Aristotle Capital Boston, LLC, an investment advisor, released its “Small/Mid Cap Equity Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, Aristotle Small/Mid Cap Equity Composite delivered a return of 1.04% net of fees (1.18% gross of fees), trailing the Russell 2500 Index’s 5.22% total return. Security selection drove the fund to underperform in the quarter while, allocation effects positively contributed. Security selection was weakest within the Information Technology and Health Care sectors and strongest in Communication Services and Energy. In terms of allocation, an overweight exposure to Industrials contributed to relative returns but an overweight in Energy partially countered this. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Small/Mid Cap Equity Composite highlighted stocks like Albemarle Corporation (NYSE:ALB) in the second quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Albemarle Corporation (NYSE:ALB) develops and markets engineered specialty chemicals. On August 25, 2023, Albemarle Corporation (NYSE:ALB) stock closed at $189.74 per share. One-month return of Albemarle Corporation (NYSE:ALB) was -10.62%, and its shares lost 33.42% of their value over the last 52 weeks. Albemarle Corporation (NYSE:ALB) has a market capitalization of $22.265 billion.
Aristotle Small/Mid Cap Equity Composite made the following comment about Albemarle Corporation (NYSE:ALB) in its second quarter 2023 investor letter:
“Albemarle Corporation (NYSE:ALB), the world’s largest lithium producer was sold from the portfolio amidst the announcement from Chile’s president that he would nationalize the country’s lithium industry and in time transfer control from SQM and Albemarle to a separate state-owned company effectively changing long-term risk/reward ratio of the stock, in our view.”
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Albemarle Corporation (NYSE:ALB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Albemarle Corporation (NYSE:ALB) at the end of second quarter which was 41 in the previous quarter.
We discussed Albemarle Corporation (NYSE:ALB) in another article and shared The London Company Large Cap Strategy’s views on the company in the previous quarter. 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.
