Here’s Why Artisan Small Cap Fund Sold BlackLine (BL)
Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio had a positive absolute return in Q4 but underperformed the Russell 2000 Growth Index due to security selection, particularly in the healthcare and information technology sectors. In the fourth quarter, its Investor Class fund ARTSX returned 9.18%, Advisor Class fund APDSX posted a return of 9.26%, and Institutional Class fund APHSX returned 9.28%, compared to a return of 12.75% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund featured stocks like BlackLine, Inc. (NASDAQ:BL) in the Q4 2023 investor letter. Headquartered in Woodland Hills, California, BlackLine, Inc. (NASDAQ:BL) offers cloud-based solutions to automate and streamline accounting and finance operations. On March 8, 2024, BlackLine, Inc. (NASDAQ:BL) stock closed at $67.01 per share. One-month return of BlackLine, Inc. (NASDAQ:BL) was 10.14%, and its shares gained 8.10% of their value over the last 52 weeks. BlackLine, Inc. (NASDAQ:BL) has a market capitalization of $4.122 billion.
Artisan Small Cap Fund stated the following regarding BlackLine, Inc. (NASDAQ:BL) in its fourth quarter 2023 investor letter:
"We ended our investment campaigns in BlackLine, Inc. (NASDAQ:BL), Shoals Technologies and Freshpet during the quarter. BlackLine offers cloud-based software that automates and manages complex, manual and repetitive accounting processes. We still believe its solutions can lead to cost savings, enhance real-time visibility and improve data integrity. However, recent financial results have been uninspiring, as subscription revenue growth decelerated, and the company indicated that it expected demand to remain muted for the remainder of 2023. We struggled to see a clear path to revenue reacceleration and exited the position to redeploy capital into more attractive opportunities."
A financial professional utilizing a cloud-based software application.
BlackLine, Inc. (NASDAQ:BL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, BlackLine, Inc. (NASDAQ:BL) was held by 25 hedge fund portfolios, compared to 25 in the previous quarter, according to our database.
We discussed BlackLine, Inc. (NASDAQ:BL) in another article and shared Artisan Small Cap Fund's views on the company in the previous quarter. 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.
