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 Star Holdings (NASDAQ:STHO) in the second quarter 2023 investor letter. Based in New York, New York, Star Holdings (NASDAQ:STHO) engages in the non-ground lease-related commercial real estate business. On August 24, 2023, Star Holdings (NASDAQ:STHO) stock closed at $13.53 per share. One-month return of Star Holdings (NASDAQ:STHO) was 12.77%, and its shares lost 8.64% of their value over the last three months. Star Holdings (NASDAQ:STHO) has a market capitalization of $180.214 million.
Aristotle Small Cap Equity Strategy made the following comment about Star Holdings (NASDAQ:STHO) in its second quarter 2023 investor letter:
“Star Holdings (NASDAQ:STHO) is a separate public company that was spun off and created as a result of the merger between our existing holdings iStar and Safehold. This newly created entity consists of iStar’s historical non-ground lease related commercial real estate businesses. We decided to liquidate our position as we believe the future value of iStar’s legacy portfolio remains within its ground lease REIT business rather than its multi-use non-ground lease property portfolio.”
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Star Holdings (NASDAQ:STHO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Star Holdings (NASDAQ:STHO) at the end of second quarter which was 14 in the previous quarter.
We discussed Star Holdings (NASDAQ:STHO) in another article and shared McIntyre Partnership’s views on the company. 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.
