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 ON Semiconductor Corporation (NASDAQ:ON). Headquartered in Phoenix, Arizona, ON Semiconductor Corporation (NASDAQ:ON) is an intelligent sensing and power solutions provider. On November 11, 2022, ON Semiconductor Corporation (NASDAQ:ON) stock closed at $75.05 per share. One-month return of ON Semiconductor Corporation (NASDAQ:ON) was 25.52% and its shares gained 26.77% of their value over the last 52 weeks. ON Semiconductor Corporation (NASDAQ:ON) has a market capitalization of $32.453 billion.

Artisan Partners made the following comment about ON Semiconductor Corporation (NASDAQ:ON) in its Q3 2022 investor letter:

"Among our top contributors were ON Semiconductor Corporation (NASDAQ:ON), Chipotle Mexican Grill and Atlassian. While investors are understandably concerned about short-term volatility in semiconductor sales entering an economic slowdown, ON’s shares have outperformed as the new management team’s progress in shifting the business toward more proprietary, higher margin products has become increasingly appreciated. While not immune to a macro slowdown, we believe management has raised the margin and cash flow profile of the business, which should benefit the company in good times and in bad. We are particularly optimistic about the company’s leading position in designing and manufacturing silicon carbide (SiC) chips for use in battery electric vehicles (BEV). SiC chips consume 10% less power than silicon, which enables lighter and longer range electric vehicles and efficient, fast-charging stations. Range is a key competitive advantage for BEV automakers, and we expect ON’s SiC chips to be in high demand as BEV volumes ramp. Meanwhile, shares trade at an attractive discount to our PMV estimate."

ON Semiconductor Corporation (NASDAQ:ON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held ON Semiconductor Corporation (NASDAQ:ON) at the end of the second quarter, which was 48 in the previous quarter.

We discussed ON Semiconductor Corporation (NASDAQ:ON) in another article and shared the top semiconductor stock picks of Goldman Sachs. In addition, please check out our hedge fund investor letters Q3 2022 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.