Acquisition Announcement Dragged Chart Industries (GTLS) in Q4

Aristotle Atlantic Partners, LLC, an investment advisor, released its “Core Equity Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund posted a return of 6.92% net of fees compared to a 7.56% 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 Health Care, Consumer Staples, and Industrials detracted from relative performance while holdings in Consumer Discretionary, Financials, and Information Technology 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 2022.

Aristotle Core Equity Strategy highlighted stocks like Chart Industries, Inc. (NYSE:GTLS) in its Q4 2022 investor letter. Headquartered in Ball Ground, Georgia, Chart Industries, Inc. (NYSE:GTLS) manufactures engineered equipment for the energy and industrial gas industries. On March 28, 2023, Chart Industries, Inc. (NYSE:GTLS) stock closed at $116.79 per share. One-month return of Chart Industries, Inc. (NYSE:GTLS) was -13.69%, and its shares lost 32.65% of their value over the last 52 weeks. Chart Industries, Inc. (NYSE:GTLS) has a market capitalization of $4.989 billion.

Aristotle Core Equity Strategy made the following comment about Chart Industries, Inc. (NYSE:GTLS) in its Q4 2022 investor letter:

“Chart Industries, Inc. (NYSE:GTLS) detracted from performance in the fourth quarter following the announcement of the acquisition of Howden Group in early November. The acquisition diluted the clean energy exposure at Chart and will increase balance sheet leverage. In December, Chart successfully raised debt that is required to close the acquisition at interest rates that were in line with management’s expectations at the time of the announcement of the deal. The decline in natural gas prices in the fourth quarter was also likely a contributor to weakness in the shares.”

Chart Industries, Inc. (NYSE:GTLS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Chart Industries, Inc. (NYSE:GTLS) at the end of the fourth quarter, which was 22 in the previous quarter.

We discussed Chart Industries, Inc. (NYSE:GTLS) in another article and shared the list of stocks hedge funds are buying. In addition, please check out our hedge fund investor letters Q4 2022 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.