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 Dollar General Corporation (NYSE:DG) in the third quarter 2023 investor letter. Headquartered in Goodlettsville, Tennessee, Dollar General Corporation (NYSE:DG) is a discount retailer. On December 11, 2023, Dollar General Corporation (NYSE:DG) stock closed at $125.81 per share. One-month return of Dollar General Corporation (NYSE:DG) was 3.69%, and its shares lost 48.32% of their value over the last 52 weeks. Dollar General Corporation (NYSE:DG) has a market capitalization of $27.615 billion.
Aristotle Atlantic Core Equity Strategy made the following comment about Dollar General Corporation (NYSE:DG) in its Q3 2023 investor letter:
“We sold Dollar General Corporation (NYSE:DG) following the company’s earnings report where same-store sales fell 0.1%, which was below expectations. The company cited the deteriorating macro environment affecting an already challenged consumer, including an unanticipated impact from reductions in federal food stamp programs (SNAP) and lower tax refunds. The company lowered its full-year guidance, as the company continues to invest in price, wages and supply chain initiatives. The shifting mix towards lower-margin consumables versus higher-margin discretionary items in store continues to hamper margins. Comparable sales are expected to be negative in the third quarter and improving in the fourth quarter on easing comparisons. Given Dollar General’s commitment to investing in growth initiatives, margin recovery could be delayed versus management’s plans.”
A busy shopping aisle filled with discounted items in a retail store.
Dollar General Corporation (NYSE:DG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Dollar General Corporation (NYSE:DG) at the end of third quarter which was 57 in the previous quarter.
We discussed Dollar General Corporation (NYSE:DG) in another article and shared the list of best value stocks picked by Seth Klarman to buy heading into 2024. 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.
