Aristotle Capital Management, LLC, an investment management company, released its “Global Equity Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned ‐4.06% gross of fees (‐4.13% net of fees), underperforming the MSCI World Index’s ‐3.46% return and the MSCI ACWI Index’s ‐3.40% return. The underperformance of the strategy relative to the MSCI World Index can be attributed to security selection, while allocation effects had a positive impact. At the same time, underperformance relative to the MSCI World Index 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 2023.
Aristotle Capital Global Equity Strategy highlighted stocks like TotalEnergies SE (NYSE:TTE) in the third quarter 2023 investor letter. Headquartered in Courbevoie, France, TotalEnergies SE (NYSE:TTE) is a multi-energy company. On October 12, 2023, TotalEnergies SE (NYSE:TTE) stock closed at $65.46 per share. One-month return of TotalEnergies SE (NYSE:TTE) was 0.26%, and its shares gained 28.35% of their value over the last 52 weeks. TotalEnergies SE (NYSE:TTE) has a market capitalization of $156.635 billion.
Aristotle Capital Global Equity Strategy made the following comment about TotalEnergies SE (NYSE:TTE) in its Q3 2023 investor letter:
“TotalEnergies SE (NYSE:TTE), one of the world’s largest energy companies, was also a primary contributor for the quarter. The company continues to execute on its strategic plan to reach net‐zero emissions by 2050 which, in contrast to many European energy providers, it looks to achieve through expanding ownership of renewable power and low‐carbon assets rather than purely divestment. The company expects to more than double its gross renewable generation capacity by 2025 (primarily in solar) and invest over 30% of its total spending in low‐carbon businesses through 2030. As such, we believe TotalEnergies is uniquely positioned to benefit from the increase in global demand for clean energy. In recent years, TotalEnergies’ reduction in capex and operating expenses has improved its FREE cash flow generation, now further aided by the favorable energy environment. This has supported its continued ability to return cash to shareholders, one of our catalysts, as demonstrated by the $3.8 billion returned through share buybacks and dividends during the second quarter.”
A close up of a tanker truck transporting crude oil, natural gas liquids, and natural gas. Editorial photo for a financial news article. 8k. –ar 16:9
TotalEnergies SE (NYSE:TTE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held TotalEnergies SE (NYSE:TTE) at the end of the second quarter, which was 19 in the previous quarter.
We discussed TotalEnergies SE (NYSE:TTE) in another article and shared the list of most profitable dividend stocks. 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.
