Aristotle Atlantic Partners, LLC, an investment advisor, released its “Core Equity Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund posted a return of 5.35% net of fees compared to a 7.50% return for the S&P 500 Index. The fund’s underperformance in the quarter was primarily because of the security selection and allocation effects. Holdings in Consumer Discretionary, Industrials, and Energy detracted from relative performance. On the other hand, holdings in Information Technology and Health Care, as well as an underweight exposure in Energy, contributed towards the relative performance 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 Atlantic Core Equity Strategy highlighted stocks like The Cigna Group (NYSE:CI) in the first quarter 2023 investor letter. Headquartered in Bloomfield, Connecticut, The Cigna Group (NYSE:CI) provides health services. On June 20, 2023, The Cigna Group (NYSE:CI) stock closed at $270.05 per share. One-month return of The Cigna Group (NYSE:CI) was 5.69%, and its shares gained 10.44% of their value over the last 52 weeks. The Cigna Group (NYSE:CI) has a market capitalization of $79.9 billion.
Aristotle Atlantic Core Equity Strategy made the following comment about The Cigna Group (NYSE:CI) in its first quarter 2023 investor letter:
“The Cigna Group (NYSE:CI) shares traded lower in the first quarter, partly on a rotation out of safe-haven health care names in the managed care sector after strong performance in 2022 and partly due to increased scrutiny on the pharmaceutical benefits manager’s (PBMs) business model. These concerns have been raised in the past and Cigna attempts to be transparent with rebates and other facets of the model. We believe shares remain attractively valued.”
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The Cigna Group (NYSE:CI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 79 hedge fund portfolios held The Cigna Group (NYSE:CI) at the end of first quarter 2023 which was 76 in the previous quarter.
We discussed The Cigna Group (NYSE:CI) in another article and shared the list of best GARP stocks that pay dividends. In addition, please check out our hedge fund investor letters Q1 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.
