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Artisan Partners: “Atlassian Corp. (TEAM) Remains a High Conviction Holding”

·2 min read

Artisan Partners, a high value-added investment management firm, published its ‘Artisan Mid Cap Fund’ fourth quarter 2021 investor letter – a copy of which can be downloaded here. A return of -0.72% was recorded by its Investor Class: ARTMX, -0.68% by its Advisor Class: APDMX, and -0.66% by its Institutional Class: APHMX, in the fourth quarter of 2021, all underperforming the Russell Midcap® Growth Index that delivered a 2.85% return, and the Russell Midcap® Index that was up by 6.44% for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Artisan Mid Cap Fund, in its Q4 2021 investor letter, mentioned Atlassian Corporation Plc (NASDAQ: TEAM) and discussed its stance on the firm. Atlassian Corporation Plc is a Sydney, Australia-based software company with a $74.9 billion market capitalization. TEAM delivered a -22.45% return since the beginning of the year, while its 12-month returns are up by 22.69%. The stock closed at $295.70 per share on February 22, 2022.

Here is what Artisan Mid Cap Fund has to say about Atlassian Corporation Plc in its Q4 2021 investor letter:

"Atlassian was among our top performers and contributors in 2021. The company is adding new customers at >2X its pre-pandemic pace and is experiencing strong subscription growth as customers migrate to the cloud. We remain confident in the fundamental outlook as companies of all sizes adopt its tools and as new enterprise-wide product offerings are rolled out. However, we reduced our position size as the stock approached our PMV estimate. The stock remains a high conviction holding, especially after its selloff later in the quarter."

salesforce, software, office, meeting
salesforce, software, office, meeting

Photo by Austin Distel on Unsplash

Our calculations show that Atlassian Corporation Plc (NASDAQ: TEAM) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. TEAM was in 69 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 60 funds in the previous quarter. Atlassian Corporation Plc (NASDAQ: TEAM) delivered a -26.63% return in the past 3 months.

In January 2022, we also shared another hedge fund’s views on TEAM in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.