Aristotle Atlantic Partners, LLC, an investment advisor, released its “Focus Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The market continued its rally in the first quarter and the S&P 500 Index rose 10.56% during the period. Aristotle Atlantic’s Focus Growth strategy returned 10.42% gross of fees (10.40% net of fees), in the first quarter underperforming the Russell 1000 Growth Index’s 11.41% total return. The relative underperformance was due to both allocation effects and security selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Aristotle Atlantic Focus Growth Strategy highlighted stocks like Adaptive Biotechnologies Corporation (NASDAQ:ADPT), in the first quarter 2024 investor letter. Adaptive Biotechnologies Corporation (NASDAQ:ADPT) is a commercial-stage company with a market capitalization of $501.788 million. The one-month return of Adaptive Biotechnologies Corporation (NASDAQ:ADPT) was 31.15%, and its shares lost 50.65% of their value over the last 52 weeks. On May 23, 2024, Adaptive Biotechnologies Corporation (NASDAQ:ADPT) stock closed at $3.4500 per share.
Aristotle Atlantic Focus Growth Strategy stated the following regarding Adaptive Biotechnologies Corporation (NASDAQ:ADPT) in its first quarter 2024 investor letter:
“Adaptive Biotechnologies Corporation (NASDAQ:ADPT) detracted from portfolio performance in the quarter as investors waited for the outcome of the strategic review. Post quarter-end, Adaptive announced that it plans to continue to run its minimal residual disease (MRD) diagnostic business along with its immune medicine drug discovery business. The company mentioned that after fielding multiple offers for the MRD business, it believes it can attract significantly more value for the asset once it reaches profitability. Adaptive reiterated its plan for EBITDA breakeven in late 2025 and cashflow breakeven in 2026. The company also pre-announced first quarter revenue that came in ~9% ahead of consensus estimates. We believe Adaptive is trading at a very low valuation, and we believe the potential remains strong.”
A doctor presenting a new diagnostic test to a patient in an exam room.
Adaptive Biotechnologies Corporation (NASDAQ:ADPT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Adaptive Biotechnologies Corporation (NASDAQ:ADPT) at the end of the first quarter which was 17 in the previous quarter.
Aristotle Atlantic Focus Growth Strategy commented about Adaptive Biotechnologies Corporation (NASDAQ:ADPT) in the previous quarter investor letter. In addition, please check out our hedge fund investor letters Q1 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.
