Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The third quarter saw strength in small cap stocks, particularly in July when the return on the Russell 2000 Index was 10.2%. In the quarter, its Investor Class fund ARTSX returned 9.02%, Advisor Class fund APDSX posted a return of 9.04%, and Institutional Class fund APHSX returned 9.06%, compared to a return of 8.41% for the Russell 2000 Growth Index. Outperformance of the fund in the quarter was driven by positive security selection within health care and consumer discretionary sectors. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.

Artisan Small Cap Fund highlighted stocks like Intapp, Inc. (NASDAQ:INTA) in the third quarter 2024 investor letter. Headquartered in Palo Alto, California, Intapp, Inc. (NASDAQ:INTA) offers industry-specific cloud-based software solutions. The one-month return of Intapp, Inc. (NASDAQ:INTA) was 21.23%, and its shares gained 86.37% of their value over the last 52 weeks. On December 11, 2024, Intapp, Inc. (NASDAQ:INTA) stock closed at $70.00 per share with a market capitalization of $5.417 billion.

Artisan Small Cap Fund stated the following regarding Intapp, Inc. (NASDAQ:INTA) in its Q3 2024 investor letter:

"Notable adds in the quarter included Intapp, Inc. (NASDAQ:INTA), Modine Manufacturing and MarketAxess. Intapp offers cloud-based and artificial intelligence (AI) powered software solutions for the professional and financial services industries. The company differentiates itself from competitors by providing purpose-built solutions versus customers customizing and integrating an off-the-shelf offering. We believe that vertical expertise gives it a unique view of customer workflows and pain points that can fuel future expansion opportunities. The company reported thesis-affirming results, and we added to the position."

A network of interconnected data points representing cloud-based software solutions.

Intapp, Inc. (NASDAQ:INTA) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Intapp, Inc. (NASDAQ:INTA) at the end of the third quarter which was 17 in the previous quarter. Intapp, Inc. (NASDAQ:INTA) generated total revenue of $119 million in the third quarter, up 17% year-over-year. While we acknowledge the potential of Intapp, Inc. (NASDAQ:INTA) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.