Aristotle Atlantic Partners, an investment management firm, released its “Aristotle Atlantic Growth Fund” second quarter 2023 investor letter, a copy of which can be downloaded here. For the second quarter of 2023, Aristotle Atlantic’s Focus Growth Composite posted a total return of 11.65% gross of fees (11.63% net of fees), underperforming the 12.81% total return of the Russell 1000 Growth Index. 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 Dollar General Corporation (NYSE:DG) and explained its insights for the company. Founded in 1939, Dollar General Corporation (NYSE:DG) is a Goodlettsville, Tennessee-based variety store company with a $36.8 billion market capitalization. Dollar General Corporation (NYSE:DG) delivered a -31.83% return since the beginning of the year, while its 12-month returns are down by -33.19%. The stock closed at $167.88 per share on August 02, 2023.
Here is what Aristotle Atlantic Partners has to say about Dollar General Corporation (NYSE:DG) in its Q2 2023 investor letter:
“We sold our position in Dollar General, following a weaker-than-expected quarterly earnings report and a lowered earnings outlook. The company’s core consumer, while still employed, continues to be impacted by higher inflation. Additionally, we saw the negative impacts of lower-than-expected tax refunds and reductions in the Federal Supplemental Nutrition Assistance Program (SNAP). Dollar General remained committed to spending on customer experience and investing in price to help their customers through the tougher economic environment, as a result, reducing the earnings guidance by a greater amount than the sales reductions.”
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Our calculations show that Dollar General Corporation (NYSE:DG) was not able to land a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Dollar General Corporation (NYSE:DG) was in 53 hedge fund portfolios at the end of the first quarter of 2023, compared to 59 funds in the previous quarter. Dollar General Corporation (NYSE:DG) delivered a -22.48% return in the past 3 months.
We also discussed Dollar General Corporation (NYSE:DG) 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.
