Aristotle Atlantic Partners, an investment management firm, released its second quarter 2023 investor letter, a copy of which can be downloaded here. For the second quarter of 2023, Aristotle Atlantic’s Core Equity Composite posted a total return of 9.29 % gross of fees (9.18% net of fees), outperforming the S&P 500 Index, which recorded a total return of 8.74%. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q2 2023 investor letter, Aristotle Atlantic Partners mentioned Catalent Inc. (NYSE:CTLT) and explained its insights for the company. Founded in 2007, Catalent Inc. (NYSE:CTLT) is a Somerset, Franklin Township, New Jersey-based pharma company with an $8.6 billion market capitalization. Catalent Inc. (NYSE:CTLT) delivered a 7.04% return since the beginning of the year, while its 12-month returns are down by -57.40%. The stock closed at $48.18 per share on July 28, 2023.
Here is what Aristotle Atlantic Partners has to say about Catalent Inc. (NYSE:CTLT) in its Q2 2023 investor letter:
“We sold our position in Catalent, following an unexpected pre-announcement of productivity issues and high costs at three of their largest production facilities. This announcement came less than a month after Catalent provided a positive update at a broker conference. In addition, the CFO was replaced concurrent with this warning. Our concerns were with the ongoing execution, as during the previous quarter the company attempted to assure investors that quality was their number one priority. These additional issues raised competitive concerns, as other scale contract drug manufacturing companies were executing better. While rumors were in the marketplace that Catalent could be an acquisition target, we believe these most recent issues would lead a potential suitor to be more cautious, and we do not believe the fundamentals of the story warrant continued investment in the company.”
Photo by christina victoria on Unsplash
Our calculations show that Catalent Inc. (NYSE:CTLT) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Catalent Inc. (NYSE:CTLT) was in 42 hedge fund portfolios at the end of the second quarter of 2023, compared to 31 funds in the previous quarter. Catalent Inc. (NYSE:CTLT) delivered a -3.87% return in the past 3 months.
We also discussed Catalent Inc. (NYSE:CTLT) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q2 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
