Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, its Investor Class fund ARTQX returned -5.37%, Advisor Class fund APDQX posted a return of -5.34%, and Institutional Class fund APHQX returned -5.28, compared to a -3.40% return for the Russell Midcap Value Index. Markets contracted in Q2 after widespread market participation drove US stocks upward in late 2023 and early 2024, with a few mega-cap technology names pushing the S&P 500 Index to all-time highs. Healthcare and consumer discretionary holdings held back the portfolio’s performance relative to the index. Financials, industrials, and technology holdings outperformed on the positive side. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Value Fund highlighted stocks like Jones Lang LaSalle Incorporated (NYSE:JLL), in the second quarter 2024 investor letter. Jones Lang LaSalle Incorporated (NYSE:JLL) provides real estate and investment management services. The one-month return of Jones Lang LaSalle Incorporated (NYSE:JLL) was 10.72%, and its shares gained 33.56% of their value over the last 52 weeks. On August 7, 2024, Jones Lang LaSalle Incorporated (NYSE:JLL) stock closed at $229.85 per share with a market capitalization of $10.91 billion.
Artisan Mid Cap Value Fund stated the following regarding Jones Lang LaSalle Incorporated (NYSE:JLL) in its Q2 2024 investor letter:
“We sold one stock in Q2: Jones Lang LaSalle Incorporated (NYSE:JLL), a commercial real estate brokerage and property services provider. Leasing and capital markets activity has significantly improved since our initial purchase in 2020 when pandemic-driven uncertainty loomed over the office real estate market, and JLL’s stock has responded positively. So, we chose to recycle capital into more attractive opportunities.”
A real estate broker discussing options with a customer using digital maps and virtual reality.
Jones Lang LaSalle Incorporated (NYSE:JLL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Jones Lang LaSalle Incorporated (NYSE:JLL) at the end of the first quarter which was 25 in the previous quarter. In the second quarter, Jones Lang LaSalle Incorporated’s (NYSE:JLL) revenue increased 12% to $5.6 billion. While we acknowledge the potential of Jones Lang LaSalle Incorporated (NYSE:JLL) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Jones Lang LaSalle Incorporated (NYSE:JLL) and shared Ariel Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.