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Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In Q3, US stocks recovered from brief periods of volatility to hit new all-time highs. The portfolio returned strong absolute returns in the third quarter but lagged the benchmark. In the quarter, its Investor Class fund ARTQX returned 8.58%, Advisor Class fund APDQX posted a return of 8.63%, and Institutional Class fund APHQX returned 8.61%, compared to a 10.08% return for the Russell Midcap Value Index. 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 Polaris Inc. (NYSE:PII) in the Q3 2024 investor letter. Polaris Inc. (NYSE:PII) is a powersports vehicles manufacturer that operates through Off-Road, On-Road, and Marine segments. The one-month return of Polaris Inc. (NYSE:PII) was -16.67%, and its shares lost 27.01% of their value over the last 52 weeks. On November 15, 2024, Polaris Inc. (NYSE:PII) stock closed at $66.82 per share with a market capitalization of $3.727 billion.
Artisan Mid Cap Value Fund stated the following regarding Polaris Inc. (NYSE:PII) in its Q3 2024 investor letter:
"We are always on the lookout for companies that are under pressure in some form or fashion as this can create the conditions for an attractive entry price. Though equity markets have made substantial gains over the past year, we have still found select opportunities to put capital to work. Q3 purchases included Warner Music Group, MGM Resorts International and Polaris.