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Artisan Mid Cap Fund Added NVR as Homebuilder Orders Accelerate

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Artisan Mid Cap Fund featured stocks like NVR, Inc. (NYSE:NVR) in the first quarter 2024 investor letter. Headquartered in Reston, Virginia, NVR, Inc. (NYSE:NVR) is a home builder. On April 11, 2024, NVR, Inc. (NYSE:NVR) stock closed at $7,757.18 per share. One-month return of NVR, Inc. (NYSE:NVR) was 2.53%, and its shares gained 37.72% of their value over the last 52 weeks. NVR, Inc. (NYSE:NVR) has a market capitalization of $24.808 billion.

Artisan Mid Cap Fund stated the following regarding NVR, Inc. (NYSE:NVR) in its first quarter 2024 investor letter:

"Notable adds in the quarter included Xylem, NVR, Inc. (NYSE:NVR) and Equifax. NVR is a highly productive, build-to-order homebuilder with a land-light strategy that operates in the mid-Atlantic, Northeast, Southeast and Midwest regions. The company uses land options rather than land purchases in its lot development, meaning it can simply focus on building homes and walk away from lots should the environment change (which has proven to be an effective risk management approach over time). The housing cycle continues to be favorable for homebuilders from both a supply and demand perspective. Demographic trends (household formation) support demand while supply is constrained due to a low rate of housing starts and depressed existing home sales (since many existing homes are financed with below-market interest rates). We added to the position on signs of homebuilder orders accelerating."

A team of construction workers laboring together to build a townhome complex.

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NVR, Inc. (NYSE:NVR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, NVR, Inc. (NYSE:NVR) was held by 44 hedge fund portfolios, compared to 35 in the previous quarter, according to our database.

We previously discussed NVR, Inc. (NYSE:NVR) in another article, where we shared the list of largest construction companies in the world. In addition, please check out our hedge fund investor letters Q1 2024 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.