Aristotle Atlantic Partners, LLC, an investment advisor, released its “Core Equity Strategy” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. The U.S. stock market wrapped up the year positively, as the S&P 500 Index increased by 2.41% in the quarter. Aristotle Atlantic’s Core Equity strategy returned 4.11% gross of fees (4.00% net of fees) in the quarter outperforming the S&P 500 Index’s 2.41% total return. The relative outperformance was due to a mix of security selection and allocation effects. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Aristotle Atlantic Core Equity Strategy highlighted stocks like Avery Dennison Corporation (NYSE:AVY) in its Q4 2024 investor letter. Avery Dennison Corporation (NYSE:AVY) is a materials science and digital identification solutions company. The one-month return of Avery Dennison Corporation (NYSE:AVY) was -1.79%, and its shares lost 7.61% of their value over the last 52 weeks. On February 3, 2024, Avery Dennison Corporation (NYSE:AVY) stock closed at $183.34 per share with a market capitalization of $14.731 billion.
Aristotle Atlantic Core Equity Strategy stated the following regarding Avery Dennison Corporation (NYSE:AVY) in its Q4 2024 investor letter:
“Avery Dennison Corporation (NYSE:AVY) detracted from performance in the fourth quarter following the company’s third quarter earnings results, which highlighted slower-than-expected growth of the company’s Intelligent Label business unit. In addition, the threat of tariffs from the incoming Trump administration could affect global apparel sales, impacting Avery Dennison’s volumes and earnings growth.”
A professional looking suit clad figure interacting with one of the companies radio-frequency identification products. .
Avery Dennison Corporation (NYSE:AVY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Avery Dennison Corporation (NYSE:AVY) at the end of the third quarter which was 33 in the previous quarter. Avery Dennison Corporation (NYSE:AVY) experienced a 9% organic growth in 2024, which was below its initial expectations, and achieved approximately $900 million in revenue, including currency translation. While we acknowledge the potential of Avery Dennison Corporation (NYSE:AVY) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Avery Dennison Corporation (NYSE:AVY) and shared the list of best packaging stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q3 2024 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.