Aristotle Capital Management, LLC, an investment management company, released its “Value Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. The composite returned 7.63% gross of fees (7.56% net of fees) in the first quarter trailing the 8.99% return of the Russell 1000 Value Index and the 10.56% return of the S&P 500 Index. Security selection and allocation effects led the composite to underperform in the quarter relative to the Russell 1000 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Aristotle Capital’s Value Equity Strategy featured stocks like TotalEnergies SE (NYSE:TTE) in the first quarter 2024 investor letter. Headquartered in Courbevoie, France, TotalEnergies SE (NYSE:TTE) is a multi-energy company. On April 12, 2024, TotalEnergies SE (NYSE:TTE) stock closed at $72.49 per share. One-month return of TotalEnergies SE (NYSE:TTE) was 6.45%, and its shares gained 12.68% of their value over the last 52 weeks. TotalEnergies SE (NYSE:TTE) has a market capitalization of $168.746 billion.
Aristotle Capital’s Value Equity Strategy stated the following regarding TotalEnergies SE (NYSE:TTE) in its first quarter 2024 investor letter:
“During the quarter, we sold our positions in Phillips 66 and Sysco and invested in two new positions: Lowe’s Companies and TotalEnergies SE (NYSE:TTE).
Headquartered in Paris, France, TotalEnergies was founded in 1924 and is one of the world’s largest energy companies. The company operates in more than 130 countries and spans the entire energy value chain, producing and marketing oil and biofuels, liquid natural gas (LNG), renewables and electricity.
To meet the challenge of the energy transition and still ensure reliable energy in the short term, TotalEnergies has implemented a two-pillar strategy: on one end, the company continues to develop low-cost exploration and production projects, with LNG playing a vital role in the transition; on the other, it has been building its Integrated Power segment through investments in renewable power. As such, management plans to invest over 30% of total spending in low-carbon businesses and rank among the world’s top five providers of solar and wind energy by 2030. To emphasize this ambition, the company changed its name from Total to TotalEnergies in 2021…” (Click here to read the full text)
An aerial view of a power plant, symbolizing the company’s investments in energy infrastructure sector.
TotalEnergies SE (NYSE:TTE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, TotalEnergies SE (NYSE:TTE) was held by 17 hedge fund portfolios, compared to 21 in the previous quarter, according to our database.
We previously discussed TotalEnergies SE (NYSE:TTE) in another article, where we shared the list of biggest natural gas companies in the world. 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.
