Aristotle Atlantic Partners, LLC, an investment advisor, released its “Focus Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The market continued its rally in the first quarter and the S&P 500 Index rose 10.56% during the period. Aristotle Atlantic’s Focus Growth strategy returned 10.42% gross of fees (10.40% net of fees), in the first quarter underperforming the Russell 1000 Growth Index’s 11.41% total return. The relative underperformance was due to both allocation effects and security selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Aristotle Atlantic Focus Growth Strategy highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA), in the first quarter 2024 investor letter. NVIDIA Corporation (NASDAQ:NVDA) offers graphics and compute and networking solutions with a market capitalization of $2.553 billion. The one-month return of NVIDIA Corporation (NASDAQ:NVDA) was 25.62%, and its shares gained 173.30% of their value over the last 52 weeks. On May 23, 2024, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $1,037.99 per share.
Aristotle Atlantic Focus Growth Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its first quarter 2024 investor letter:
“NVIDIA Corporation (NASDAQ:NVDA) contributed to portfolio performance in the first quarter, as the company continues to see accelerating demand for its GPU semiconductors from hyperscalers and enterprises. Nvidia’s GPU semiconductors continue to be the industry-leading building blocks of the accelerated computing data-center architecture to drive AI compute and applications.”
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NVIDIA Corporation (NASDAQ:NVDA) reported another record quarter in Q1. The company generated $26 billion in revenues, 262% year-on-year increase. NVIDIA Corporation (NASDAQ:NVDA) is in 5th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 186 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of the first quarter which was 173 in the previous quarter.
In another article, we discussed NVIDIA Corporation (NASDAQ:NVDA) and shared the best AI stock picks of billionaire Steve Cohen. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
