Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered -5.34% gross of fees (-5.51% net of fees) underperforming the Russell 1000 Growth Index’s return of -3.13%. Security selection and allocation effects led the portfolio to underperform in the quarter. Holdings in Health Care, Industrials, and Financials detracted from the relative performance of the quarter. Information Technology and Real Estate, as well as overweight exposure to healthcare, contributed to relative returns in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Large Cap Growth Strategy highlighted stocks like DexCom, Inc. (NASDAQ:DXCM) in the third quarter 2023 investor letter. Headquartered in San Diego, California, DexCom, Inc. (NASDAQ:DXCM) is a medical device company. On October 23, 2023, DexCom, Inc. (NASDAQ:DXCM) stock closed at $86.02 per share. One-month return of DexCom, Inc. (NASDAQ:DXCM) was -0.05%, and its shares lost 13.08% of their value over the last 52 weeks. DexCom, Inc. (NASDAQ:DXCM) has a market capitalization of $33.365 billion.
Aristotle Large Cap Growth Strategy made the following comment about DexCom, Inc. (NASDAQ:DXCM) in its Q3 2023 investor letter:
“DexCom, Inc. (NASDAQ:DXCM) shares were weaker in the third quarter following Novo Nordisk’s announcement of topline data from the SELECT trial on cardiovascular outcomes on patients using their weight loss drug Wegovy on August 8th. The trial showed a 20% reduction in major adverse cardiovascular events in patients using the drug. This led to broad-based pressure on companies in the diabetes space, as well as those exposed to other weight-related maladies. The weakness came despite DexCom reporting 26% organic growth and raising full-year guidance in late July. We continue to see continuous glucose monitoring devices playing an important role in driving better health outcomes for diabetes patients and believe that given the low penetration rates, DexCom can continue to grow.”
DexCom, Inc. (NASDAQ:DXCM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held DexCom, Inc. (NASDAQ:DXCM) at the end of second quarter which was 66 in the previous quarter.
We discussed DexCom, Inc. (NASDAQ:DXCM) in another article and shared Baron Health Care Fund’s views on the company. 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.
