Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund’s Investor Class fund ARTMX returned 2.35%, Advisor Class fund APDMX posted a return of 2.38%, and Institutional Class fund APHMX returned 2.40%, compared to a 6.54% return for the Russell Midcap Growth Index. Negative security selection within health care, information technology, and industrials led to the fund’s underperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund highlighted stocks like Jabil Inc. (NYSE:JBL), in the third quarter 2024 investor letter. Jabil Inc. (NYSE:JBL) offers manufacturing services and solutions that provide Electronics Manufacturing Services and Diversified Manufacturing Services segments. The one-month return of Jabil Inc. (NYSE:JBL) was 15.22%, and its shares lost 8.23% of their value over the last 52 weeks. On October 15, 2024, Jabil Inc. (NYSE:JBL) stock closed at $124.26 per share with a market capitalization of $14.097 billion.
Artisan Mid Cap Fund stated the following regarding Jabil Inc. (NYSE:JBL) in its Q3 2024 investor letter:
“We ended our investment campaigns in Edwards Lifesciences, Jabil Inc. (NYSE:JBL) and Trex during the quarter. Jabil provides outsourced manufacturing services to diverse end markets and customers. Our thesis was that the company was moving away from the more cyclical consumer electronics markets toward secular growth areas, such as electric vehicles and medical devices, which would lead to faster growth and higher margins. Unfortunately, while it is a diversified contract manufacturer, several of its meaningful markets have come under pressure this year, including residential solar, semiconductor capital equipment and health care devices. While these headwinds will likely prove temporary, we have also been disappointed by a high level of management turnover in recent quarters. Given these issues, we decided to exit the position in favor of higher conviction investments in technology.”
A technician overseeing an application-specific integrated circuit design, etched on a metallic plate.
Jabil Inc. (NYSE:JBL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Jabil Inc. (NYSE:JBL) at the end of the second quarter which was 36 in the previous quarter. While we acknowledge the potential of Jabil Inc. (NYSE:JBL) 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 Jabil Inc. (NYSE:JBL) and shared the list of worst 3D printing and additive manufacturing stocks to buy. Artisan Mid Cap Fund added Jabil Inc. (NYSE:JBL) in Q4 2023. In addition, please check out our hedge fund investor letters Q3 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.