Aristotle Atlantic Partners, LLC, an investment management company, released its “Core Equity Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy delivered a total return of -4.87 % gross of fees (-4.98% net of fees) trailing the S&P 500 Index’s total return of -3.27%. The underperformance relative to the index in the quarter was due to both security selection and allocation effects. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Aristotle Atlantic Core Equity Strategy highlighted stocks like Halliburton Company (NYSE:HAL) in the Q3 2023 investor letter. Headquartered in Houston, Texas, Halliburton Company (NYSE:HAL) offers services and products to the energy industry. On December 11, 2023, Halliburton Company (NYSE:HAL) stock closed at $34.77 per share. One-month return of Halliburton Company (NYSE:HAL) was -11.26%, and its shares lost 6.03% of their value over the last 52 weeks. Halliburton Company (NYSE:HAL) has a market capitalization of $31.121 billion.
Aristotle Atlantic Core Equity Strategy made the following comment about Halliburton Company (NYSE:HAL) in its Q3 2023 investor letter:
“Halliburton Company (NYSE:HAL) contributed to outperformance in the quarter. The company continues to benefit from higher commodity prices, with both oil and natural gas prices increasing due to supply concerns, as well as improving supply-demand fundamentals in 2024. Investors are focusing on the upside growth benefits to the company in 2024, as North American oil and gas producers begin to increase rig counts, and international oil companies (IOCs) and national oil companies (NOCs) continue to increase their spending on mega projects. Halliburton should see a reacceleration in topline growth and improved margins as the result of the company’s focus over the last few years on higher-margin tools and technology offerings.”
A vast oil and gas rig silhouetted in the sunset, capturing the power of Swift Energy Company.
Halliburton Company (NYSE:HAL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Halliburton Company (NYSE:HAL) at the end of third quarter which was 39 in the previous quarter.
We discussed Halliburton Company (NYSE:HAL) in another article and shared the list of most undervalued oil stocks to buy according to hedge funds. 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.
