Aristotle Capital Boston, LLC, an investment advisor, released its “Small/Mid Cap Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund delivered a return of 9.52% net of fees (9.67% gross of fees) trailing the Russell 2500 Index’s 13.35% total return. Both security selection and allocation effects drove the underperformance of the strategy in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Small/Mid Cap Equity Strategy featured stocks such as LKQ Corporation (NASDAQ:LKQ) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, LKQ Corporation (NASDAQ:LKQ) is a distributor of replacement parts, components, and systems used in the repair and maintenance of vehicles. On January 16, 2024, LKQ Corporation (NASDAQ:LKQ) stock closed at $47.42 per share. One-month return of LKQ Corporation (NASDAQ:LKQ) was 0.66%, and its shares lost 18.97% of their value over the last 52 weeks. LKQ Corporation (NASDAQ:LKQ) has a market capitalization of $12.689 billion.
Aristotle Small/Mid Cap Equity Strategy stated the following regarding LKQ Corporation (NASDAQ:LKQ) in its fourth quarter 2023 investor letter:
“LKQ Corporation (NASDAQ:LKQ), a North American market leader in alternative collision repair parts with expertise stemming across used, recycled, refurbished, and remanufactured collision repair parts as well as the market for (new) aftermarket collision repair, was added to the portfolio. Overall, we believe the company maintains favorable scale advantages that allow for volume purchase discounts from suppliers and a wider distribution network, higher fill rates, and faster response times relative to competition. Furthermore, the company has made investments in improving its technology and logistics network beyond that of its smaller competitors, which we believe will further cement its market position through technological sophistication.”
A worker in a factory using a robotic arm to assemble automotive body panels.
LKQ Corporation (NASDAQ:LKQ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held LKQ Corporation (NASDAQ:LKQ) at the end of third quarter which was 32 in the previous quarter.
We discussed LKQ Corporation (NASDAQ:LKQ) in another article and shared the list of most undervalued auto stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q4 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.
