Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTMX returned -2.43%, Advisor Class fund APDMX posted a return of -2.42%, and Institutional Class fund APHMX returned -2.41%, compared to a return of -0.65% for the Russell Midcap Growth Index. Sector allocation dragged the fund’s relative performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the third-quarter letter, Artisan Partners discussed stocks like Match Group, Inc. (NASDAQ:MTCH). Headquartered in Dallas, Texas, Match Group, Inc. (NASDAQ:MTCH) is a global dating services company. On November 11, 2022, Match Group, Inc. (NASDAQ:MTCH) stock closed at $51.44 per share. One-month return of Match Group, Inc. (NASDAQ:MTCH) was 16.06%, and its shares lost 65.34% of their value over the last 52 weeks. Match Group, Inc. (NASDAQ:MTCH) has a market capitalization of $14.367 billion.
Artisan Partners made the following comment about Match Group, Inc. (NASDAQ:MTCH) in its Q3 2022 investor letter:
"Match Group, Inc. (NASDAQ:MTCH) is the global leader in online dating services across a portfolio of 45 brands including Tinder, Match.com, OkCupid and Hinge. Despite excellent growth momentum at Hinge, the company overall has experienced macro headwinds (inflation impacting lowend consumers, foreign exchange pressures) and product execution issues at Tinder (>50% of revenue). Tinder’s product innovation roadmap has not delivered as expected in 2022, falling short on efforts to drive higher user adoption of premium features. Fortunately, a new CEO took over in May, and his focus is on turning around Tinder by upgrading leadership and strengthening product development efforts. While we are disappointed in the loss of profit cycle momentum, Match remains the leading franchise in online dating and generates significant cash flow. Given its depressed valuation, we are taking time with this mid-sized position to evaluate the turnaround plan at Tinder."
Match Group, Inc. (NASDAQ:MTCH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Match Group, Inc. (NASDAQ:MTCH) at the end of the second quarter, which was 55 in the previous quarter.
We discussed Match Group, Inc. (NASDAQ:MTCH) in another article and shared the list of best feminist stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.