Artisan Partners, an investment management company, released its “Artisan Developing World Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund (Investor Class) returned -7.31% compared to -2.93% for the MSCI Emerging Markets Index. The fund has returned 74.89% cumulatively since June 30, 2015, compared to a 19.73% 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 Estée Lauder Companies Inc. (NYSE:EL) in the Q3 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 October 11, 2023, The Estée Lauder Companies Inc. (NYSE:EL) stock closed at $140.43 per share. One-month return of The Estée Lauder Companies Inc. (NYSE:EL) was -8.95%, and its shares lost 34.15% of their value over the last 52 weeks. The Estée Lauder Companies Inc. (NYSE:EL) has a market capitalization of $50.251 billion.
Artisan Developing World Fund made the following comment about The Estée Lauder Companies Inc. (NYSE:EL) in its Q3 2023 investor letter:
“Bottom contributors to performance for the quarter included global beauty product company The Estée Lauder Companies Inc. (NYSE:EL). Estee Lauder fell due to ongoing inventory destocking in Asian retail travel and recent Chinese government actions targeted at the daigou channel, both of which impacted retail sales in the Hainan duty-free channel.”
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The Estée Lauder Companies Inc. (NYSE:EL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held The Estée Lauder Companies Inc. (NYSE:EL) at the end of the second quarter, which was 59 in the previous quarter.
We discussed The Estée Lauder Companies Inc. (NYSE:EL) in another article and shared the list of best undervalued stocks to buy according to the media. In addition, please check out our hedge fund investor letters Q3 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.