Aristotle Capital Management, LLC, an investment management company, released its “Value Equity Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned ‐2.99% gross of fees (‐3.05% net of fees), outperforming the Russell 1000 Value Index’s ‐3.16% return and the S&P 500 Index’s ‐3.27% return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Capital Value Equity Strategy highlighted stocks like Phillips 66 (NYSE:PSX) in the third quarter 2023 investor letter. Headquartered in Houston, Texas, Phillips 66 (NYSE:PSX) is an energy manufacturing and logistics company. On October 11, 2023, Phillips 66 (NYSE:PSX) stock closed at $112.13 per share. One-month return of Phillips 66 (NYSE:PSX) was -8.82%, and its shares gained 15.72% of their value over the last 52 weeks. Phillips 66 (NYSE:PSX) has a market capitalization of $49.93 billion.
Aristotle Capital Value Equity Strategy made the following comment about Phillips 66 (NYSE:PSX) in its Q3 2023 investor letter:
“Phillips 66 (NYSE:PSX), a diversified refiner, chemicals and midstream energy company, was a leading contributor for the quarter. While still perceived by many as just a refiner, we continue to be impressed by the company’s ongoing transformation to a more diversified energy business. Consistent with this strategy, Phillips 66 completed the acquisition of DCP Midstream, which expands its NGL (natural gas liquids) business that now spans the entire natural gas value chain, from wellhead to end user. In addition, the company remains on track in converting its San Francisco refinery into one of the world’s largest renewable fuels facilities, with commercial operations set to begin in early 2024. The firm has also made progress on various projects designed to enhance efficiency, increase utilization and bolster capture rates, which can deliver $800 million in cost savings by the end of 2023. With these improvements, as well as further optimization of its midstream and chemicals businesses, we believe Phillips 66 is well positioned to increase its FREE cash flow generation as it continues to become “much more than a refiner.””
A fleet of tanker trucks transporting oil and natural gas, amidst the backdrop of open fields. Editorial photo for a financial news article. 8k. –ar 16:9
Phillips 66 (NYSE:PSX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Phillips 66 (NYSE:PSX) at the end of the second quarter, which was 37 in the previous quarter.
We discussed Phillips 66 (NYSE:PSX) in another article and shared the list of most innovative companies in the world in 2023. In addition, please check out our hedge fund investor letters Q3 2023 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.
