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 Celsius Holdings, Inc. (NASDAQ:CELH), in the third quarter 2024 investor letter. Celsius Holdings, Inc. (NASDAQ:CELH) is a functional drink and liquid supplements manufacturer and distributor. The one-month return of Celsius Holdings, Inc. (NASDAQ:CELH) was -0.35%, and its shares lost 40.44% of their value over the last 52 weeks. On October 14, 2024, Celsius Holdings, Inc. (NASDAQ:CELH) stock closed at $34.16 per share with a market capitalization of $7.962 billion.
Artisan Mid Cap Fund stated the following regarding Celsius Holdings, Inc. (NASDAQ:CELH) in its Q3 2024 investor letter:
“Among our top detractors were Dexcom, iRhythm and Celsius Holdings, Inc. (NASDAQ:CELH). Celsius is an energy drink company viewed as providing a healthier option than its large competitors. Our thesis was that Celsius’ product portfolio appeals to a broad demographic, creating new consumers and generating more frequent usage occasions for the category. Unfortunately, in recent months we have witnessed a sudden slowdown in both the company’s market share gains and growth in the broader energy drink category. We had expected its progress and overall market expansion to continue in 2024. With evidence to the contrary, we significantly trimmed our position.”
A hand pouring a cool can of a carbonated non-alcoholic beverage with a smiley face on it.
Celsius Holdings, Inc. (NASDAQ:CELH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Celsius Holdings, Inc. (NASDAQ:CELH) at the end of the second quarter which was 34 in the previous quarter. While we acknowledge the potential of Celsius Holdings, Inc. (NASDAQ:CELH) 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 Celsius Holdings, Inc. (NASDAQ:CELH) and shared the list of most promising stocks to buy according to Wall Street analysts. Artisan Mid Cap Fund increased its position in Celsius Holdings, Inc. (NASDAQ:CELH) during Q2 2024. 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.