Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered -5.34% gross of fees (-5.51% net of fees) underperforming the Russell 1000 Growth Index’s return of -3.13%. Security selection and allocation effects led the portfolio to underperform in the quarter. Holdings in Health Care, Industrials, and Financials detracted from the relative performance of the quarter. Information Technology and Real Estate, as well as overweight exposure to healthcare, contributed to relative returns in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Large Cap Growth Strategy highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the third quarter 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On October 23, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $314.01 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 4.38%, and its shares gained 142.07% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $ 807.998 billion.
Aristotle Large Cap Growth Strategy made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2023 investor letter:
“Meta Platforms, Inc. (NASDAQ:META), formerly known as Facebook, is a global technology company specializing in social networking and the development of augmented and virtual reality technologies. Founded in 2004 and headquartered in Menlo Park, CA, the company has expanded its reach to nearly three billion monthly active users worldwide.
We see Meta as well-positioned to capture a significant share of the rapidly growing digital advertising market and has created an interconnected ecosystem of apps that drives higher user engagements. While leveraging AI and machine learning technology, Meta should see an acceleration in the development of targeted digital advertising capabilities and enhance the user experience across its platform. We see near-term catalysts in Rising Reels and Messenger revenue monetization and an expected robust 2024 political and Olympic advertising. Year-to-date, investors have been optimistic about the company’s pivot away from a focus on metaverse investments to an emphasis on profitability and growth in what the company calls its “Year of Efficiency.””
Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 225 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of second quarter which was 220 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared recent stock recommendations from ChatGPT stock advice. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 12 Best Penny Stocks to Buy Under $1
- 20 Most Geographically Diverse Countries In The World
- Long Term Returns of ValueAct Capital’s Activist Targets
Disclosure: None. This article is originally published at Insider Monkey.
