Published on 9 Mar 2024 on Insider Monkey via Yahoo Finance
Disappointing Earnings Results Dragged ON Semiconductor Corporation (ON)
Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The final quarter of 2023 saw a continuous fluctuation between recessionary fears and soft-landing optimism. In the fourth quarter, the fund’s Investor Class fund ARTMX returned 8.86%, Advisor Class fund APDMX posted a return of 8.93%, and Institutional Class fund APHMX returned 8.96%, compared to a 14.55% return for the Russell Midcap Growth Index. The portfolio generated a positive absolute return in Q4 but underperformed the Russell Midcap Growth Index due to poor security selection, particularly in health care and information technology. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund featured stocks like ON Semiconductor Corporation (NASDAQ:ON) in the fourth quarter 2023 investor letter. Headquartered in Scottsdale, Arizona, ON Semiconductor Corporation (NASDAQ:ON) provides intelligent sensing and power solutions. On March 6, 2024, ON Semiconductor Corporation (NASDAQ:ON) stock closed at $77.62 per share. One-month return of ON Semiconductor Corporation (NASDAQ:ON) was -3.83%, and its shares lost 4.66% of their value over the last 52 weeks. ON Semiconductor Corporation (NASDAQ:ON) has a market capitalization of $33.169 billion.
Artisan Mid Cap Fund stated the following regarding ON Semiconductor Corporation (NASDAQ:ON) in its fourth quarter 2023 investor letter: