Aristotle Atlantic Partners, LLC, an investment advisor, released its “Focus Growth Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The market continued its rally in the second quarter and the S&P 500 Index rose 4.28%. Aristotle Atlantic’s Focus Growth strategy returned 8.71% gross of fees (8.68% net of fees) in the quarter outperforming the Russell 1000 Growth Index’s 8.33% total return. The relative outperformance was due to both allocation effects and security selection. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Aristotle Atlantic Focus Growth Strategy highlighted stocks like Visa Inc. (NYSE:V), in the second quarter 2024 investor letter. Visa Inc. (NYSE:V) is a payment technology company. The one-month return of Visa Inc. (NYSE:V) was -2.13%, and its shares gained 12.16% of their value over the last 52 weeks. On July 22, 2024, Visa Inc. (NYSE:V) stock closed at $267.71 per share with a market capitalization of $547.761 billion.
Aristotle Atlantic Focus Growth Strategy stated the following regarding Visa Inc. (NYSE:V) in its Q2 2024 investor letter:
“Visa Inc. (NYSE:V) detracted from portfolio performance in the second quarter despite a solid earnings report early in the quarter that highlighted continued growth in payment volumes and value-added services. However, shares declined late in the quarter due to a court denying a proposed settlement that would have ended interchange fee-related litigation between Visa, Mastercard and merchant plaintiffs. As a result, uncertainty surrounding the possible outcomes of the litigation has created an overhang for Visa’s shares, even though interchange fees are charged by card-issuing financial institutions, not networks like Visa and Mastercard.”
A businessman at a smart POS terminal, demonstrating contactless payment methods.
Visa Inc. (NYSE:V) is in 6th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 166 hedge fund portfolios held Visa Inc. (NYSE:V) at the end of the first quarter which was 162 in the previous quarter. For the second quarter of fiscal 2024, Visa Inc. (NYSE:V) reported net revenue of $8.8 billion, an increase of 10%; GAAP EPS increased by 12%; and non-GAAP EPS increased by 20%. While we acknowledge the potential of Visa Inc. (NYSE:V) 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 Visa Inc. (NYSE:V) and shared the list of stocks that will skyrocket. Visa Inc. (NYSE:V) negatively impacted the Wedgewood Partners’ performance in the latest 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.
