FITBP - Artisan Mid Cap Value Fund Q1 2024 Commentary

2024-04-24 11:10:00 ET

Summary

• Artisan Partners is an independent investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally.
• The portfolio participated in the market advance but trailed the Russell Midcap® Value Index.
• We believe it would be a mistake to focus solely on the S&P 500® Index, which has become increasingly concentrated among a few mega-cap stocks, and in our view, no longer represents the diverse opportunity set that exists within our value investment universe.

Investing Environment

US equity markets reached new all-time highs in Q1 supported by a resilient US economy, a general trend of disinflation and an acceleration in corporate profits growth. Given mostly benign economic data offering little indication that a recession is near, interest rate markets pared back the number of expected Federal Reserve rate cuts in 2024. The Russell Midcap® Value Index rose 8.23%, continuing the strong rally that began in late October of last year....

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