Aristotle Atlantic Partners, an investment management firm, released its “Aristotle Atlantic Value Equity Fund” second quarter 2023 investor letter, a copy of which can be downloaded here. For the second quarter of 2023, Aristotle Capital’s Value Equity Composite posted a total return of 4.56% gross of fees (4.51% net of fees), outperforming the 4.07% return of the Russell 1000 Value Index and underperforming the 8.74% return of the S&P 500 Index. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q2 2023 investor letter, Aristotle Value Equity mentioned QUALCOMM Incorporated (NASDAQ:QCOM) and explained its insights for the company. Founded in 1985, QUALCOMM Incorporated (NASDAQ:QCOM) is a San Diego, California-based multinational corporation with a $131.0 billion market capitalization. QUALCOMM Incorporated (NASDAQ:QCOM) delivered a 5.48% return since the beginning of the year, while its 12-month returns are down by -23.21%. The stock closed at $129.27 per share on August 02, 2023.
Here is what Aristotle Value Equity has to say about QUALCOMM Incorporated (NASDAQ:QCOM) in its Q2 2023 investor letter:
“Qualcomm, a leading wireless communications technology company, was one of the largest detractors for the period. Weaker demand for handsets, elevated channel inventory and an underwhelming Chinese economic recovery resulted in a more difficult‐than‐expected short‐term outlook. Qualcomm executives are navigating the short‐term challenges by actively managing operating expenses. In recent years, despite threats of large clients developing in‐house chips (e.g., Apple and Samsung), Qualcomm has been able to retain its high market share forged by a history of high spending in R&D and what we consider to be technological superiority. Longer term, we believe Qualcomm will continue to benefit from 5G penetration, as well as from the execution of its diversification strategy, asInternet of Things and Automotive remain attractive end markets. As the world continues on the path toward a proliferation of connectivity between varying devices (e.g., smart phones, tablets, wearable technology, Wi‐Fi access points, factory automation and infotainment systems in autos), we are convinced the company is in a strong position to continue to win market share in both existing and new end markets, and to continue to return FREE cash flow to shareholders.”
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Our calculations show that QUALCOMM Incorporated (NASDAQ:QCOM) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. QUALCOMM Incorporated (NASDAQ:QCOM) was in 69 hedge fund portfolios at the end of the second quarter of 2023, compared to 82 funds in the previous quarter. QUALCOMM Incorporated (NASDAQ:QCOM) delivered an 8.80% return in the past 3 months.
We also discussed QUALCOMM Incorporated (NASDAQ:QCOM) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q2 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
