Here’s How Tesla (TSLA) Contributed to Aristotle Atlantic Large Cap Growth Strategy’s Performance

Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered 13.61% gross of fees (13.43% net of fees) underperforming the Russell 1000 Growth Index’s return of 14.16%. Both Security selection and allocation effects led the portfolio to underperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Aristotle Atlantic Large Cap Growth Strategy featured stocks like Tesla, Inc. (NASDAQ:TSLA) in its Q4 2023 investor letter. Headquartered in Austin, Texas, Tesla, Inc. (NASDAQ:TSLA) designs, develops, manufactures, and sells fully electric vehicles and energy generation and storage systems. On February 28, 2024, Tesla, Inc. (NASDAQ:TSLA) stock closed at $202.04 per share. One-month return of Tesla, Inc. (NASDAQ:TSLA) was 6.98%, and its shares gained 5.84% of their value over the last 52 weeks. Tesla, Inc. (NASDAQ:TSLA) has a market capitalization of $643.455 billion.

Aristotle Atlantic Large Cap Growth Strategy stated the following regarding Tesla, Inc. (NASDAQ:TSLA) in its fourth quarter 2023 investor letter:

“Tesla, Inc. (NASDAQ:TSLA) contributed to portfolio performance in the fourth quarter due to our underweight position relative to the growth index. Tesla reported disappointing third quarter earnings in mid-October in part, due to downtime at some factories that were being upgraded. The CEO expressed concern that higher interest rates were impacting demand for automobiles and would not comment on growth expectations for 2024. However, the expected scale production of the Cybertruck is 12 to 18 months in the future which we believe will negatively impact short-term growth.”

Tesla, Inc. (NASDAQ:TSLA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Tesla, Inc. (NASDAQ:TSLA) was held by 82 hedge fund portfolios, up from 81 in the previous quarter, according to our database.

We discussed Tesla, Inc. (NASDAQ:TSLA) in another article and shared the list of best stocks to buy according to billionaire D.E. Shaw. 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.