Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The U.S. equity market continued its rise to new record highs, with the S&P 500 Index increasing by 5.89% during this period. In the third quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered 1.26% gross of fees (1.11% net of fees) underperforming the Russell 1000 Growth Index’s return of 3.19%. Security selection led the portfolio to underperform in the quarter. Security selection in Information Technology and Health Care detracted the most from the relative performance while security selection in Consumer Discretionary and Real Estate detracted the least. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Aristotle Large Cap Growth Strategy highlighted stocks like Expedia Group, Inc. (NASDAQ:EXPE), in the third quarter 2024 investor letter. Expedia Group, Inc. (NASDAQ:EXPE) is an online travel company with a market capitalization of $22.371 billion. The one-month return of Expedia Group, Inc. (NASDAQ:EXPE) was 13.91%, and its shares gained 51.18% of their value over the last 52 weeks. On November 6, 2024, Expedia Group, Inc. (NASDAQ:EXPE) stock closed at $171.85 per share.
Aristotle Large Cap Growth Strategy stated the following regarding Expedia Group, Inc. (NASDAQ:EXPE) in its Q3 2024 investor letter:
“Expedia Group, Inc. (NASDAQ:EXPE) contributed to performance in the third quarter. The company reported better-than-expected second quarter earnings in August. The outlook for the year was reduced; however, the stock was trading at under 10x earnings at the time of the outlook reduction. The vacation home rental business Vrbo returned to growth. The significant return of capital continues with the share count having been reduced over the past year.”
A busy airport terminal with a family eagerly waiting for their business trip.
Expedia Group, Inc. (NASDAQ:EXPE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Expedia Group, Inc. (NASDAQ:EXPE) at the end of the second quarter which was 62 in the previous quarter. The second quarter revenue of Expedia Group, Inc. (NASDAQ:EXPE) grew 6% year-over-year to 3.6 billion. While we acknowledge the potential of Expedia Group, Inc. (NASDAQ:EXPE) 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 Expedia Group, Inc. (NASDAQ:EXPE) and shared Patient Capital Management’s views on the company. 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.