Artisan Mid Cap Fund Sold Ryan Specialty Holdings (RYAN) for Higher Conviction Ideas
Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The final quarter of 2023 saw a continuous fluctuation between recessionary fears and soft-landing optimism. In the fourth quarter, the fund’s Investor Class fund ARTMX returned 8.86%, Advisor Class fund APDMX posted a return of 8.93%, and Institutional Class fund APHMX returned 8.96%, compared to a 14.55% return for the Russell Midcap Growth Index. The portfolio generated a positive absolute return in Q4 but underperformed the Russell Midcap Growth Index due to poor security selection, particularly in health care and information technology. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund featured stocks like Ryan Specialty Holdings, Inc. (NYSE:RYAN) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, Ryan Specialty Holdings, Inc. (NYSE:RYAN) is a service provider of specialty products and solutions for insurance brokers, agents, and carriers. On March 7, 2024, Ryan Specialty Holdings, Inc. (NYSE:RYAN) stock closed at $54.27 per share. One-month return of Ryan Specialty Holdings, Inc. (NYSE:RYAN) was 24.96%, and its shares gained 42.59% of their value over the last 52 weeks. Ryan Specialty Holdings, Inc. (NYSE:RYAN) has a market capitalization of $14.122 billion.
Artisan Mid Cap Fund stated the following regarding Ryan Specialty Holdings, Inc. (NYSE:RYAN) in its fourth quarter 2023 investor letter:
"Notable trims in the quarter included Veeva, Lululemon and Ryan Specialty Holdings, Inc. (NYSE:RYAN). Ryan Specialty Holdings provides specialty insurance solutions for brokers, agents and carriers. The company has rapidly become a leading provider in the higher growth excess and surplus (E&S) market segment. E&S insurance has grown over the years due to an ever-increasing level of catastrophes, which are being driven by climate change, the emergence of new markets such as cyber-insurance and new business models such as ridesharing, which we believe have further runway in the periods ahead. However, we believe growth is likely to moderate going forward from elevated levels as cooling inflation raises the risk of decelerating premium growth. We decided to trim the position in favor of higher conviction near-term ideas."
A portrait of a professional insurance broker at their desk, reviewing a policy.
Ryan Specialty Holdings, Inc. (NYSE:RYAN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Ryan Specialty Holdings, Inc. (NYSE:RYAN) was held by 22 hedge fund portfolios, up from 16 in the previous quarter, according to our database.
We discussed Ryan Specialty Holdings, Inc. (NYSE:RYAN) in another article and shared the list of undervalued insurance stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 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.
