Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned -7.98%, Advisor Class fund APDSX posted a return of -7.96%, and Institutional Class fund APHSX returned -7.97%, compared to a return of -7.32% for the Russell 2000 Growth Index. From a sector perspective, allocation impacts drove the sector’s underperformance, while security selection was positive. From an allocation perspective, the portfolio was hurt by its lack of exposure to energy and overweight exposure to health care. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like Envista Holdings Corporation (NYSE:NVST) in the third quarter 2023 investor letter. Headquartered in Brea, California, Envista Holdings Corporation (NYSE:NVST) engages in the business of dental products. On November 30, 2023, Envista Holdings Corporation (NYSE:NVST) stock closed at $22.69 per share. One-month return of Envista Holdings Corporation (NYSE:NVST) was 2.67%, and its shares lost 34.84% of their value over the last 52 weeks. Envista Holdings Corporation (NYSE:NVST) has a market capitalization of $3.889 billion.
Artisan Small Cap Fund made the following comment about Envista Holdings Corporation (NYSE:NVST) in its Q3 2023 investor letter:
“We ended our investment campaigns in HubSpot, Envista Holdings Corporation (NYSE:NVST) and Generac during the quarter. Envista Holdings is a dental supply company with strong global brands and customer relationships in implants and orthodontic consumables. Envista spun out of Danaher in 2019, and management has repositioned the company for faster and more profitable growth by divesting its capital equipment business and focusing on specialty dental products, such as clear aligners, implant systems and intra-oral scanners. While our thesis appears plausible over the long term, we believe various short-term headwinds (economic conditions, government price cuts in China) may continue to offset the company’s internal progress. Our GardenSM position proved to be ill timed, and we decided to exit the position.”
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Envista Holdings Corporation (NYSE:NVST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Envista Holdings Corporation (NYSE:NVST) at the end of third quarter which was 30 in the previous quarter.
We discussed Envista Holdings Corporation (NYSE:NVST) in another article and shared Ariel Small Cap Value Strategy’s views on the company in the previous quarter. 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.