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 ArArgenx SE (NASDAQ:ARGX) in the Q3 2024 investor letter. Argenx SE (NASDAQ:ARGX) is a biotechnology company. The one-month return of Argenx SE (NASDAQ:ARGX) was 2.96%, and its shares gained 11.08% of their value over the last 52 weeks. On September 12, 2024, Argenx SE (NASDAQ:ARGX) stock closed at $544.71 per share with a market capitalization of $32.572 billion.
Artisan Mid Cap Fund stated the following regarding Argenx SE (NASDAQ:ARGX) in its Q3 2024 investor letter:
“Among our top Q3 contributors were Argenx SE (NASDAQ:ARGX), Spotify and Exact Sciences. Shares of Argenx have rallied this year due to multiple positive developments. The company recently received FDA approval to promote VYVGART® for chronic inflammatory demyelinating polyradiculoneuropathy (CIDP). We expect this to be the drug’s second blockbuster indication since it is the first meaningful advance in CPID treatment in decades. Meanwhile, VYVGART®’s first approved indication in myasthenia gravis continues to shine. With sales beating analyst expectations, we believe the size of the myasthenia gravis opportunity will continue to yield upside longer term. Lastly, the company is investing in clinical trials studying VYVGART® in numerous other rare autoimmune disorders and is making good progress in advancing its second breakthrough medicine.”
A lab setting filled with scientific equipment and researchers in lab coats working together to develop new therapies for autoimmune diseases.
Argenx SE (NASDAQ:ARGX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Argenx SE (NASDAQ:ARGX) at the end of the second quarter which was 42 in the previous quarter. While we acknowledge the potential of Argenx SE (NASDAQ:ARGX) 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 Argenx SE (NASDAQ:ARGX) and shared TimesSquare Capital U.S. Mid Cap Growth Strategy’s views on the company in the previous quarter. Argenx SE (NASDAQ:ARGX) contributed to the performance of Artisan Mid Cap Fund in the previous quarter. 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.