Aristotle Capital Management, LLC, an investment management company, released its “Value Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The U.S. equity market rebounded in 2023 following a turbulent year in 2022, with the S&P 500 Index posting a 26.29% annual return. In the fourth quarter, the fund posted a return of 14.43% gross of fees (14.36% net of fees) compared to a 9.50% return for the Russell 1000 Value Index and an 11.69% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Value Equity Strategy featured stocks such as Cincinnati Financial Corporation (NASDAQ:CINF) in the fourth quarter 2023 investor letter. Headquartered in Fairfield, Ohio, Cincinnati Financial Corporation (NASDAQ:CINF) provides property casualty insurance products. On January 11, 2024, Cincinnati Financial Corporation (NASDAQ:CINF) stock closed at $108.27 per share. The one-month return of Cincinnati Financial Corporation (NASDAQ:CINF) was 3.17%, and its shares gained 0.32% of their value over the last 52 weeks. Cincinnati Financial Corporation (NASDAQ:CINF) has a market capitalization of $16.988 billion.
Aristotle Value Equity Strategy stated the following regarding Cincinnati Financial Corporation (NASDAQ:CINF) in its fourth quarter 2023 investor letter:
“During the quarter, we sold our position in Cincinnati Financial Corporation (NASDAQ:CINF) and invested in two new positions: Teledyne Technologies and U.S. Bancorp.
We first invested in property and casualty insurer Cincinnati Financial during the fourth quarter of 2020. We continue to admire the company’s prudent underwriting, strong relationships with agencies and financial strength, as evidenced by 60+ consecutive years of dividend increases. Catalysts that have been realized during our holding period include market share gains for agencies and areas that were entered in prior years. We continue to admire this business but decided to sell in favor of what we think is a more optimal opportunity.”
An insurance agent at their desk consulting a customer about property & casualty insurance.
Cincinnati Financial Corporation (NASDAQ:CINF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Cincinnati Financial Corporation (NASDAQ:CINF) at the end of third quarter which was 26 in the previous quarter.
We discussed Cincinnati Financial Corporation (NASDAQ:CINF) in another article and shared the list of high growth dividend stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.
