Aristotle Atlantic Partners, LLC, an investment management company, released its “Core Equity Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy delivered a total return of -4.87 % gross of fees (-4.98% net of fees) trailing the S&P 500 Index’s total return of -3.27%. The underperformance relative to the index in the quarter was due to both security selection and allocation effects. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Aristotle Atlantic Core Equity Strategy highlighted stocks like Spirit AeroSystems Holdings, Inc. (NYSE:SPR) in the third quarter 2023 investor letter. Headquartered in Wichita, Kansas, Spirit AeroSystems Holdings, Inc. (NYSE:SPR) designs and manufactures aerostructures for commercial and defense aircraft. On December 11, 2023, Spirit AeroSystems Holdings, Inc. (NYSE:SPR) stock closed at $28.49 per share. One-month return of Spirit AeroSystems Holdings, Inc. (NYSE:SPR) was 13.28%, and its shares lost 1.69% of their value over the last 52 weeks. Spirit AeroSystems Holdings, Inc. (NYSE:SPR) has a market capitalization of $3.306 billion.
Aristotle Atlantic Core Equity Strategy made the following comment about Spirit AeroSystems Holdings, Inc. (NYSE:SPR) in its third quarter 2023 investor letter:
“Spirit AeroSystems Holdings, Inc. (NYSE:SPR) underperformed in the third quarter. The company reported disappointing earnings in August. Additionally, the company reported its second manufacturing quality issue on its most important aircraft program, the 737 MAX which should result in additional costs to the company and a delay in revenue recognition on the program. The company is also experiencing manufacturing issues on the Boeing 787, Airbus A220 and A350 that need to be resolved with Boeing and Airbus, respectively. After the end of the quarter, the CEO was replaced, which we view as a positive development.”
An engineer examining a detailed blueprint of an aircraft.
Spirit AeroSystems Holdings, Inc. (NYSE:SPR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Spirit AeroSystems Holdings, Inc. (NYSE:SPR) at the end of third quarter which was 30 in the previous quarter.
We discussed Spirit AeroSystems Holdings, Inc. (NYSE:SPR) in another article and shared the list of Cathie Wood stocks that are on sale. In addition, please check out our hedge fund investor letters Q3 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.
