Aristotle Capital Management, LLC, an investment management company, released its “Global Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.99% gross of fees (11.90% net of fees) outperforming the MSCI World Index’s 11.42% return and the MSCI ACWI Index’s 11.03% return. From a sector standpoint, allocation effects had a negative influence, while security selection was responsible for the portfolio’s outperformance in comparison to the MSCI World Index. Similarly, the portfolio outperformed the MSCI World Index regionally due to security selection, with allocation impacts having the opposite effect. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Capital Global Equity Strategy featured stocks such as FMC Corporation (NYSE:FMC) in the fourth quarter 2023 investor letter. Headquartered in Philadelphia, Pennsylvania, FMC Corporation (NYSE:FMC) is an agricultural sciences company. On January 24, 2024, FMC Corporation (NYSE:FMC) stock closed at $57.01 per share. One-month return of FMC Corporation (NYSE:FMC) was -9.95%, and its shares lost 56.45% of their value over the last 52 weeks. FMC Corporation (NYSE:FMC) has a market capitalization of $7.113 billion.
Aristotle Capital Global Equity Strategy stated the following regarding FMC Corporation (NYSE:FMC) in its fourth quarter 2023 investor letter:
“FMC Corporation (NYSE:FMC), the global provider of crop protection solutions, was the largest detractor for the year and a top detractor for the fourth quarter. Following robust orders during the 2020-2022 period, customer destocking persisted throughout 2023, particularly in Latin America. Despite strong end-market demand, market forces, including inflationary prices and sharply higher interest rates, have combined to motivate customers to draw down existing inventories. As a result, FMC lowered its 2023 guidance and introduced a global restructuring initiative. In November, we attended FMC’s Investor Day where management detailed its strategic plans and introduced mid-term financial goals. We came away with increased confidence that FMC is at or near a cyclical bottom and that management is taking appropriate actions in navigating the worst downcycle the crop protection market has seen in more than 40 years.”
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FMC Corporation (NYSE:FMC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held FMC Corporation (NYSE:FMC) at the end of third quarter which was 32 in the previous quarter.
We discussed FMC Corporation (NYSE:FMC) in another article and shared Carillon Chartwell Mid Cap Value Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
