Aristotle Capital Management, LLC, an investment management company, released its “Global Equity Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 12.67% net of fees, compared to a 9.77% return for the MSCI World Index (net) and a 9.76% return for the MSCI ACWI Index (net). In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Aristotle Global Equity Strategy highlighted stocks like Cameco Corporation (NYSE:CCJ) in the Q4 2022 investor letter. Headquartered in Saskatoon, Canada, Cameco Corporation (NYSE:CCJ) is a uranium producer that operates through Uranium and Fuel Services segments. On March 28, 2023, Cameco Corporation (NYSE:CCJ) stock closed at $25.31 per share. One-month return of Cameco Corporation (NYSE:CCJ) was -9.32%, and its shares lost 9.83% of their value over the last 52 weeks. Cameco Corporation (NYSE:CCJ) has a market capitalization of $10.952 billion.
Aristotle Global Equity Strategy made the following comment about Cameco Corporation (NYSE:CCJ) in its Q4 2022 investor letter:
“Cameco Corporation (NYSE:CCJ), the world’s largest publicly traded uranium producer, was the largest detractor for the quarter. The company announced a strategic partnership with Brookfield Renewable to acquire Westinghouse Electric Company, one of the world’s largest nuclear services businesses, for a total enterprise value of $7.87 billion. Cameco’s 49% interest in Westinghouse will be funded with cash, equity issuance and debt. While the announcement and resulting equity issuance came as a surprise, our initial impression is positive. Industry consolidation and management’s prior prudence (i.e., net cash balance sheet and shutting production in tough times), we believe, uniquely positioned Cameco to pursue this strategic transaction. We recognize the deal increases Cameco’s financial leverage; however, we believe Westinghouse’s market-leading downstream capabilities will align well with Cameco’s production and fuel services to offer a highly competitive nuclear fuel solution. In addition to the acquisition, the company announced the production of the first packaged pounds of uranium since restarting McArthur River mine and Key Lake mill. Moreover, Cameco signed a uranium supply agreement with China Nuclear International Corporation, a subsidiary of one of the country’s largest nuclear power operators, China National Nuclear Corporation. We believe these events highlight Cameco’s continued market leadership and opportunistic mindset in a fast-changing energy landscape.”
Image by Markus Distelrath from Pixabay
Cameco Corporation (NYSE:CCJ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Cameco Corporation (NYSE:CCJ) at the end of the fourth quarter which was 46 in the previous quarter.
We discussed Cameco Corporation (NYSE:CCJ) in another article and shared the list of top performing energy stocks in January 2023. In addition, please check out our hedge fund investor letters Q4 2022 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.
