Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered -5.34% gross of fees (-5.51% net of fees) underperforming the Russell 1000 Growth Index’s return of -3.13%. Security selection and allocation effects led the portfolio to underperform in the quarter. Holdings in Health Care, Industrials, and Financials detracted from the relative performance of the quarter. Information Technology and Real Estate, as well as overweight exposure to healthcare, contributed to relative returns in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Large Cap Growth Strategy highlighted stocks like Sage Therapeutics, Inc. (NASDAQ:SAGE) in the third quarter 2023 investor letter. Headquartered in Cambridge, Massachusetts, Sage Therapeutics, Inc. (NASDAQ:SAGE) is a biopharmaceutical company. On October 23, 2023, Sage Therapeutics, Inc. (NASDAQ:SAGE) stock closed at $18.37 per share. One-month return of Sage Therapeutics, Inc. (NASDAQ:SAGE) was -11.85%, and its shares lost 49.44% of their value over the last 52 weeks. Sage Therapeutics, Inc. (NASDAQ:SAGE) has a market capitalization of $1.1 billion.
Aristotle Large Cap Growth Strategy made the following comment about Sage Therapeutics, Inc. (NASDAQ:SAGE) in its Q3 2023 investor letter:
“We sold Sage Therapeutics, Inc. (NASDAQ:SAGE) following results of the company’s new drug application for Zuranalone that was approved in Post Partem Depression (PPD), but not major depressive disorder (MDD). The complete response letter (CRL) on MDD stated that the company would need to complete additional trials to prove the efficacy and durability in MDD, so they are evaluating next steps along with Biogen. Sage was unable to say how committed they or Biogen would be to funding additional studies at this point. Given the uncertainty surrounding the company, we decided to exit the position.”
A biopharmaceutical laboratory with scientists in lab coats working on medicines. Editorial photo for a financial news article. 8k. –ar 16:9
Sage Therapeutics, Inc. (NASDAQ:SAGE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Sage Therapeutics, Inc. (NASDAQ:SAGE) at the end of second quarter which was 27 in the previous quarter.
We discussed Sage Therapeutics, Inc. (NASDAQ:SAGE) in another article and shared the list of oversold NASDAQ stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 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.
