Aristotle Atlantic Partners, LLC, an investment advisor, released its “Core Equity Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the U.S. equity market reached a record high. Aristotle Atlantic’s Core Equity strategy returned 5.61% gross of fees (5.51% net of fees) in the quarter outperforming the S&P 500 Index’s 4.28% total return. The relative outperformance was due to security selection. Security selection in Information Technology and Health Care contributed the most to relative performance while Consumer Staples and Consumer Discretionary detracted. 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 Boston Scientific Corporation (NYSE:BSX), in the Q2 2024 investor letter. Boston Scientific Corporation (NYSE:BSX) manufacturers medical devices for use in various interventional medical specialties. The one-month return of Boston Scientific Corporation (NYSE:BSX) was 1.93%, and its shares gained 49.98% of their value over the last 52 weeks. On July 23, 2024, Boston Scientific Corporation (NYSE:BSX) stock closed at $78.59 per share with a market capitalization of $115.541 billion.
Aristotle Atlantic Core Equity Strategy stated the following regarding Boston Scientific Corporation (NYSE:BSX) in its Q2 2024 investor letter:
“Boston Scientific Corporation (NYSE:BSX) is a global developer, manufacturer and marketer of medical devices that are used in a broad range of interventional medical specialties. The company develops cardiovascular and cardiac rhythm management products, including imaging catheters, imaging systems and guidewires. It also makes devices used for electrophysiology, endoscopy, pain management (neuromodulation), urology and pelvic health, including laser systems, hydrogel systems and brain stimulation systems. Boston Scientific markets its products in about 130 countries; the U.S. generates about 60% of revenue.
We believe Boston Scientific, as a leader in medical devices, is benefiting from the strong utilization trends coming out of COVID, positive demographic trends with aging patients, and new product innovation to gain market share. The company has executed well against the long-range plan issued last fall, which calls for organic sales growth in the range of 8%-10%, 150 basis points of operating margin expansion and category leadership over the period 2024 through 2026. Additionally, we see a consistent track record of accelerating organic sales growth and a track record of accretive M&A.”
A surgeon examining a patient’s brain in an operating room, paramedics nearby.
Boston Scientific Corporation (NYSE:BSX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held Boston Scientific Corporation (NYSE:BSX) at the end of the first quarter which was 71 in the previous quarter. Consolidated revenue of Boston Scientific Corporation (NYSE:BSX) in the first quarter of 2024 was $3.856 billion, a 13.8% increase from Q1 2023. While we acknowledge the potential of Boston Scientific Corporation (NYSE:BSX) 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 Boston Scientific Corporation (NYSE:BSX) and shared Artisan Global Discovery Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
