Should You Exit Novanta (NOVT)?
Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund APFDX returned 1.78%, Advisor Class fund APDDX posted a return of 1.78%, and Institutional Class fund APHDX returned 1.83%, compared to a return of 6.18% for the MSCI All Country World Index. Security selection in the IT and healthcare Sector led the fund to underperform in the quarter. Year-to-date, APFDX, APDDX, and APHDX returned 13.51%, 13.54%, and 13.68%, respectively, compared to 13.93% for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Global Discovery Fund highlighted stocks like Novanta Inc. (NASDAQ:NOVT) in the second quarter 2023 investor letter. Headquartered in Bedford, Massachusetts, Novanta Inc. (NASDAQ:NOVT) designs and manufactures photonics, vision, and precision motion. On August 23, 2023, Novanta Inc. (NASDAQ:NOVT) stock closed at $155.88 per share. One-month return of Novanta Inc. (NASDAQ:NOVT) was -11.10%, and its shares gained 5.28% of their value over the last 52 weeks. Novanta Inc. (NASDAQ:NOVT) has a market capitalization of $5.582 billion.
Artisan Global Discovery Fund made the following comment about Novanta Inc. (NASDAQ:NOVT) in its second quarter 2023 investor letter:
“Along with Catalent, we ended our investment campaigns in Industrie De Nora (De Nora) and Novanta Inc. (NASDAQ:NOVT) during the quarter. Novanta is a leading provider of photonic and motion-control components for medical and industrial equipment. We believed the company’s products would benefit from several secular growth trends, such as warehouse automation, robotic surgery, endoscopy, DNA sequencing and advanced laser material processing. In addition, a quality management team is driving attractive margin expansion via higher value product offerings and acquisitions to add technology and customer content. After a successful multiyear campaign, we decided to exit the position based on our valuation discipline.”
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Novanta Inc. (NASDAQ:NOVT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Novanta Inc. (NASDAQ:NOVT) at the end of second quarter which was 10 in the previous quarter.
We discussed Novanta Inc. (NASDAQ:NOVT) in another article and shared Conestoga Small Cap Strategy's views on the company. In addition, please check out our hedge fund investor letters Q2 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.
