Yahoo Finance Fifth Third Bancorp (FITB) Surged ~50% Due to Historic Bond Market Rally
Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund ARTQX returned 11.21%, Advisor Class fund APDQX posted a return of 11.20%, and Institutional Class fund APHQX returned 11.17%, compared to a 12.11% return for the Russell Midcap Value Index. For the full year, ARTQX, APDQX, and APHQX returned 18.15%, 18.25%, and 18.35%, respectively, compared to 12.71% for the index. The portfolio did well in the market with double-digit gains but trailed the Russell Midcap Value Index in Q4. However, it outperformed in the prior three quarters, leading to strong results compared to the index and peer group for 2023. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Value Fund featured stocks like Fifth Third Bancorp (NASDAQ:FITB) in the Q4 2023 investor letter. Headquartered in Cincinnati, Ohio, Fifth Third Bancorp (NASDAQ:FITB) is a bank holding company for Fifth Third Bank. On March 26, 2024, Fifth Third Bancorp (NASDAQ:FITB) stock closed at $36.03 per share. One-month return of Fifth Third Bancorp (NASDAQ:FITB) was 6.25%, and its shares gained 32.00% of their value over the last 52 weeks. Fifth Third Bancorp (NASDAQ:FITB) has a market capitalization of $24.628 billion.
Artisan Mid Cap Value Fund stated the following regarding Fifth Third Bancorp (NASDAQ:FITB) in its fourth quarter 2023 investor letter:
"Other top Q4 performers were Fifth Third Bancorp (NASDAQ:FITB) and Lamar Advertising. Fifth Third is a regional bank with a strong presence in the Midwest and Southeast. The stock surged ~50% since its late-October lows driven by the historic bond market rally. The recent rebound is an example of how our approach of investing in out-of-favor businesses can lead to alpha. In March, shortly after the collapse of Silicon Valley Bank, bank stocks were being hammered by fears of contagion. That period of fear and uncertainty provided us an opportunity to purchase Fifth Third, a bank we know well and one we believe to be well managed with a solid capital position and healthy liquidity, at a depressed price. We recognized the risks facing the banks but believed we were being paid well to take on those risks."
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Fifth Third Bancorp (NASDAQ:FITB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Fifth Third Bancorp (NASDAQ:FITB) was held by 36 hedge fund portfolios, compared to 38 in the previous quarter, according to our database.
We discussed Fifth Third Bancorp (NASDAQ:FITB) in another article and shared the list of best regional bank dividend stocks to buy. 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.
