Here’s Why Aristotle Small Cap Equity Added Cerence (CRNC)

Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the composite delivered 1.16% net of fees (1.33% gross of fees) trailing the 5.21% total return of the Russell 2000 Index. The security selection hurt the portfolio while allocation effects positively contributed. Security selection in Communication Services and Materials along with an overweight to Industrials contributed to the relative performance while the Health Care, Information Technology, and Consumer Discretionary sectors detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Aristotle Small Cap Equity Strategy highlighted stocks like Cerence Inc. (NASDAQ:CRNC) in the second quarter 2023 investor letter. Headquartered in Burlington, Massachusetts, Cerence Inc. (NASDAQ:CRNC) offers AI-powered virtual assistants for mobility/transportation. On August 24, 2023, Cerence Inc. (NASDAQ:CRNC) stock closed at $25.30 per share. One-month return of Cerence Inc. (NASDAQ:CRNC) was -3.62 %, and its shares gained 23.78% of their value over the last 52 weeks. Cerence Inc. (NASDAQ:CRNC) has a market capitalization of $ 1.02 billion.

Aristotle Small Cap Equity Strategy made the following comment about Cerence Inc. (NASDAQ:CRNC) in its second quarter 2023 investor letter:

“Cerence Inc. (NASDAQ:CRNC), a provider of artificial intelligence (AI)-powered voice recognition software and services to automotive original equipment manufacturers (OEMs), was added to the portfolio. The company’s products provide voice, motion, control, safety and a user experience interface for drivers and passengers. As a market share leader in voice AI, we believe the company remains uniquely positioned to drive increased content per vehicle over the next several years as the OEMs continue to incorporate new technologies into their vehicles.”

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Cerence Inc. (NASDAQ:CRNC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Cerence Inc. (NASDAQ:CRNC) at the end of second quarter which was 14 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.