Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the composite delivered 1.16% net of fees (1.33% gross of fees) trailing the 5.21% total return of the Russell 2000 Index. The security selection hurt the portfolio while allocation effects positively contributed. Security selection in Communication Services and Materials along with an overweight to Industrials contributed to the relative performance while the Health Care, Information Technology, and Consumer Discretionary sectors detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Small Cap Equity Strategy highlighted stocks like ModivCare Inc. (NASDAQ:MODV) in the second quarter 2023 investor letter. Headquartered in Denver, Colorado, ModivCare Inc. (NASDAQ:MODV) is a technology-enabled healthcare services company. On August 24, 2023, ModivCare Inc. (NASDAQ:MODV) stock closed at $36.27 per share. One-month return of ModivCare Inc. (NASDAQ:MODV) was -16.87%, and its shares lost 69.90% of their value over the last 52 weeks. ModivCare Inc. (NASDAQ:MODV) has a market capitalization of $514.356 million.
Aristotle Small Cap Equity Strategy made the following comment about ModivCare Inc. (NASDAQ:MODV) in its second quarter 2023 investor letter:
“ModivCare Inc. (NASDAQ:MODV), a Colorado-based health care services company that provides non-emergency medical transportation (NEMT), homecare services, and remote monitoring to Medicaid and Medicare populations declined during the period. We believe the catalyst for the pullback appears to be a function of concerns around potential reimbursement rate cuts. Nevertheless, we continue to maintain a position, as we believe that any potential cuts are overly discounted in the share price, and that the fundamental outlook for the business remains attractive.”
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ModivCare Inc. (NASDAQ:MODV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held ModivCare Inc. (NASDAQ:MODV) at the end of second quarter which was 14 in the previous quarter.
We discussed ModivCare Inc. (NASDAQ:MODV) in another article and shared the list of top small-cap stocks with the highest upside potential. In addition, please check out our hedge fund investor letters Q2 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.
