Artisan Partners, an investment management company, released its “Artisan Developing World Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund (Investor Class) returned 1.91% compared to 0.90% for the MSCI Emerging Markets Index. The fund has returned 88.68% cumulatively since June 30, 2015, compared to a 23.33% return for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Developing World Fund highlighted stocks like The Estée Lauder Companies Inc. (NYSE:EL) in the Q2 2023 investor letter. Headquartered in New York, New York, The Estée Lauder Companies Inc. (NYSE:EL) is a skincare, makeup, fragrance, and hair care products manufacturer. On July 10, 2023, The Estée Lauder Companies Inc. (NYSE:EL) stock closed at $193.20 per share. One-month return of The Estée Lauder Companies Inc. (NYSE:EL) was 4.62%, and its shares lost 20.92% of their value over the last 52 weeks. The Estée Lauder Companies Inc. (NYSE:EL) has a market capitalization of $69.052 billion.
Artisan Developing World Fund made the following comment about The Estée Lauder Companies Inc. (NYSE:EL) in its second quarter 2023 investor letter:
“Bottom contributors to performance for the quarter included global beauty leader The Estée Lauder Companies Inc. (NYSE:EL). Estee Lauder fell due to ongoing inventory destocking in key Asian travel retail channels including Hainan and South Korea, though end market demand trends are relatively more resilient.”
The Estée Lauder Companies Inc. (NYSE:EL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held The Estée Lauder Companies Inc. (NYSE:EL) at the end of first quarter which was 44 in the previous quarter.
We discussed The Estée Lauder Companies Inc. (NYSE:EL) in another article and shared ClearBridge Large Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.