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Artisan Partners, an investment management company, has announced the fourth quarter 2023 investor letter for its Artisan Value Fund. You can download a copy of the same here. U.S. Treasury yields fell significantly towards the end of 2023, leading to strong gains in U.S. stocks in the last two months of the year. The fund’s investor class ARTLX, advisor class APDLX, and institutional investor class APHLX returned 9.75%, 9.75%, and 9.79%, respectively, while the Russell 1000 Value Index returned 9.50%. Ta. Additionally, you can check out the strategy’s top 5 holdings to learn about the best stocks for 2023.
Artisan Value Fund featured stocks such as US Bancorp (NYSE:USB) in its Q4 2023 Investor Letter. US Bancorp (NYSE:USB), headquartered in Minneapolis, Minnesota, is a financial services holding company. On March 13, 2024, US Bancorp (NYSE:USB) stock closed at $43.47 per share. His 1-month return for US Bancorp (NYSE: USB) is 4.62%, and the company’s stock has increased his 19.55% in value over the past 52 weeks. US Bancorp (NYSE:USB) has a market capitalization of $67.74 billion.
Artisan Value Fund says this about US Bancorp (NYSE:USB) in its Q4 2023 investor letter:
“The top performers in the fourth quarter included many banks, as bank stocks rose significantly due to the rise in the U.S. Treasury market. US Bancorp (NYSE:USB), PNC Financial Services (PNC), and Bank of America (three banks in our portfolio) are each among our top five revenue contributors. When bank stocks sold off in the first quarter on concerns about the spread of the virus after the Silicon Valley bank failure, we took advantage of the market turmoil to sell the top 10 U.S. banks, USB and PNC, at what we see as undervalued stocks. I bought it at a reasonable price. USB and PNC are banks that we have known for many years. They are well managed and well capitalized. As a large bank, it was less affected by the turmoil that affected smaller institutions as depositors looked for the safest place to keep their funds. The recent recovery is an example of how our approach of investing in unpopular companies can lead to alpha. USB and PNC are not immune to industry-wide headwinds such as rising deposit costs, pressure on net interest margins and deposit outflows. However, these banks are unlikely to have the same level of risk when it comes to uninsured deposits and unrealized losses, which to varying degrees contributed to the collapse of other banks in March 2023. . As investors, we cannot avoid risk. But I’m willing to take the risk if I get a decent reward. ”
Experienced bankers who monitor financial markets in real time on the trading floor.
US Bancorp (NYSE:USB) isn’t on this list of 30 most popular stocks among hedge funds. According to our database, US Bancorp (NYSE: USB) had 36 companies in its hedge fund portfolio at the end of the fourth quarter, compared to 29 last quarter.
We talked about US Bancorp (NYSE:USB) in a separate article and shared a list of the best regional bank high-dividend stocks to buy. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q4 2023 page.
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Disclosure: None. This article was originally published on Insider Monkey.
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