Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund featured stocks like Lululemon Athletica Inc. (NASDAQ:LULU) in the first quarter 2024 investor letter. Headquartered in Vancouver, Canada, Lululemon Athletica Inc. (NASDAQ:LULU) designs and distributes athletic apparel, footwear, and accessories. On April 11, 2024, Lululemon Athletica Inc. (NASDAQ:LULU) stock closed at $349.92 per share. One-month return of Lululemon Athletica Inc. (NASDAQ:LULU) was -25.52%, and its shares lost 5.96% of their value over the last 52 weeks. Lululemon Athletica Inc. (NASDAQ:LULU) has a market capitalization of $43.639 billion.
Artisan Mid Cap Fund stated the following regarding Lululemon Athletica Inc. (NASDAQ:LULU) in its first quarter 2024 investor letter:
“We ended our investment campaigns in Lululemon Athletica Inc. (NASDAQ:LULU), WESCO and BJ’s Wholesale Club during the quarter. Lululemon is a designer and retailer of yoga-inspired apparel. An upgraded management team has delivered impressive results in recent years, strengthening all operational functions—supply chain, product design, e-commerce, digital marketing—and driving more traffic to its brick-and-mortar and online channels. After a successful multiyear investment campaign, we believe the profit cycle has matured and exited the position based on our valuation discipline.”
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Lululemon Athletica Inc. (NASDAQ:LULU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Lululemon Athletica Inc. (NASDAQ:LULU) was held by 52 hedge fund portfolios, down from 61 in the previous quarter, according to our database.
We previously discussed Lululemon Athletica Inc. (NASDAQ:LULU) in another article, where we shared Carillon Scout Mid Cap Fund’s perspective on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.