While investors got ahead of themselves back in 2021, extrapolating pandemic growth rates into the future, Meta is still a highly successful enterprise generating over $120 billion of revenue annually on a run-rate basis and has more than $40 billion in cash on its balance sheet to help it navigate its future course. Recent usage and engagement trends for Facebook and Instagram have been positive, and Reels—Meta’s answer to TikTok—is gaining traction.”
Photo by Alexander Shatov on Unsplash
Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 220 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the first quarter 2023 which was 194 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared top stock picks of billionaire Andreas Halvorsen’s Viking Global. 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.