Aristotle Atlantic Partners, LLC, an investment management company, released its “Core Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 12.95% gross of fees (12.84% net of fees), outperforming the S&P 500 Index, which recorded a total return of 11.69%. Both security selection and allocation effects led the strategy to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Aristotle Atlantic Core Equity Strategy featured stocks like Bristol-Myers Squibb Company (NYSE:BMY) in the fourth quarter 2023 investor letter. Headquartered in Princeton, New York, Bristol-Myers Squibb Company (NYSE:BMY) manufactures, distributes and sells biopharmaceutical products. On March 1, 2024, Bristol-Myers Squibb Company (NYSE:BMY) stock closed at $50.89 per share. One-month return of Bristol-Myers Squibb Company (NYSE:BMY) was 6.07%, and its shares lost 26.14% of their value over the last 52 weeks. Bristol-Myers Squibb Company (NYSE:BMY) has a market capitalization of $102.909 billion.
Aristotle Atlantic Core Equity Strategy stated the following regarding Bristol-Myers Squibb Company (NYSE:BMY) in its fourth quarter 2023 investor letter:
“We sold our position in Bristol-Myers Squibb Company (NYSE:BMY), following the third quarter earnings report where the company reduced the medium-term guidance on the new product portfolio and lowered its 2025 target. Given the large amount of revenue associated with drugs going off-patent, the new product portfolio was key to the company’s ability to change investor perception. Certain launches are not performing as expected, and others are taking longer to scale. Additionally, Bristol-Myers reduced medium-term operating margin guidance to invest in its commercial drugs and the research and development (R&D) pipeline. We do not believe that the company exhibited the level of defensiveness in the strategy we expected given the low valuation.”
A pharmacy shelves stocked with pharmaceutical drugs awaiting distribution.
Bristol-Myers Squibb Company (NYSE:BMY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Bristol-Myers Squibb Company (NYSE:BMY) was held by 60 hedge fund portfolios, down from 65 in the previous quarter, according to our database.
We discussed Bristol-Myers Squibb Company (NYSE:BMY) in another article and shared the list of best stocks to buy before US election season 2024. 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.
