Here’s Why Artisan Small Cap Fund Ended Investment Campaigns in Monolithic Power Systems (MPWR)

Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Equity markets surged at the beginning of 2024 in anticipation of the US economy entering a "goldilocks" scenario - a soft landing combined with decreasing inflation, potentially leading to a cut in interest rates by the Fed. In the first quarter, its Investor Class fund ARTSX returned 9.43%, Advisor Class fund APDSX posted a return of 9.42%, and Institutional Class fund APHSX returned 9.48%, compared to a return of 7.58% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Artisan Small Cap Fund highlighted stocks like Monolithic Power Systems, Inc. (NASDAQ:MPWR), in the first quarter 2024 investor letter. Monolithic Power Systems, Inc. (NASDAQ:MPWR) is a semiconductor-based power electronics solutions provider. The one-month return of Monolithic Power Systems, Inc. (NASDAQ:MPWR) was 11.75%, and its shares appreciated 45.82% of their value over the last 52 weeks. On May 28, 2024, Monolithic Power Systems, Inc. (NASDAQ:MPWR) stock closed at $759.58 per share with a market capitalization of $36.97 billion.

Artisan Small Cap Fund stated the following regarding Monolithic Power Systems, Inc. (NASDAQ:MPWR) in its first quarter 2024 investor letter:

"We ended our investment campaigns in Monolithic Power Systems, Inc. (NASDAQ:MPWR) during the quarter. Monolithic Power Systems designs analog power-management chips for a wide variety of industrial and consumer devices. Customers are converting their analog, digital and power semiconductor chips into the company’s single-chip design, which is energy efficient and priced lower than peers. We first purchased Monolithic Power in early 2018, when it was a $4.8 billion company. After a successful multiyear campaign, the company’s market cap exceeds $30 billion, outgrowing our small-cap mandate."

An engineer examining a DC to DC integrated circuit board, looking for any flaws.

Monolithic Power Systems, Inc. (NASDAQ:MPWR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Monolithic Power Systems, Inc. (NASDAQ:MPWR) at the end of the first quarter which was 35 in the previous quarter. Monolithic Power Systems, Inc. (NASDAQ:MPWR) reported strong financial results in the first quarter of 2024, with revenue rising both year over year from Q1 '23 and from Q4 2023.

In another article, we discussed Monolithic Power Systems, Inc. (NASDAQ:MPWR) and shared the list of high growth semiconductor stocks that are profitable in 2024. Monolithic Power Systems, Inc. (NASDAQ:MPWR) was the top contributor of Artisan Small Cap Fund in the previous quarter. 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.